Most or all of the noteholders must have at least verbally agreed to the .05 cent floor when the BOD approved it on Aug.7th. But what is most telling is GC was willing to add another 10% to the principal amount of the notes which would have been at least a million dollars and for the senior notes it was only "partial" consideration for doing so. There would be no reason to do this if he was just going to do a R/S. You could just let them drop the price to .01 or below and make the R/S that much larger later- why add another million in debt for no reason.

This tells me that he must have a plan (or had a plan) to restructure other than just another R/S and toxic dump. My guess is either some of the noteholders didn't agree to it (even if one didn't then the others wouldn't have either) and/or it's just taking longer then expected and the noteholders (or one of the noteholders) got tired of waiting. The big dump on 9/30 coincided with the termination by Lonza- it only takes one seller to drop the ask and the others must follow to protect their investment.