(Total Views: 516)
Posted On: 04/05/2017 5:41:56 PM
Post# of 30034
SeD was going to make a bridge loan of $500K. Now they say a new deal with creditors must be struck before any bridge or other investment is made. They are free to do this as their LOI is non-binding.
However, we have stupidly already allowed them to fill the board with 4 members and take voting control of our company for a measly $25K.
The senior noteholders and preferred shareholders signed an LOI with AMBS outlining what they needed to give up the liens on the AMBS assets.
SeD has responded. Not good enough. We won't invest anything until a new deal with creditors is reached.
So what looked like a done deal is now off.
Hey, we may end up with a better deal ... or we may end up with nothing at all. Chan Heng Fai is playing chicken and our investments are at risk.
However, we have stupidly already allowed them to fill the board with 4 members and take voting control of our company for a measly $25K.
The senior noteholders and preferred shareholders signed an LOI with AMBS outlining what they needed to give up the liens on the AMBS assets.
SeD has responded. Not good enough. We won't invest anything until a new deal with creditors is reached.
So what looked like a done deal is now off.
Hey, we may end up with a better deal ... or we may end up with nothing at all. Chan Heng Fai is playing chicken and our investments are at risk.
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