Larry and JIm,
Larry I add my thanks for your posting. Jim - not much. I've heard slightly different reasons for the addition of engineers, and it does reflect, Larry on the "seasoned businessman" term. If there's just $5mm in the kitty, - though I'd heard less - don't know - One might note that there are those 18 definitive default parameters for IMES in the IPIQ loan agreement. Might be a good back-up plan for gutting the company - Except....
Don't for a second think that whatever is being done is designed to benefit the existing shareholders. After default, IPIQ tries to impliment its security on the assets, IP and technology of IMES. But there are at least two other "secured" creditors. The Chairman of the Board, and Cadence Design. That latter one is truly an interesting alleged position, in that it is the result of Lee Hoevel's exclusive activity in "Negotiating" the "contract of 20/21 November, 1997" with Cadence Design. Somehow that $1mm that was supposed to have been paid by CDN to IMES simply never got paid. Only $500k. BUT - CDN all of a sudden appears as having a secured loan to IMES as a result of that contract, and in the amount of $1mm!! Even though only $500k of the $1mm was ever paid.. Talk about "seasoned businessmen". Now who do you suppose Hoevel was thinking of when he cut that deal?
Then there was an additional $730k "unsecured" creditor position that is claimed by CDN.... Fascinating deal, eh? |
