"Low-balled"? How can CCNI low-ball an offer on a stock that is worthless, owes $2.6 million to the IRS, is getting rapidly smaller, and with crumbling revenue?
How much is the paper worth with the client lists? That's about what CCNI should offer if the performance of LTNC's CEO is any measure at all.
Besides, the offer no longer stands. That offer was an either/or arrangement. Either pay up on the late note or sell your assets for CHEAP. They knew Schadel wouldn't pay, so now not only has CCNI made the ultimatum for bankruptcy auction, but LTNC has conceded that bankruptcy is their only option for covering the $300,000 note.