"In effect, ANGELS/TEMCO own it.
But can they ever sell it?? THAT is what makes them suckers for JB to make money offa..
If CDEx has no money at the end of March it looks like the creditors (JD/Pemco Boys) may have the opportunity to acquire CDEx by default.
Not only are the creditors sticking it to CDEx with what is almost equivalent to a 40% per annum interest rate, they're going to profit even further if CDEx defaults:
Upon the occurrence of any Event of Default, at the option of the Lender, all principal and other amounts owed under the Line shall become immediately due and payable without notice or demand by the Lender, and the Lender, in addition to his rights and remedies under this Note, may pursue any legal or equitable remedies that are available to him. The default interest rate shall be the greater of 25% and the maximum amount allowable by law.
How is CDEx going to pay back the loan? Have they been showing any revenue?
Where did we read that JB was going to put the G4 into immediate production after securing financing (I know, I know, he's the classic 'boy that cryed wolf' and ya can't beleive a word he says. I'm just trying to remember the last time that he said it. Was it when he went to the Investment Banker Seminar and got cdexed?
