neither of these options bode well for Calmare. Whether these were proposed by the judge, a mediator or by GEOMC (I doubt these would have come from Calmare), it is clear they favor GEOMC since they either get cash (not clear whether an amount equal to their claim or the wholesale value of the devices), it appears the warehouse gets cleared out.
It is evident, however, that Calmare is going to be paying a lot of money and, most probably, having to either close up shop or figure out a way to settle for 10 cents on the dollar. Unfortunately, I have doubts as to whether they could even afford that unless the Directors each kick in several hundred thousand each on top of what Chairman Brennan already kicked in.
One obvious question might be where is the CEO in all this and what has he been telling the Board as the case went along and as they dutifully kept paying his salary rather than putting his money along with the fictitious sums he told them were coming from the Feds (Oh yeah, where is that?) into a rainy day or settlement fund.
I suspect that once the dust settles and GEOMC plus those other suits get resolved or settled, there may be a lot of suits against the Board and Mir (most probably) that their BOD insurance will not cover if they discover that fraudulent statements were issued and filed. That is when the real action begins
