my notes:
Goldberg and Goldberg held a conference call, in which michael summarized the situation.
Here are my notes of interest:
Mooney, the former ceo, used to be a friend of the Lingering directors. Then apparently he was kicked out, and now is on bad terms with them (suing them and the company).
MTIA did not receive stock certificates and therefore will not give the rest of the 2.5 million to ECTE. If this is changed, they will pay, and Platinum verbally agreed to backstop that (provide the money in the case MTIA does not).
Platinum will attempt to get the patents if the company goes bankrupt but they do not want this, they see the company making 100 M per year in an optimal case.
Mark N. from platinum said he hasn't sold any. Plat also bought shares a little while ago at 2.20.
Michael has a competent board of dir. lined up to replace. Also has a CEO in mind, but the commitment of the ceo is time dependent and time may run out.
Michael's plan is to: 1) cut burn to 500k/month, reduce lawywers, staff 2) close office in philly (he tried to visit and get information but the company repeatedly blocks him) and retain enough money for 4 shots on goal: 1) business devel., wearable computers, mtia china and lidocane tattoo removal
