Message 17479398
A little Google reveals this timeless classic:
BLACK WARRIOR WIRELINE CORP
(BWWL.OB)
Bendover Indebtedness.
The Company is indebted to Bendover Company under an unsecured convertible note dated December 17, 1999 in the principal amount of $1,182,890 plus accrued interest through June 30, 2001 of approximately $59,000. This note, as amended and extended, was due and payable on June 15, 2001. This note was not paid when due and the Company is in default under the terms of the Note.
On July 20, 2001, Bendover Company commenced a lawsuit against the Company in the District Court of Montgomery County, Texas seeking to collect the principal sum of $1,182,890 plus interest accrued at the rate of 10% per annum during the period December 20, 1999 through December 31, 2000 and at the rate of 20% per annum during the period January 1, 2001 through June 15, 2001, the maturity date of the principal and accrued interest on the note. The Company intends to file an answer in the lawsuit alleging, among other things, that, under the terms of a Subordination Agreement dated January 24, 2000 between the Company and Bendover Company, Bendover Company agreed to subordinate payment on the note owing to it to the Company's obligations to Coast and that Bendover Company has agreed not to sue for or receive all or any part of the debt owing to Bendover Company until the Coast debt has been paid.
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