Secure Point Technologies Inc (fka IMSCQ)

[int10a]

I agree Platinum does not deserve anything more, they probably made back the principal converting cheap shares and selling them at far higher prices. They may have done so with insider knowledge which of course is illegal. They may have prevented the company from getting better financing, which they should have been able to get after the TSA IDIQ win. Something along these lines needs to be proven. Even though Platinum is under investigation it seems the judge isn't going to take that into account unless something can be proven against them, and he is not trying the criminal case.

I like your scenario of getting rid of Platinum's debt or at least initially preventing it from accruing further interest while they are properly investigated. Then stopping this sale to L3 at bargain basement price and letting the company show its true value operating free of debt. The trick appears to be to show the judge there is enough evidence of Platinum's wrongdoing. The other problem is L3's breakup fee is steep. It is clear L3 forced this Chapter 11 because of the Platinum situation as they could have just done a normal purchase since there would be enough money to pay the debt. Unless some wrongdoing can be found on L3's part I don't know how you stop the sale to them even though it is for a bargain basement price. Maybe if the Chapter 11 process was stopped it could be demanded the sale be put to a shareholder vote, but there is still the L3 breakup fee to be considered.