Joe Copia's daytrades/investments and thoughts Message Board

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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts

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To: Joe Copia who wrote (23739)	3/8/2001 10:08:22 PM
From: Lazarus	Read Replies (1) of 25711

uh hummm........ An event of default has occurred regarding the $400,000 in convertible debentures in that the Company did not have an effective registration statement within 150 days of the debenture sale. As a result of this default, the Company is obligated to pay the debenture holders the principal amount of the debentures together with interest and certain other amounts. ........ .......... In May, 2000, the Company granted a security interest in substantially all of its assets to a private investor group, which purchased $400,000 in convertible debentures. Until the obligations related to these debentures are satisfied, the Company will not be able to use these assets as security for other financings.

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