To me it seems that the 'debtors'(IMX FIAC) are fighting the EC bringing in PP with charges. They want to CYA (of course) and seem to be NOT working for common shareholders again. Discovery period extended 60 days possible. I didn't see an Order yet posted to the court site.
Shows me again that this whole group worked for themselves and firing GB and other BOD members that were seeking better financing or the 2014 sale to L3.
A disgraceful contract fire sale was arranged (for insider/creditor benefit)at horrible terms compared to what was possible at the IDIQ time with GB and the old BOD. I pointed out that other small companies can negotiate fair deals, even when under duress.
5. On February 24, 2017, based on alleged newly discovered facts with respect to
the ownership interests of certain of the Debtors’ preferred stock and the 2012 promissory note
(the “2012 Note”) issued by the Debtors prepetition, the Equity Committee filed the
Reconsideration Motion as it relates to the Standing Order that, among other things, seeks (i)
clarification that the Challenge Period is extended to “all principals, affiliates, pledgees,
successors and assigns” of the DMRJ Group, LLC and Montsant Partners, LLC, including
Platinum Partners Value Arbitrage Fund L.P. and (ii) clarification that the Equity Committee can
seek further standing to amend its draft complaint to added additional parties or causes of action.
Limited Objection and Reservation of Rights
6. The Debtors take no position with respect to the Equity Committee’s request for
clarification concerning the parties subject to the suspended Challenge Period. However, the
Debtors object to the Reconsideration Motion to the extent that the Equity Committee seeks to
include expand the scope of the ruling in the Standing Order and include additional parties other
than the DMRJ Related Parties and/or assert additional causes of action that are not Permitted
Actions. The Debtors do not consent and reserve all of their rights to challenge on any and all
bases any such Equity Committee request(s) to add additional parties who are not DMRJ Related
Parties and to pursue estate causes of action that are not Permitted Actions.
