Q: Hello,
I have follow up questions on your June 19 response to Scott. I am not a shareholder and not planning on becoming one - Just curious about the next steps following the defaults.
You mentioned the convertible holders may issue stock causing massive dilution. It is essentially a takeover to take control of the asset disposition process and negotiation with the 1st mortgagees.
Are debentures always convertibles?
I presume the 1st mortgagee for each property owned will also send their notice of default and ask for repayment / start the foreclosure process. Is that correct and do the convertible owners have any remedy to try protecting the remaining equity?
Just looking for your general comments to understand next steps. Thank you for your great service.
I have follow up questions on your June 19 response to Scott. I am not a shareholder and not planning on becoming one - Just curious about the next steps following the defaults.
You mentioned the convertible holders may issue stock causing massive dilution. It is essentially a takeover to take control of the asset disposition process and negotiation with the 1st mortgagees.
Are debentures always convertibles?
I presume the 1st mortgagee for each property owned will also send their notice of default and ask for repayment / start the foreclosure process. Is that correct and do the convertible owners have any remedy to try protecting the remaining equity?
Just looking for your general comments to understand next steps. Thank you for your great service.
5i Research Answer:
Just to clarify, it is not the convertible holders that convert, as the conversion price is well...