I would love to hear somebody who knows more than I do expand on these ideas...

Basically, LBSU has no cash, so they amend the deal monthly to allow for payment in shares. The first time it was for Feb - April, and since then I think it's been monthly.

The holders of the notes have no interest in the company going bankrupt, unless the notes are secured and they want the assets. Even then, I think think it doesn't really make sense to push for bankruptcy; it makes more sense from the note holders point of view to try to give the company time for the plan to work, accept shares as payment, and if some event sends the share price higher and allows them to get financing, then the note holders win two ways. They will have many very cheap shares and continue to receive cash payments.

There are many "if's" for both parties here, and it's risky all around. I wouldn't want to be in the note holder's position because they may lose everything the same way we might. They could potentially win the claims for themselves, but I'm not a lawyer and I don't really understand how that would all play out.

Suffice it to say there is huge dilution happening to pay for these notes, plus the shorts have hammered the stock relentlessly as exposed by failures to deliver. Add to that no real news from the company and you have to ask, where can we go but bankrupt?

That's why we're trading at .04. The only thing that will save the company is a hail Mary pass at the buzzer. But ask yourself what the effect on the share price would be if there was a deal at Big chunk? Really depends on the terms doesn't it. Unless it includes cash, forget it.

Wish I knew what happens to LBSU claims in bankruptcy. Wish I knew if there was a drill working in the last 2 months. Wish I knew what the majors think any of this is worth...