Okay.
So the 8K was originated by the old company, which is now defunct, that is why they are winding things down.
The information in the 8K has people confused, because they do not understand the perspective from who originated it. That being the old management. All liens, deals, debt and the DIP financing were paid off by Wealth Colony. The company is now unencumbered going forward. The 8K is referring to the old company looking back. They are defunct, out of business. The OLD company sold all the assets and rights to Wealth Colony.
If you do not accept the aforementioned then I would appeal to your common sense as well.
Wealth Colony was being screwed by the old management. The former CEO got convicted of tax evasion. The rest of the BOD and operators were a bunch of dolts that never had a business plan or concept. It is amazing that Wealth Colony invested in them in the first place. But, WC controls Gallant Brands. They approached Gallant Brands and asked them if they could make a go of it, they said yes. At this point WC decides to buy up controlling interest in the common shares, to wrest them out of BK, a hostile takeover ostensibly on the cheap. They outbid the prior stalking horse by $5 million to ensure they get the rights to SOUP. You think they throw bad money after good just to cancel the whole thing? They would have just walked away and not paid off all of the debt. The only way they could save it, was to gain controlling interest, the only way they could do that was to buy the commons. Why would they do that, only to turn around and cancel them 2 weeks later?
