That 270,000 to IBC Funds wasn't some finance deal, was it? That was a settlement agreement in Sarasota County in Florida to recover past due accounts payable. From the SEC filings it looks like IBC had bought $65,085 worth of bad debts that Omega owed and then sued Omega for that, and it appears they settled it for 270,000 shares. Maybe I'm misreading that. I checked online court records for Sarasota county but all you can see there is the summary of the case, not the actual documents filed in it. It was filed on October 16 and the settlement was approved on October 17, so it was worked out before it was filed. Looks like a terrible deal for IBC, but looking at the three month chart for Omega apparently they worked this deal out right before share prices really tanked hard.
What's odd though is that IBC Funds, LLC, doesn't appear to be some kind of a collection agency. They're some type of lender I think, always involved in convertible debenture deals and the like. Did they buy this bad debt like a collection agency? Is this some other sort of deal, and if so, why did it have to be filed like a debt collection lawsuit? I don't know and I have too much to do to dig into all that.
