Well they certainly know how to do a complicated transaction to...

Well they certainly know how to do a complicated transaction to raise the funds. Huge discount is the reason why all the mentioned participants are happy to participate and exchange debt for equity.
I am not sure if I am happy with the outcome here Would have been nice to see a much smaller discount, but when things get desperate, I suppose survival is better than total capitulation.
Shareholders will have to make the decision if they are willing to put in further funds or face further dillusion and loses if they try to exit. My holding is now so small I may as well throw the dice and have a punt, as I would probably spend more on bets on the horses than what I'll spend betting on Troy.
I have never liked convertible notes as they always are weighted to advantage the holder, and in this case they may have been better to try and raise more via the rights issue.

Basically I am still in deep thought on this one.

Christopher