[Not financial advice. Dear ghod, not financial advice. Seek...

[Not financial advice. Dear ghod, not financial advice. Seek professional help, etc. Hopefully my understanding and maths are correct... I'm new at this]

There's $2.72m worth of hybrids (AYIG), and net assets are -$1.13m. If the noteholders refuse to convert, then after 30 September they'd likely get well under 50c in the dollar but shareholders would be wiped out.

If they do convert, then assuming the $0.001 price holds, the noteholders will receive about 3 billion shares in total. There are currently around half a billion shares, so current shareowners will be diluted to one-seventh control, but the net assets of the company would be about $1.5m plus any income minus the overheads of running the company for the year (noting that HY2013 they made a $1.3m loss). At $1.5m, net assets per share would be under ~$0.0005, but that seems rather optimistic...