you and I both know this is not done as a charity to...

you and I both know this is not done as a charity to shareholders. Shareholders' money has been squandered and any new project will still dilute all existing shareholders out of existence. The convertible loan is not a gift; it either gets paid back or David gets a (much) large(r) stake in HOG. No charity here. Existing shareholders will under any conceivable scenario get screwed. no need to pretend otherwise.