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Gone is the $20m Beverly Hills mansion. Poof goes the Malibu beach pad. Now someone has moved to Reno, NV. https://www.zillow.com/homedetails/724-Marewood-Trl-Reno-NV-89511/251962686_zpid/
To get on the good side of local law enforcement, why not bribe them with leftover product you stole from the suppliers. I'm sure law enforcement isn't investigating this.
Big Thanks to Ryan Drexler from MusclePharm for dropping by some Combat Energy Drinks for our officers as well as their generous contributions to RPD’s upcoming fitness facility and support of our Officers wellness! #WeLiveThis #EnergizeRPD #OfficerWellness pic.twitter.com/BEoBD0GzZE
— Reno Police (@RenoPolice) March 2, 2022
“In mid-October 2017, Amerop provided its proposal to the Special Committee, offering to purchase $18 million of MusclePharm stock on condition that MusclePharm replace senior management, including Drexler. ” Musclepharm Corp. v. White Winston Select Asset Fund Series Fund MP-18, LLC, SUCV20190663BLS2, (Mass. Super. Sep. 20, 2019)
I stand corrected - thank you SLC-JD. Almost six years since then of grief, litigation, animosity - turning down this proposal was clearly not the best for MSLP shareholders. These are the kinds of business decisions that can haunt you.
For those following the court docket - Drexler has been opposing the revised auction, claiming it's rushed when no urgency is required. Also explicitly stated is Drexler's desire to insert the coveted Ch.11 Trustee.The viewpoint is likely that by including a Trustee, Drexler will hold some sort of seat at the table as a party that needs to be negotiated with.
Meanwhile, Empery is leaning on their executed Subordination/Intercreditor agreement to object to any insertion of a Trustee, and to reaffirm the status of the agreement with a Motion to Enforce. In short, Empery's stance remains unchanged - when they made the loans to MSLP that Drexler signed for, he also signed this agreement which handcuffs his ability to act without authorization from the lendor (aka Empery and related-parties).
As quoted in the filing linked directly above; "The Subordination/Intercreditor Agreement was a bargained for agreement for which Empery gave, and Drexler received, valuable consideration. Empery expressly bargained to not be in the situation where Drexler placed Debtor in Chapter 11 and then directly and indirectly acted to block or disrupt an Empery supported Sale and Plan, thereby threating Empery’s ability to collect its debt, so Drexler could enhance his personal bargaining position. Drexler knowingly compromised his rights and cannot now seek to undo that compromise, and deprive Empery of its economic and practical rights under the Subordination/Intercreditor Agreement."
To Drexler's credit, he does point out a potential conflict-of-interest when director Nicholas Rubin was inserted onto MSLP's Board. His past dealings and connections with Garman from the namesake GTG law firm should have been disclosed. Making investments and providing services for each other's companies or interests (as they did with Force-10 and LAWCLERK) - to this layperson - should be disclosed as potential conflicts for consideration. Better to disclose and have the possibility of conflict evaluated than to hope nobody notices. Drexler noticed and he's raising objections. But then stepping back - is this about maximizing the value of the estate for the benefit of MSLP shareholders, or is it about Drexler attempting to maximize his own personal benefit?
What happened to fiduciary duties to maximize shareholder value? I revert to the question raised in my last post - millions of dollars from retail and household investors have evaporated due to the decisions made by senior management at this Company. Retail investors held the bag and at best can have insight into the carcass of the MSLP entity and watch it be picked over, and have a loss carry-forward for their taxes.
Or they could make a bid at the auction in July. Ya never know..
I'm stepping into the wayback machine. This was outlined in some of the company's filings, but the attachments to the forms 14-D/A aren't available in OTC's disclosure service, and MSLP's investor relations pages are long gone. Google found a related opinion here: musclepharm-corp-v-white-winston, tho it only offers a summary of the case without the full detail of the complaint.
In short, one of WW's many actions against MSLP/Drex was a derivative action stating that in 2017 the BOD breached its fiduciary duty by refusing to consider an offer that WW made to purchase $18MM of MSLP stock (enough to buy Drex's position out) on the condition that the management team get the boot.
There were questions of fact as to how valid that offer was, etc., but the gist is that WW could have bought Drex out, but Drex wouldn't allow the BOD to consider it.
While I don't doubt SLC-JD your statement that Drexler likely missed an opportunity to avoid exacerbating MSLP's relationship (and his own dealings) with White Winston, I haven't found evidence of WW offering to buy out the investment and loans. Are you perhaps referring to the proposed settlement agreement, filed by WW as a 13D on December 5th, 2022?
Recall the executed settlement between Drexler and WW was to see Drexler pay $4M cash to WW plus offer a convertible note of $4.6M, plus >16M in warrants in exchange for a release on the library of litigation between the two entities. Empery filed a TRO shortly thereafter, and the settlement fizzled into the background as the Chapter 11 filing came into effect. You can connect the dots and see that WW is now in the same unanimous camp as the committee of unsecured creditors, Empery et. al. It is reasonable to speculate that whatever goodwill was existing between the parties leading up to the proposed settlement agreement has likely since evaporated.
Also, of note April's financial performance was released by the current MSLP management team.
Still not quite making money, but the legal expenses are the line item responsible for flipping this from profitable to unprofitable. A $151K net loss for the month of April, where legal fees comprise $260K of expenses. You can imagine the frustration of stakeholders trying to make a viable go of this company, when your monthly legal bills are north of a quarter million dollars and serving as an anchor that keeps this company unprofitable.
It shall be interested to see what happens between now and the July auction for MSLP assets. Empery is allowed to make a credit bid - they are likely deciding internally that even if they do exercise their credit bid, do they really want to end up owning this company?
Drex could have let WW buy out his position and walked away with WW buying out his original investment and subsequent (converted) loans, not to mention his interest and salary all tucked neatly in his pocket. All he had to do was admit that someone else needed to run the show.
Instead, his ego wouldn't let him give way and he'll lose pretty much everything but the cash he actively pocketed. He'll also continue to face a pissed off WW:
"“White Winston D&O Claims” means the estate’s causes of action (and
associated rights to director and officer insurance) against directors and
officers for breaches of their fiduciary duties of loyalty, care, and good faith
that arose on or before December 31, 2018."
Court filings show it's getting personal:
Filed on May 15th this past week, an adversary complaint from the secured noteholders (Empery and its affiliates) referencing the intercreditor/insubordination agreement signed when the notes were placed.
Paragraph six quoted here, if true, is disturbing:
Since his departure, in violation of the Intercreditor/Insubordination Agreement, Drexler has menaced and taken various actions to undermine and interfere with the recovery by Senior Creditor, as collateral agent for the Noteholders. For example, Drexler brought an action in Nevada state court against Senior Creditor; Drexler sued Tim Silver, a portfolio manager of Empery Asset Management, LP (“EAM”), Senior Creditor’s investment advisor, in yet another Nevada State Court, over communications Silver had with other creditors made “during the scope” of the Chapter 11 Case; and it is believed that Drexler launched a clandestine campaign to intimidate EAM’s principal, Ryan Lane, through anonymous communications to his spouse, his children’s school board, his neighbors and to members of the town in which he resides through posts on social media groups. Senior Creditor has and continues to successfully defend against these wrongful actions of Drexler outside of the Bankruptcy Court.
That's messed up.
All parties except Drexler are trying to speed up the hearing on enforcement of the Intercreditor/Insubordination agreement - this will pave the way for the second attempt at an asset sale via auction. You can read the filing showing the votes.
For reference, almost all parties are in agreement on the proposed Plan Term Sheet, the path forward for liquidating the remaining assets and value of MSLP. Empery's filed a response highlighting the $650,000 increase in expected expenses, blamed on Drexler's claimed excessive legal burdens. At its core, everyone else is agreeing the Intercreditor/Insubordination agreement that Drexler signed to receive the Notes handcuffs Drexler's ability to file legal challenges, and now that he is out of the company his own agenda is at odds with the fiduciary duties of the remaining Musclepharm officers.
On page 450 you can read this Intercreditor/Insubordination document and decide for yourself
Wrapping up, Drexler wants to appoint a trustee so he can insert a party that will negotiate his interests. Right now, Empery, White Winston Select, the unsecured creditors committee, other secured creditors like JW Nutritional are all in agreement with the Plan Term Sheet. Drexler is alone. What does that tell you about the motivations of the parties? Who is actually working towards a reorganization of the company, and who is trying to strip out any last cash they can? And let's not forget, these discussions in bankruptcy court are taking place between debtholders and the institutional shareholders. There are millions of dollars lost by individual retail investors during Drexler's reign as MSLP CEO and largest stockholder that have no say in the matter and can only watch from the sideline.
Based on the financing and proposed path forward, the Noteholders (aka Empery) are due to be paid first. Drexler isn't supposed to be paid until the noteholders are. The question being pondered - after the carcass of MSLP assets are liquidated on July 6th how much money will be generated to pay off the noteholders, and will anything else be left? Maybe the most likely answer to that question explains the actions here.
Getting towards the end of the line here, Drexler's legal counsel has filed paperwork to resign based on...you guessed it - Drexler not paying his bills.
NOTICE OF HEARING ON MOTION OF CARLYON CICA CHTD. TO WITHDRAW AS COUNSEL OF RECORD FOR RYAN DREXLER
You can read the specific details in this filing on Stretto:
The Firm seeks to withdraw from its representation as counsel for Drexler because continued representation will result in an unreasonable financial burden on the Firm. Drexler has not complied with his obligation for timely payment of amounts due to the Firm. In addition, the Firm and Drexler have fundamental disagreements rendering it difficult or impossible for the Firm to continue in its role as attorneys for Drexler
Anybody reach out to Brad Pyatt and get his take on what's left of this smouldering ruin?
Many retail investors were burned on $MSLP, it's disappointing to see this result. Hopefully a company of some value emerges from Ch. 11, as the interim reports filed actually show Musclepharm generating a (small) profit, despite the significant reorganization costs, not to mention the opportunity cost of distraction.
March 2023 numbers:
Sales: $1,241,893
Gross Profit: $568,346
Re-org Costs: $326,269
Net Income: $11,367
Still dealing with significant cash flow problems, reliant on DIP financing, factoring of invoices, etc.
Good luck to the parties involved trying to make a go of this:
https://ibb.co/VWJ2D89
Madcow, the IR website Musclepharmcorp.com's Apache server is still up and publicly available, just hidden from the direct URL.
Most information remains.
I did not.
I stand corrected...
Don't disagree with anything in your post, aside from:
Peony, I am not a premium member so do not have access to PM. My allegations regarding Ryan Drexler committing PPP fraud is based on the following facts:
From the Treasury Department:
Creditors' Motion for Relief from Automatic Stay
Thermolife, a long-suffering creditor that was awarded $1.6M in litigation in an Arizona action via bench trial, filed for motion for relief from the automatic stay during Ch. 11 today. The hearing is scheduled for May 2nd, but at its core, Thermolife's counsel is asserting the awarding of damages in the Arizona court system was finalized prior to the MP bankruptcy filing, and that the remaining $600K in surety bonds that should be excluded from the assets of the bankruptcy estate. Note, Drexler via a mixture of his own payment and personal guarantee pledged the $600K in surety bonds to two entities: Atlantic Specialty Insurance Company and Suretec Insurance Company. The surety bonds, as described in a recent 10-K filing, have the purpose to:
"In the interim, the Company filed an appeal and posted bonds in the total amount of $0.6 million in order to stay execution on the judgment pending appeal. Of the $0.6 million, $0.25 million (including fees) was paid by Mr. Drexler on behalf of the Company"
So there likely emerges another front for court battling - should the May hearing rule in favour of Thermolife's relief motion, the bonds from the insurance companies will be paid out, and the remaining amount (~$1.2M) will remain as outstanding due to creditor.
This provokes a short analysis of Musclepharm's balance sheet, as it's long demonstrated the negative equity (>$50M deficit), of which $48M (!) was last characterized as current liabilities, and much of the amount owing is tied up in litigation, specifically - settlements that have been agreed to but not adhered to.
Below is a short synopsis of litigation, and how it could be interpreted this motion for relief affects creditors:
Thermolife Should they collect on their surety bond for $600K, then their remaining amount owed is $1.2M from the estate.
White Winston The 11th hour attempt to reach a broad settlement across all the ongoing litigation actions makes analysis hazy - clearly White Winston/Amerop believe there is still something there in the business, and are attempting to best position themselves when/if MP can emerge from Chapter 11.
Empery Claims and cross-claims aside, their security agreement makes it very clear they own the collateral, which at this point is mostly the intellectual property and branding, and whatever AR from the Costco account that hasn't already been tied up in factoring. Do you think a New York hedge fund is interested in running this business? The push for an Article 9 auction sale likely answers that question. For those interested, here is an excellent case study of a similar situation to MP, in which an overleveraged food services company relinquished its assets via Article 9 sale. Big difference here is the late Ch.11 filing.
IRS and Estalella Regarding withholding taxes remittance on restricted stock units, last I checked this action was ongoing between the company and the former officers.
Manchester City Football Group MP has owed Manchester City over $3M for years, they've only paid $0.3M so far, and I have yet to see any commitment towards paying additional amounts.
Nutrablend MP had minimum monthly purchase orders of at least $700K to help offset the awarded amount owed to Nutrablend. These payments surely aren't being fully made, as the Company isn't even selling that much in product each month.
4Excelsior Yet another stiffed vendor, along with SK Labs. Both entities were recently named to the committee of unsecured creditors.
For those who have read it this far - how do you see this playing out in the next six months?
One last item to keep in mind - assuming Empery prevails as the senior secured creditor, that Chapter 11 doesn't result in a sustainable reorganization plan, and returns to the Article 9 auction of its collateral (i.e. MSLP branding and IP assets):
Assuming the auction is completed, the buyer must be willing to proceed outside of an insolvency proceeding. In this case, an Article 9 sale could be challenged by creditors as a constructive fraudulent transfer - intent to defraud creditors isn't required to be proven. This type of litigation can be brought as long as four to six years after the sale.
Taken from above:
"To prevail, the party challenging the transaction must establish, first, that the borrower was insolvent on a balance sheet basis or similarly financially challenged on a cash flow or capitalization basis, and second, that the sale was for less than “fair consideration” or “reasonably equivalent value,” depending on whether state law or the U.S. Bankruptcy Code governs the claim. Where the borrower was in default under its credit facility (a requirement of Article 9) and creditors were left unpaid, the insolvency prong would likely not be difficult to prove. But if the sale was an arm’s-length sale to a non-insider of the borrower after a fulsome marketing effort, it may be quite difficult to prove that insufficient value was paid in the sale. The value issue, together with the expense of bringing a fraudulent transfer claim, can be a significant deterrent to an attack by unsecured creditors, but the risk needs to be evaluated on a case-by-case basis. While the risk of such a challenge can be significantly minimized if not nullified by a sale through bankruptcy or other insolvency proceeding, an insolvency proceeding, as noted above, may entail significantly more expense, delay and execution risk. Additionally, from the buyer’s perspective, there is risk that it may lose the deal to a competing bidder. Moreover, an insolvency proceeding is a public proceeding, whereas an Article 9 sale can be conducted outside the public view.
In addition to the risk of potential attack from unsecured creditors who will not be paid all, or an agreed portion, of their claims in connection with the sale, junior lienholders (if any) who are not paid from the sale proceeds can challenge the sale under provisions of Article 9 if it is not a “commercially reasonable” sale. Again, in the context of a private Article 9 sale as a going concern, a professional marketing and sale process will significantly mitigate the risk of a successful challenge on commercial reasonableness grounds. In the particular case described herein, the subordinated lenders and our senior lender client were party to a customary intercreditor agreement under which, after the borrower’s default, the sub debt holders were substantially precluded from contesting any sale or other disposition of collateral that the senior lender supported."
In short, an Auction 9 sale could proceed - but reading through financial statements of MP, would it really fetch a price high enough that unsecured creditors would not be left as bagholders? Now it makes sense why Thermolife so quickly filed their motion to stay and collect on the surety bond.
Filing of draft final budget for the next 13 weeks submitted, for those following the bankruptcy court in Nevada.
Couple observations below the supplied cash flow forecast:
1. This model assumes 16.7% gross profit margin, without including the logistics and shipping costs. The most recent MSLP 10-Q (from March 31, 2022), shows a gross margin of only 11.5%. Logistics' spot on the old 10-Q net income statement isn't explicitly stated. What's caused the favorable significant swing in margin? Most raw materials and inflation are only increasing in prices, hammering CPG margins. Also of note is one of the major suppliers for their protein powders, JW Nutritional has also been appointed to the court-supervised committee of unsecured creditors. Most of the committee contains current or former suppliers involved in litigation with the company. With the debtor-in-possession funding, it stands to reason any supplier would not soften their own pricing to the benefit of the corporation, particularly if there has been litigation in the past.
2. Board member compensation is more than twice the marketing and e-commerce expenses combined. Details aren't available, if the compensation is stock-based (although hard to price equity or options on a delisted ticker), or cash-based. I don't envy having to manage these tough times, but Musclepharm as a brand is coasting on its diminishing legacy reputation. Even acknowledging the stated "catch-up" nature of the compensation for December to February, this still seems out of sync with marketing spend. Sites like Muscle and Strength have long since dropped Combat Protein, and other MP products in their top 50 sellers. But the current bestsellers list is not that impressive - dominated by Chinese-owned MuscleTech, competing with NOW Foods, USN and old standbys like C4 Cellucor. and Allmax. At its core, whey protein is a commodity product and marketing correctly to the target channels will elevate the brand. Is $50K a quarter in marketing really sufficient to drive top-line results?
3. Restructuring costs are about 30% higher than all SG&A costs forecasted for this quarter. That's tough for any balance sheet to absorb, but of note the DIP financing of $2.25M is earning only ~8% in annual interest. With current inflation, it's at par value. Something to think about, which leads to:
4. Assuming the company can emerge from Chapter 11, settle litigation, and actually run as a functional business, and with stripping out all restructuring costs going forward, at current margins including shipping and logistics, this company needs to jump from its forecasted $4.1M revenue per quarter up to about $10.8M. Is this realistic? Not really. That's also making the assumption their non-logistics SG&A costs don't scale and remain fixed. With the customer concentration risk held before with Costco, they might need that account back just to help them meet the sales target.
Very difficult times ahead. I hope the new team can accomplish this feat.
If you want to read what happened behind the scenes the past several months and some of the funniest text message responses to the "good faith" liar Ryan Drexler, click this link.
https://cases.stretto.com/public/x219/12044/PLEADINGS/1204403212380000000044.pdf
Interesting read in how the wolves are now devouring the carcass of the failed trust fund baby of Halbert Drexler.
https://cases.stretto.com/public/x219/12044/PLEADINGS/1204402272380000000144.pdf
Ryan has also downsized from his former Beverly Hills and Malibu estates (where he was delinquent on his property taxes) to a postage stamp lot and tract home in Reno.
Back to very telling IMDB credit: https://www.imdb.com/name/nm3573940/bio
To report fraud on the PPP program, specifically Ryan Drexler who illegally personally pocketed 100% of the PPP funds allocated to Musclepharm:
https://www.sba.gov/partners/contracting-officials/contract-administration/report-fraud-waste-abuse
there are whistleblower awards available.
When will we see the PPP program loan of $900k that Ryan illegally diverted 100% to his own salary hit the fraud indictment wire?
December's numbers have been released....https://cases.stretto.com/public/x219/12044/PLEADINGS/1204402252380000000009.pdf
When you buying back in you turd ?
Lots of action here. While I've long ago written off the few shares I didn't liquidate before the BK, it's still amusing to watch the battle between WW (who thinks there's maybe still some there there) and Empery (who clearly just wants to fire sale the remainder of the company)
https://cases.stretto.com/musclepharm/court-docket/#search
You still around JLTG ?
You still around JLTG ?
How long before Costco pulls the plug on MusclePharm?
Clearly vendors will likely slow roll delivery on any purchase orders after the MusclePharm Chapter 11.
As far as pre-bankruptcy purchase order deliveries:
If you delivered goods to a debtor in the 20 days before the debtor filed bankruptcy, and those goods were delivered in the ordinary course of business, then you can get administrative claim status of the amount of the goods delivered. See 11 U.S.C. § 503(b)(9). If your claim for administrative expenses is allowed, you jump ahead of all the other unsecured creditors, and in a Chapter 11 case, generally you get paid in full. (Note that the administrative claim is only for the value of the goods, and does not include add ones like taxes, shipping fees, or claims for surcharges. You can still make a claim for those amounts, but they will be an unsecured claim, and not entitled to administrative claim status.) Usually, there is a deadline set early in the case for filing a 503(b)(9) claim, so keep an eye out for notices concerning any “claim bar dates.”
With the limited MusclePharm inventory levels on hand due to cash on hand crunch, it is difficult to see how Costco who accounts for >50% of all Musclepharm revenues will be able to maintain any inventory.
More drama filed today that may be the blueprint for an attempted reorganization plan between Ryan and White Winston/Amerop. Empery successfully gained immediate relief in the courts to arrest this plan as they have collateralized essentially all the MSLP assets and likely demanded the accelerated payment on the notes.
More questions than answers.
If "Big E" is CEO why did Ryan sign as CEO in Nevada Bankruptcy Court on December 15th?
Was "Big E" a negotiating piece pre-bankruptcy and is now gone that bankruptcy has been filed?
Honestly "who cares". It's over and there is no coming back. All MSLP retail investors should now change their occupation to "artist" on their social media.
Well I guess that answers it:
Does that mean the US of A government will bail them out and the stock will go up?
Are you not familiar with OTC Market's website?
https://www.otcmarkets.com/stock/MSLPQ/security
Or how things end up when a company goes into bankruptcy?
Looking for some cheapies. Anyone know the share structure ?
Looks like this initial filing was to stay the auction and tie Empery up. The fact Ryan estimates there will be funds available for unsecured creditors reeks of bankruptcy fraud. We all know the liabilities dwarf the assets and all the reasonable assets were secured often by as many as 3 priority class.
Class 1: Empery
Class 2: Prestige
Class 3: Ryan
I believe the company has 120 days to provide a reorg plan but there really isn't much to reorganize. MSLP doesn't have any burdensome leases or contracts that can alleviate the debt. This was a Ponzi Scheme that sold vendors wares and revenues were collected by Ryan to pay his enormous salary and note interest and then the vendors were stiffed or payed pennies or unreasonable installment agreements that were not adhered. Who wants to manufacture MSLP products without a retainer that is at least Payment in Full of a potential purchase order before any manufacturing?
COGS were nearly equal to Revs anyway and we all know how Revs have declined under Ryan and losing any scaling potential and besides the only real rev stream is Costco and they are pressuring vendor price cuts.
MSLP changed to MSLPQ, bankruptcy:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
But, just looking at the chart, from a technical standpoint, I think we are going to get a bounce.
Back up the truck.
LOL
When Gaspari Nutrition went kaput several years ago, Rich bought his old company back. Maybe Brad and Cory would be interested in part deux ;)
When a fake Leonardo like Salvator Mundi sells for $450m, maybe Ryan is hoping for a Hail Mary at auction. ;)
Maybe that's why Ryan describes himself as "artist" at present.
Very strange indeed. I guess he failed to let their social media people know that the company is going out of business and that he may be going to jail!..lol
Their CEO has left the proverbial building
The proverbial building (that is, their production facilities) is likewise gone, and their manufacturing relationships are (as best I can tell) all shot to hell
Their assets, including any inventory, are being auctioned off
Yet somehow, someone keeps posting workouts and promotional bullshit like they're a going concern.
I don't get it.
Thought this post under my old moniker was a proper way to end it.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=117659857
Time to buy on the pullback. It's still way overvalued but I think we can get a bounce and then maybe gain traction.
LOL
Musclepharmcorp.com is gone
https://www.musclepharmcorp.com/
Ryan no longer lists himself as MusclePharm CEO on his Instagram. Now he lists himself as an "artist" ..... I think a better description would be "scam artist"
https://www.instagram.com/drexphotos/?hl=en
Equity wise you would need to sell 1m shares of MSLP at its current price to purchase a single $2 can of that hot selling MSLP Combat Energy drink that was promised to produce $30m in sales. At the most recent reported OS, the entire Market Cap would purchase a couple12 can cases. Turokman of course is still averaging down and in the black ;)
I've caught up on MadCow's posts, your own posts, GSB's posts from 2015-2016, etc. It's remarkable that the company has existed for this long.
The litigation, the bloated AP, the non-arm's length relationships at the Board level and the Spinal Tap CFOs - it's a compounding mess. Unfortunately the human cost rests in people's financial livelihoods being damaged. I don't refer to the speculative OTC stock purchaser, but the employees of suppliers trying to recoup losses who have been strung along.
But the ultimate default to Empery results in an acceleration of principal and interest, plus all IP that was pledged as collateral. Without the brand assets, what's left?
Depressing.
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