Raising money via a convertible note means no one is really keen...

Raising money via a convertible note means no one is really keen to actually back this thing. In my view they are just trying to buy the shell as those debt holders will own the shell essentially, sell the business (if they can) and do something different whilst blowing up everyone's shares. If the deals mentioned never occurred and were never announced I would hate to know what skeletons lay behind the scenes. Be interested to know if the directors ever cut their salaries and expenditure???
AIMHO