Radient Pharmaceuticals Corporation fka RXPC

[Gold Seeker]

Guard, you absolutely need to read the filings. You post things that are not true and even the tiniest bit of DD would prove you wrong.

Mac paid shares to lawyers multiple times. The company had no money. How else was Mac going to pay for legal services. Each time an agreement was made with the lenders, legal services were due. Below is the example of how they were paid.

"(a) The Company has advised the Investors that it is currently indebted to Hunter Taubman Weiss LLP (“HTW”), counsel to the Company, in the amount of approximately $300,000 for accrued and unpaid legal fees relating to corporate, securities and litigation services previously rendered. The Company also desires to continue to retain the services of such attorneys to handle certain corporate, securities and litigation matters for the Company which are or may be in addition to matters relating to the preparation and filing of its 2011 Form 10-K Annual Report, Form 10-Q Quarterly Report for the quarter ended March 31, 2012 and Form 8-K Interim Report.

The Company has requested and HTW has agreed to accept from the Company, as an account stated, a $300,000 unsecured convertible 4% Company note payable on April 30, 2015 (the “HTW Note”), which shall (i) accrue interest at the annual rate of 4% per annum,

(ii) be convertible into Company Common Stock at a fixed conversion price of $0.01 per share, (iii) be subject to prepayment at the option of the Company, (iv) contain full ratchet and other customary anti-dilution protection, and (v) not be subject to any mandatory installment or other mandatory prepayment provisions prior to the April 30, 2015 maturity date."

http://www.sec.gov/Archives/edgar/data/838879/000114420412030793/v313941_ex10-1.htm

The full ratchet means the .01 conversion is out the door and the notes convert at the bottom price the shares are selling at. The sale price does not matter for the lawyers because if they sell shares at a lower price, they just get more shares to convert and sell even lower, etc., etc.


A share price just cannot go downhill quicker than that.