Ann: Non-renounceable Entitlement Offer Closed, page-11

ECT wont let the ELF expire IMO - The ELF will be required to provide revenue via interest and final payments as part of the business structure

Further if all the ELF holders default, which is a very real likelihood at current SP's, ECT would;

A) Potentially lose out on being positioned to sell the ELF option to independent parties, which I believe is a COY angle they wanted to pursue. in short - How can you sell something that doesn't work in your own backyard ? and

B) Lose interest payments which are pretty much the only revenue stream the COY has in the near term IMO. The ELF brings in a revenue stream, albeit a trickle, which will help keep the lights on and pay for the $1 7/11 coffee's in Punt Rd.

C) The ELF was a finance platform brought in by the MD, doubt he will let this one go as a complete failure.

Just my thoughts