VPG are in a bad bargaining position. Financiers are extracting...

VPG are in a bad bargaining position. Financiers are extracting massive premiums to roll over finance for example the massive number of 30c options gmg had to give away for free and the 90% potential dilution from convertible notes issued by cnp.

VPG also can't raise equity at the current sp without massive dilution. McCabe has them over a barrel and presumably he knows what they are worth i.e. 10c. A lender will imo either swap debt equity or isue exploding convertible notes. dfe is capitulation, exploding convertible notes allow for an upside from sp recovery but of course there will be massive downward pressure on the sp.