I read Holmes' post and it did not say that it was a foregone...

I read Holmes' post and it did not say that it was a foregone conclusion. If I read your post like you read his, it's not a foregone conclusion that they will NOT get refinanced.

Yes, there is the argument that the debt could hold the SP back, but if refinanced and subsequently reduced, it will look like a great move. $19m at 25 cents = 76m shares. I'd rather hit the $100m MC by getting to 54c than 37c (using fully diluted).

If you aren't comfortable with that level of risk (given your persistence in bringing it up), perhaps you are not investing within your risk profile. If they are carrying more debt than what you believe new companies should, then why are you invested?

Perhaps CM8 is not right for you, as you seem to be breaking your trading rules to invest in it. We understand the risks, thanks for bringing them up, but we're not changing our minds.