On April 6 the current loan was extended, but no new money was provided. Then at some point that extension was deemed not to be effective due to them being in default of the agreement ending March 31. There were revisions as a result of that, which weren't announced until July.
Perhaps the reason they were determined to be in default as of March 31 should be investigated. It sounded like there was some disagreement about that, and they were not determined to be in default until some time later which then caused the agreement signed April 6 not to take effect. Did PP force them into agreeing they were in default?
This is what they 8-K says as to them being in default:
"However, despite the best efforts of the Company, DMRJ and the Assignee, certain post-closing effectiveness conditions to the Fourteenth Amendment with respect to the delivery of an opinion of counsel and payment of the fees and expenses of DMRJ and the Assignee were not satisfied, and the Fourteenth Amendment was, therefore, never deemed effective, resulting in the Company being in default of its obligations to DMRJ and the Assignee since March 31, 2016."
All of that may somehow play into why they were not paying rent.
