This statement makes no sense:
"As a condition to obtaining a $13,000,000 loan over and above its available
credit limit from its lenders (the "Overdraft Facility"), the lenders are
requiring that $8,000,000 of the Overdraft Facility be guaranteed. ...As
compensation... the Investors are to be issued, pro rata based on the number
of shares of Series 7 Preferred Stock held by each, an aggregate of 2,000,000
shares of Common Stock."
2MM shares = $250K. So, they'll guarantee $8MM for $250K of stock? No way, Jose.
See you in bankruptcy court.
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