Todays bloodbath, page-48

You can think of the break fee as the interest rate along with the face discount. We could break the whole thing right now if someone were to offer MUS a better deal.

I am not keen on this deal, but given the lack of alternatives I am not sure we could expect much better - at worst we gave away 1/3 of the company for $8.5 million and at best 1/6th for around $6 million. What would have been worse was trying to raise $4 million at 3c. At best this would have given away a 1/4 of the company, smashed the SP, and given us no second chance if anything goes wrong before October.