So JJ back stops the company's operations by throwing even more money at Liberty. Now thats guts imo. The news from Traps does not indicate what happens on those two dates if the new converted debt does not get paid back. As said, I suspect that the extra loans will be used to get Hart running. And it better happen within 18 months. And even if it does go into production within the first 18 months, its cash flow if positive will go to paying back JJ.

As I suspected, this plan is JJ's attempt to try and retrieve ALL of its debt one last time.

Besides not stating the consequences of the debt not being paid I also see the new debt structure as being calculated on a monthly basis instead of on a quarterly basis. You know what that means by now.

The other interesting point is that while the debt(s) will no longer be converted into anymore equity (a plus), all of the company's assets are now pledged as security. Not just the mill and Redstone, but everything.

Does Liberty have any choice in the matter? Not at all, but either does JJ.