Thoughts (brainstorming here):
First thought: Most Bonds are never called. Only comes into play if 1) Bond gets called should CytoDyn become liable to Amarex under the Bond (this refers to the injunction and inspection, not the money claims in the arbitration), and 2) CytoDyn can't cover the up to $6.5M Bond payment at the time Bond is called. If Bond is not called or it is called and CytoDyn covers the Bond payment to Amarex, then does not come into play.
Second thought: Needed to get around Fife's collateral. Fife may have lien on everything else and his loan may have prevented those items from being used as collateral again.
Third thought: Welch (if it is the Welch I am thinking of, maybe not) has a lot of shares, even before the Warrant grants, one of which appears conditional and only occurs if the Bond is called if reading it correctly. Would it really be in his interest to blow up the company, which would probably devalue the patents, instead of obtaining his value from the company succeeding?
Fourth thought: A buyout partner could merely allocate (set aside) $6.5M just in case the Bond is called. If the Bond is called in full and $6.5M is paid to cover the Bond, then nothing is at risk. A $6.5M set-aside is not really significant for the numbers everyone is talking about for a buyout. But, I have seen no evidence of any buyout yet.
Anything I wrote here make any sense? Just trying to make some sense.