Can't tell you exactly what WKT's play is (because i have done...

Can't tell you exactly what WKT's play is (because i have done zero research into them) but in general Quasi Debt/Equity is a form of funding that has both the principles of debt & equity and is usually effected by an outside influence to change it's main characteristic. The convertible notes in Bass as a pretty standard version of the instrument. They start as debt with interest repayments but can be converted to equity at either a predetermined time (after 2 years for example) or when it is in the companies best interest (they wan't to impress a bank by showing they have no debt in order to obtain more).

Quasi instruments come in a lot of different shapes but you'd almost put a bet on saying WKT will be going down the convertible debt route. They are the most commonly used in the market place.