Ed...I agree...the lenders have a "free look". These guys don't get jacked around so when I say they will eventually convert, I assume only when it benefits them to do so relative to their principal. It seems obvious that a combined RDMP/XBOR merger brings significant advantages to both remaining stand alone. Look at the monthly SG&A gone already from XBOR's bottom line after the merge of operations. Being large shareholders, I would suggest that the "deadline" is just that. Would you re-fi the loan keeping your equity position intact while maintaining your collateral? To say "it will be interesting to see what happens over the next week here" may be an understatement. It's obvious that the XBOR holders are willing to commit to a combined entity given the BOD moves and the share exchanges represented by the filings. Unfortunately and fortunately for XBOR holders...there was no doubt that a highly dilutive raise was imminent without RDMP. To look back... those guys ponied up almost$4mm of the $6mm that CKC said they could do but didn't. Their guys knew what was there. $5mm worked wonders as you know, tripling reserves and production and there is no disputing the fact that the XBOR acreage is highly prospective given last years results.
When you compare the collective management experience, combined BOD and resources it's obvious that the asset is much better off with the best remaining of both companies.
As far as Mr. Gray is concerned...he brought DORL to a new level with Pure and from the filings it appears he came out just fine with the sell of his stock. Much to his credit. It's clearly obvious from all of the filings that RDMP required XBOR to "restate" previous financials so given his 144a sales maybe taking stock versus "sue us" made sense. If nothing else, you can certainly credit certain achievements under his watch. I don't know that "wimped out" is his thought but probably more...you guys take it from here...I'm out.
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