Why is the biggest player (RCF) still "in the game"...because in an era of negative-yielding bonds and ultra-low interest rates, 8% per annum interest (in convertible shares) is a pretty nice return ..granted the return is an unrealized gain at this point and an argument could be made that if NOT goes belly-up they wouold not get their original $15US million back, not to mention the opportinity cost of that loan which could have been invested elesewhere as of 2013. However, at any point RCF could "call-in " the loan and ask for the $15million US in convertible shares (~80million) could they not? ...then take the company private ? Any safeguards in place to prevent that from happening?
Cheers,
Luker