debentures & buy-backs

Well, there was NOT a landslide of investors taking up the various instruments on offer by Vic. Alexander and coy.
Was the offer too complex?
Did it help the company?
Was the cost of the excercise worth the results?
Plenty of questions, few answers. My gut says we'll be waiting a bit longer for a trigger.

Can someone confirm my interpretation of the announcment that MSC will issue over 11 million $1 debentures (non-dilutive) and reap $11 million in funds. But where do the 9,051,999 Converting notes bought back fit in???