Some questions from the other location:
"if it was that dire why was the bridge loan paid off and only $100k remains due Marble Bridge?"
Answer: We don't know if the bridge loan was paid off. Only $100k was due to Marble but that means they weren't getting any deals to take out loans against. They had no receivables. The expenses were still outrunning the revenue and they had no way to raise funds with no deals.
"wouldnt it have been better to default and make the Bridge a funding?"
Answer:They had nothing to fund with. That's what the receivable loan was all about. They couldn't do a PP and no one would give them a loan. The last "loan" that got was at 107% APR.
"Why was the investment bank retained so late in the game"
Answer:Incompetent management and BoD. Although it looks like no one wanted the company anyway.
"What is the IP really worth"
Answer:Apparently close to $0 given the filing of chapter 7. The IP is only worth what someone is willing to pay for it.
"Why did the board split so fast"
Answer:Incompetent management and BoD. We may never know how much bonus money they took with them.
"But will we get anything or is it all debt service?"
Answer:Shareholders will most likely get absolutely nothing. Employees who are owed money, Loan shark people and vendors will get what is left.
Sorry for the bad news Golpe, but you and others have been scammed and set up for the fall. Maybe Mundo can give updates on his secret connections with Microsoft.
Being "wrong" has been extremely profitable.
