This is completely inaccurate. The original agreement to cede their IP rights in case of a bankruptcy was an amendment to their bylaws and therefore stand until being amended again. Which hasn"t happen.So Saleen would still lose all right to the IP in case of a bankruptcy so threat is still very there.
You said quite clearly that they planned to convert the share at $0.02. That is the only thing that was false. The rest is still very much a possibility.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.