High Performance Beverages Comp. (TBEV)

[pnnytrdr]

Actually nit2win acted like he had good info on this issue:

nit2win Wednesday, 04/22/15 12:43:29 AM
Re: pnnytrdr post# 33740
Post # of 35615
The default in that lawsuit had absolutely nothing to do with making payments.

There was a provision in the note which mandated that the company keep a specific percentage of shares in an escrowed reserve account with the transfer agent at all times. When the company was stalled by FINRA on an effective date for their proposed reverse split, they inadvertently fell below the required reserve requirements which automatically defaulted the note.

The basis of the suit was on this matter. Now that the reverse has taken place and the reserve shares are now appropriated I'm sure the suit will go away. I understand that both parties are trying to settle on a appropriate penalty which should amount to little more than a non-event at the end of the day.

So if he/she is correct they fell bellow the REQUIRED reserve requirements. "Which automatically defaulted the note" So TBEV was in DEFAULT. This HAS NOT settled! Looks like "penalty" might be more than a "non-event"

But like everything else I'm sure this was not the fault of CEO, CFO or president of company.

Glta