SP3,
That's not my understanding about the sub 2c rule.
My understanding is that under 2c ESI has the right to refuse conversion but them must pay back the note. The fact that ESI needs to money means thewy will not have the freedom to enact that choice.
ESI shareholder's only safety net is the 1c refusal, but again, unless there is an alternative to filling the funding gap, then ESI may have no choice but to keep the con note.
This is why these things can really hurt a company.
esi here we go here we go here we go ........., page-42
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