Talked to CEO on the phone. Here you go...
1. They
Talked to CEO on the phone. Here you go...
1. They will be issuing a PR either today or tomorrow morning. He said most likely today. The PR will have bullet points with the issues that are outstanding and next week they will be following up with PRs that cover those bullet points and their progress on each. This will include such issues as the filings, creditors, and litigation.
2. I asked if they expect to be profitable in 2016 and if that filing is still expected to be on time. He said they expected it to be on time before they ran into the current roadblock and will know by next week if it will be on time and will PR that. They should also know if they will have profits by next week. Whether that will be disclosed…I have no idea.
3. I asked about new acquisitions and he said their focus is on shareholder issues and they will work on acquisitions once they get current.
4. The AS is 5bil and the OS is 4bil. None is restricted but at least 1.5 is being held as an investment and not for sale.
5. I asked about all of the recent volume and he said it is new shareholders.
6. He said the litigation that was mentioned on hub yesterday as being settled (Chapman) was settled last year and obviously that person was new. He said they are making headway with the creditors who are holdouts and the other litigation.
7. In terms of creditors their expectation is to have most of the debt settled by the end of the month. Whether they will be able to work that out is a question but they are playing hardball. 87 to 90% of the remaining debt is friendly so it is only a few holdouts making it difficult.
8. I asked if they have access to better financing terms and they have talked to Wells Fargo but need to get the debt cleaned up first.
That’s about all of it. Some good…some bad. They are motivated and working on it. PRs are coming.
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