Update from "only" 2 wks. ago:
"We understand, and share, your sense of urgency in regards to providing Michelex with a legitimate opportunity to become successful. We are in the process of negotiating settlements with creditors while simultaneously trying to secure funding as we manage numerous issues involving litigation. These processes are interrelated and dynamic, and given that we are still gathering all of the relevant and factual information that is required to resolve outstanding issues, we are unable to provide any definitive updates at the current time.
We are doing our best to save the company and we are doing so as quickly as possible. Unfortunately, we do not have direct control over many of the processes that are involved in trying to save a company that was, at best, grossly mismanaged for the past two years. Although it is highly unlikely that all of the outstanding issues will be resolved by month’s end, we believe we will be in a position to provide an update regarding the status of our efforts by April 30, 2012. If we are able to provide any updates before then, we will do so.
We appreciate your patience and understanding and will continue to work without compensation as we try to restructure Michelex in order to provide it with an opportunity to grow into a profitable corporation.
Michelex Board of Directors:
Frank T. LaSusa
Venkat Kakani
Dino A. Sawyer"
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