I don't think the injection of the assets are to the benefit of the noteholders, only to SeD as a way for SeD to get shares in AMBS and more ownership in the Company. I wouldn't be surprised if a funding closes and the noteholders complete the debt for equity swap before an asset is injected.

The deal keeps changing - even the deadline of the 25th was originally the 30th in the LOI, but was changed to the 25th in the 8K. Then they ended up forming the Elto and MANF subsidiaries which was not part of the original plan or LOI. Elto was formed "for the purpose of creating investment vehicles focused exclusively on the further development of Eltoprazine" There was the $100k loan (which wasn't in the LOI or 8k either) made to create the subsidiaries "and the continued development of Amarantus' strategic restructuring plan."

So this was in fact a bridge loan, although for a lessor amount than the original $500k in the 8k. Bottom line, there have probably been more changes that we are unaware of at this point, so I think it's possible and even likely there may not need to be any more bridge financing before a larger funding.