I'm aware of that way out, doesn't leave a lot for us though, does it :) Laura either has much more up her sleeve or she knows the maturity date will (regardless of the SEC) be negotiable once again. I personally find it very unlikely for neomedia to pay off the debt until August.
But no way a buyer will ever pay anything close to the $44.5 million needed to pay off all the debt and preferred stock to YA (not to mention the other liabilities of NEOM).
And that will leave retail investors with zip, zilch and nada to split amongst themselves.