Secure Point Technologies Inc (fka IMSCQ)

[int10a]

Not a chance L3 pays $117M plus the debt owed to Platinum. That is not at all what their offer is for and why they forced IMSC into Chapter 11. The whole idea of Chapter 11 is for the buyer to purchase assets without assuming the debt, and have them guaranteed to be free and clear of debt. L3 assuming the debt and paying it off would make their offer nearly $200M and that's not what they offered. The liabilities they are assuming probably are any related to possible liabilities surrounding IMSC's contracts or products.

What people are hoping for is that a higher bidder comes along and/or the debt to Platinum is substantially reduced.

You are right though, lawyers fees continue to add up the longer this process goes on. The challenge to Platinum's debt could take awhile to litigate, even though they are under criminal investigation and there's a lot of shady stuff and they probably made much of the debt back already in stock conversions. I'm sure their lawyers will fight hard on this. No question it is unfair for them to profit so much on this and especially as to the fact they were really an insider but were allowed to convert debt to cheap shares and sell at times that benefited them. Hopefully some more illegal dealings can be uncovered surrounding the IMSC debt (that "insider trading of IMSC notes" for example).