Secure Point Technologies Inc (fka IMSCQ)

[iGrassHopper]

It was probably all planned out months ago

When the plan to acquire Zapata was announced in June the pr outlined a plan to emerge from reorganization free of debt, and with the full support of DMRJ.

We now know that reorganization plan was CH 11 .
We also know that Gregg Donnenfeld, the COO of Zapata, is or was SVP at DMRJ.

$117m from L3 less $90m liabilities less $5.7m debtor in place loan less 10% change in control payout to Bill & the boys leaves less than the the $35 m needed to do the Zapata deal. But it would be doable if DMRJ were to accept only $78m for the unsecured debt and convert the secured debt (preferred shares) into 100m shares, providing an additional $12m to fund the Zapata acquisition.

Now shareholders are left thinking that a vote to exchange our 47% equity stake in Implant Sciences Corp for a 10% equity stake in Zapata looks pretty good. Just hold your noses and vote for whichever stinks less. Capiche?