Baltia Air Lines Inc. (fka BLTA)

[mysterymeat]

Like a default on the loan from St. George Investments? The one that prohibits a reorganization?
"The Company agreed that if it issues convertible securities with a conversion or exercise price which varies with the market price of the common stock of the Company, the Lender shall have the right to convert the Note at the conversion price provided in such security. The Company also agreed with the Lender not to effectuate a change of control, which includes a sale of all or substantially all of its assets of the Company, a merger, consolidation or significant equity financing or other capital reorganization of the Company."