Stock: He could buy the debt, but that wouldn't give him control of the patents. He would have no right to use the patents either.
He would not have to convert the shares. To save significant conversion costs, he could just privatize the remaining portion of NeoMedia. Then he would own the patents.
Anyone could also buy specific patents from NeoMedia which would cut debt. There isn't anyone who wants it all.
Or just call up Laura and ask for a license. She will happy to paper that up for you.
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