I would imagine that if this was the case, the investors would want it to be treated like convertible debt. After all, who wants to invest in a highly risky pro

I would imagine that if this was the case, the investors would want it to be treated like convertible debt. After all, who wants to invest in a highly risky project where the odds of losing all your money are near 100% to only be rewarded by a long-term debt payoff with interest in the single digits?