If you expect to get the second tranche paid out in full too,...

If you expect to get the second tranche paid out in full too, then there is no need to stay listed. Listing cost and obligation are gone and the shell can be sold too. That way the shareholders get maximum paid out.

I believe the second tranche was designed so management can continue with their well paid gig and will drop the second tranche in something new to keep it going.

If management is concerned about you, they would have spoken in the announcement to drop expenses and their own pay, as far as I can see they have not.

Best to do is get the first tranche at 15-19 cents a share in November, get this trading and get out with an additional 6 cents or so. Waiting for the second tranche will not happen IMO and backing this mop to do something else is madness. AIMO.