Freedom Food; MilkLab a diamond in the rough?, page-2

I am a complete novice, just trying to learn. I used to enjoy Freedom Foods milks and bought a few thousand dollars worth of shares last year.
The second packet of shares I have ever bought. It went to -90% soon after. Welcome to the ASX! A good lesson, but not sure could have foreseen it. Morgans recommended them!

But I am still interested in their products and can see why they can’t be a good company. They get high ratings on different parent websites and are popular. I see they have done a complete clean out of management.

I understand the company has a heap of debt. ‘I am not quite sure what convertible notes are, but assume like shares for private holders ( non-retail ). I assume they are similar to options? Eg. Have an expiry date.

So the main risk for this company

- Covid in Shepparton
- Litigation ( but not too much of a threat I think?)
- Large debts they may have difficulty paying off. Ongoing perception and PR issues.

The opportunity may be
Lactoferrin and the move toward plant based foods, which I understand they do well with oat milk.

While price is cheap on current cap, but as I understand it, the cap is skewed by these notes. When these mature the value may go way down. A big company with some potential but debts that make it vulnerable to shock. Is this a fair assessment?