But then how to explain the MB conversion in Q4 2013: $120K of the $1.5M note at $0.0588? According to the stated terms of the note, it's not convertible until Dec 14 (with 25% of it convertible then, and a further 25% in each of the three succeeding quarters).
Was there a nice insider agreement to let them convert early? If they didn't get free trading shares to dump immediately at a huge profit, why would they want to convert at all?
And DMBM: if that $30K isn't a typo, where did the $0.015 pricing come from? According to the Q1 2013 re-stated terms of the notes, the pricing should have been the minimum of $0.19 and a 30% discount to the trailing 14 day average price - nowhere near $0.015.
Who knows what's going on with this? Perhaps the insiders are all co-operating to keep the VGLS picnic going.
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