If they raised $1.l6mil, then PNO wouldn't be able to...

If they raised $1.l6mil, then PNO wouldn't be able to participate and 80% would get diluted to about 40%. So very similar to an asset sale. But it would solve this debt demand.

Long term the PNO sp is highly leveraged to MLPH success. Dr Perry is dealing with MLPH. So the more exposure we maintain, the better. Otherwise in 6months we have no cash again and only 40% of MLPH and are worse position until eventually we die.

I can't go into too many details, but lets call it a rumour. I've heard that Monarch are willing to bail us (and CGI) out and just need to cash out first. This could fit in with what others are saying with the notes being used as collateral. Repay the loan. Then re-lend on better terms (for Monarch).

Those notes have always been a huge concern for me. They made getting further debt finance virtually impossible. And the threat of dilution held back the sp. I always thought they'd convert on the eve of PNO success. I was wrong about that. But I never anticipated defaulting on our debt especially when family was involved. Guess we haven't defaulted yet, its only a letter of demand.