Innovation Pharmaceuticals Inc (IPIX)

[Ebuilder]

Ok, and the Company has failed to pay down the note thus realizing/triggering the adjustable interest rate on the loan because of inadequate funding. So now the same man who negotiated the terms of the loan on behalf of himself and the Company is responsible for deciding if the Company will pay down the note in full or continue with the rather sweet terms of the loan he negotiated. (I'm assuming he negotiated on behalf of both or strongly influenced the loan terms.)

Nice test for the new independent board/finance committee.