BOT, page-16

These are not your standard death spiral convertibles. These notes convert at a minimum of $0.20, so the sp by Oct 2019 should be in excess of that if Tribeca choose to convert. If not, the company must have the $8m in cash to pay them back then.

Tribeca took on a fairly large amount of risk buying into these notes and they are currently very much underwater at the current sp.

Hence my curiosity at how they might be feeling about how things are going presently,
especially since Solgold hasn't quite turned out the way a lot of us expected. At least I didn't. Should have seen the signs though.

Solvency is not an issue for DGR. My suspicion is more convertible notes should the need arise, to NM himself and maybe Tenstar if necessary. The company seems to love these.

Would be good if these opportunities were offered to us retail, but of course we don't get much of a look in.

But insolvency? Not gonna happen as long as it a NM vehicle.