Tony has spent parachute payments on a gamble to get us promoted which hasn't paid off more like, this wasn't taking into account the massive operational cost of the club which is now apparent.
In my eyes Tony has no money, never really has or we wouldn't be in this predicament.
If he's now turning debt into shares he's making sure he will get a return should he find a buyer or worst still he's borrowing money against the club..
Still looks bleak to me... and even worse if it goes wrong as the club would be liquidated if there's no value in it as you have already borrowed against it??!