the terms of the note are fantastic, page-42

Quite clearly he means SpringTree.

Fisherwoman, does it concern you the people who have apparently offered finance to PRR today? Their past reputation, only incorporated on 17/7/2009 and have $1.15mill capital.

It is interesting that PRR have used this company, as it is hard to know whether it may be some of Martin Roger's mates (which I don't have a problem with, as long as they pay up every month). Why the difficulty for PRR to get funding from a reputable company?
Smells of what happened to VCR about 2 -3 weeks ago, with a new company offering finance but they couldn't get the money together. Obviously with SpringTree paying on a monthly basis, it buys them time to either find investors to buy the convertible notes of them (which I'm assuming SpringTree management are intending to do) or to sell enough shares each month to get their drawdown back to be able to afford the next instalment. I would imagine the second scenario would be hard for SpringTree to pulloff as the market would catch on pretty quickly.
It would be interesting to know what SpringTree have provided in the way of assurances with paying the money, as obviously MR would know they are a new company and this would surely have been discussed. If SpringTree default, with only $1.15mill in assets, they wont lose a huge amount.

Why the difficulty for getting funds? My motto in the past has been, if the guys with money wont touch something, the people with little money definitely shouldn't be involved.

Again Fisherwoman, without attacking me, what are your initial impressions of where they have derived their finance from and whether it gives you much confidence in their management or whether they will really get the money from SpringTree?