Ann: Trading Halt , page-12

there is no way the large holders will accept 20 cents.

There would have be to be at least 30 cents, plus some shares, plus some not too highly priced options on top. If noteholders are to give away some of their face value, we want to share in the upside that may result from this be sorted now to make way for the future of the project.

The way things stand now, the company is insolvent as it owes $45m on these notes and has only half of that in cash.