On a default you say: "YA would keep all the preferred shares and warrants. They would also retain rights to the debt", which is absolutely meaningless since the preferred stock and debt would all be 100% worthless anyway.
The only thing more worthless will be the common shares, which are... pretty much worthless right now anyway.
I can provide 100% assurance that there will be no further dilution in this scenario.
You also stated, "YA does have the right to call the debt and force a BK, but that is at their election. NeoMedia can request a restructuring agreement to extend the maturity date and provide some additional benefits to YA." And what might those "additional benefits" be that you refer to? A higher interest rate, more free warrants. Again, it doesn't matter since the whole thing is completely worthless, just like it is today.
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