i am thinking the way it may have played out is ventana group issued the CL first, then when volk knew the terms and conditions he set about satisfying each of them.
mason's departure seems like an obvious contingency. the ventana loan was even listed as a condition for which mason can get his lump sum severance package.
eliminating debt from the balance sheet seems like another precondition that favors ventana group. they have already stated a plan to remove all debt related to VM, and refinance with this credit facility, but i would think on worthington's side of the deal, we'd need to remove the non-vm-179 debt.
i've looked at the filings and the balance sheet is clear enough. the debt that remained at the end of Q3 minus the shares issued between then and now, leads me to think very little convertible debt will be left over, if any, once the ventana $8.5M loan funds.
i'm looking forward to seeing volk go down the list and address additional terms and conditions. 8-Ks are sure to follow imo.
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