Colleen, perhaps I'm missing something here, that could be, you know how dense I am.
But from the April 13/98 8K;
"On April 2, 1998, Intile Designs, Inc. ("Company"), entered
into a Letter of Intent ("LOI"), to sell 25,000,000 new shares of
the Company's Common Stock for $2,000,000 in cash, to Energy
Drilling Industries, Inc. ("EDII")(OTCBB: EDII). This will
represent an ownership of approximately 82% of Intile. The
proceeds of the sale will be used in the restructuring of the
Company's senior debt on terms more favorable to the Company.
The LOI is subject to certain conditions, including due diligence
by both parties, amendment of the Company's charter to increase
the number of authorized shares of Common Stock, negotiating
terms of debt restructuring with the Company's senior lender, and
negotiating definitive agreements to effect the transaction."
edgar-online.com
So what I don't understand is - if Intile is debt free, why would they be 'negotiating terms of debt restructuring'? Why would they have a 'senior lender'? Could there be a 'junior lender' as well? Maybe a whole family of lenders - I don't know how many lenderitos lenders throw in an average litter.
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