My brain hurts. How does this "not" say in black & white, Roche will bid the debt amount due to pay "himself". He then says "ok, self, I accept & debt is forgiven".
Common shareholders (us) are wiped out, but he becomes sole owner of RVUE and can now do whatever he wants with it? If the shell remains, doesn't that mean he can then RM whatever he wants into it, all for "himself"?
Company Response
The Board held a special meeting on May 3, 2017 to discuss the default notice. All directors participated, including Mr. Roche. It is the Company's current understanding that Roche Enterprises intends to conduct a public UCC sale of the Company's assets, on or about May 31, 2017, after first publishing notice thereof in appropriate trade publications, and that at that sale, Roche Enterprises intends to bid the entire amount of the Secured Debt for such assets. If there is no higher bidder, then Roche Enterprises would obtain title to the Company's assets in return for cancellation of the Secured Debt, and there would be no remaining proceeds for distribution to the Company's shareholders.
If there is a higher bidder, then such bidder would obtain title to the Company's assets, pay the Secured Debt to Roche Enterprises, and any remaining proceeds, net of sale expenses, would be available for distribution to the Company's shareholders. The Company further understands that if Roche Enterprises is the successful bidder, it intends to continue the rVue brand and business as its sole owner.
I guess my question is, even though commons do not receive any cash from the sale of assets (not like we expected to), do we still hold RVUE shares along with Roche?
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