If that were the case, the agreement should have been terminated in accordance with:
8.1 Termination of Agreement . This Agreement may be terminated and the transactions contemplated hereby abandoned at any time prior to the
Closing:
(a) By Buyer:
i. if any Order restraining, prohibiting or enjoining Seller from consummating the Transaction shall have been entered and such
Order shall have become a final Order at any time before the earlier of the Closing or October 31, 2017;
ii. at any time after October 31, 2017, if the Closing shall not have occurred solely because there shall have been a material breach by Seller of any of its representations, warranties, covenants, obligations or agreements contained in this Agreement, which breach would result in the failure to satisfy one or more of the conditions set forth in Section 7.1 , and such breach shall be incapable of being cured or, if capable of being cured, shall not have been cured within fifteen (15) days after written Notice thereof shall have been received by Seller, and in any event not cured on or before October 31;
iii. upon receipt of a copy of Buyer’s written notice of termination to Seller pursuant to paragraphs 8.1(a)i. or (a)ii. above, Seller
shall pay to Buyer the Purchase Deposit, and the Escrow Agent shall pay to Buyer the balance of funds held by the Escrow Agent pursuant to the Escrow Agreement, after deducting Buyer’s half of the escrow fee charged by the Escrow Agent in connection with the Escrow Agreement in the event that such half shall not have already been paid separately by Buyer.
Obviously that was not the case, because Tony's shareholder update on 11/14/2017 inferred all was well, still eager to acquire Songbird. Several folks here were jumping for joy, the deal was still on. Yea go Tony.
In a rare moment of honesty in the 11/29/17 8k, Tony acknowledges a Baltia failure.
Tony's shareholder update on 11/30/2017 beats around the bush that funding was one of the problems, but tries to spin it as though Baltia terminated the agreement in the shareholders best interest.
