World Surveillance Group Inc (fka WSGI)

[rattlewatch]

WSGI still hasn't paid the original CD off, plus the EIA (equity investment agreement) portion of the agreement, makes the total $s mentioned. LaJ has many options to cancel including below, but being the fact they are continuing with litigation shows that LaJ isn't interested in settling, in my opinion.

The Original agreement is in the last link. Not giving up, but not hopeful for resolution with these guys. Time is of the essence with the case schedule, and revenues need to be ramped up very quickly to support the outcome of this case ,imo.

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5.16 Cancellation. In the event of any of the following conditions, Investor may cancel this Agreement, the Convertible Debenture and Equity Investment Agreement, and receive the return of all funds advanced and unconverted, upon the occurrence of the following event:

(a) Holder is unable to sell the Common Stock through the Broker (or a Replacement Broker) identified herein pursuant to Rule 144;
(b) It becomes unlawful for Holder to sell the Common Stock pursuant to Rule 144 in any respect; or
(c) If the average Volume Weighted Average Price (“VWAP”) per share of the Common Stock for any period of three (3) consecutive Trading Days during the term of the Agreement is less than $0.01 per share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or similar reorganizations of capital);

In such event, Holder shall give notice to the Company of the occurrence of such event, and if the event is one under Section 5.16(a) and Company is unable to find a Replacement Broker within ten (10) days of the notice, or if under Sections 5.15(b) or (c), then Investor may cancel this Agreement, return the Convertible Debenture, obtain the return or cancellation of the Equity Investment Agreement, and immediately receive from the Company the return of all funds advanced and unconverted toward the purchase of the Debenture and Equity Investment Agreement.



http://www.sec.gov/Archives/edgar/data/919742/000114420412006269/v301154_ex10-1.htm

https://www.sec.gov/Archives/edgar/data/919742/000114420412006269/0001144204-12-006269-index.htm