|An excellent point here Kirk,...|
Ah but Milton would not have forgiven so much debt in exchange for stock if he thought the company would go under. But the second part of this statement isn't quite on the mark.
Debt holders are first in line for assets in liquidation so he'd get the rights to the technology. As the actual technology (IP) for the Cides resides within Diwan's privately held companies, and NNVC only holds exclusive licenses for pieces of the IP, NNVC's debt holders would not get rights to the underlying technology.
They would get first dibs on the Shelton plant, equipment and such - and while that's worth something, it's not worth nearly as much as the IP would have been.
But yes - I still interpret that move as one that suggests that Dr. Boniuk thinks that the potential return from the stock is higher than just cashing out and taking money - especially as the company appears to be quite close to 'finally' getting a drug candidate into testing.
Hope you all had a good and safe New Year's celebration. I was mostly unplugged for a couple of days. Apparently I missed a good deal of discussion - and all seems to have been very civilly conducted. Let's see more of the same as we go into 2018.