posted on
Feb 07, 2014 10:32AM
Also from Eli regarding JMJ:
On this first go round they can convert $150K plus interest and fees(including pro-rated OID) at a 70% haircut to the average of the lowest three closing prices during the 20 day period prior to conversion...we've also drawn $75K from them in December which becomes convertible in June...
don't know how they will handle the conversion---they probably will convert it in pieces...as happens with floorless issues such as these, the lower the price, the more shares they get...
maybe they'll hold 'em and wait for JB to drop a bomb---but that ain't how they work as they are in the cash flow business...