yeah i ALWAYS thought that about PP "lending" his shares to the company (iirc to pay GEM for their facility? i could be wrong about that, i might be misremembering). he was (1) locking in the price and (2) converting the equity to a debt that would have to be repaid in the event of bankruptcy. iirc he never took those shares back, so i assume the debt is outstanding. the whole thing was always a con.
Ann: Administration Update, page-21
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