Secure Point Technologies Inc (fka IMSCQ)

[int10a]

It isn't fair, but I think the L3 deal required some amount of inventory and it looks like they were building up their inventory to meet that. Of course that means we are paying for the cost of production but L3 gets the revenues when they ship the units!

The bonuses look like they are part of the unsecured creditor claims. Check out http://www.kccllc.net/imxacquisition/register and take a look at the last page (page 10) as it is sorted alphabetically by first name. You will find:



Claim Number: 105

Claim Amount: $150,000.00

Name: William McGann

Date Filed: 12/19/2016

Nature: Priority

Debtor Name: Implant Sciences Corporation

A/R:

A/R Date:

Debtor Number: 16-12239

Basis for Objection:

Objection Resolved?:

Claim Number: 106

Claim Amount: $300,000.00

Name: William McGann

Date Filed: 12/19/2016

Nature: Priority

Debtor Name: Implant Sciences Corporation

A/R:

A/R Date:

Debtor Number: 16-12239

Basis for Objection:

Objection Resolved?:

The bonuses for the others are in there but McGann's is easiest since it is at the end.

How soon the unsecured creditors get paid is not clear. Would seem like secured creditors have to get paid first, so their payments may get held up since the Platinum debt is in dispute.