"I hope they at least put a lowball bid in for a paper trail before they paid themselves with the money for "debt"..."
That's exactly what they did, of course. Wemett controls all the entitities that "lend" NNAN money via toxic convertibles.
"NaturalNano, Inc. (PINKSHEETS: NNAN) (www.naturalnano.com) announced today that it had reached agreement to redeem the outstanding debt held by its largest current debt holder. The indebtedness was satisfied by a cash payment of $300,000."
Money for old rope for over a decade now. There oughta be a law against it. Oh, that's right, there is. Several in fact.
"It is difficult to get a man to understand something, when his salary depends upon his not understanding it."
Upton Sinclair
"Nobody ever went broke underestimating the intelligence of the American public."
H. L. Mencken