Technically - and I'm saying this without any facts about Ed's backing, or lack of same - he may not even have a backer yet! He has to come up with $500K with enough time to finalize by Aug. 31, but I don't think he even had to put up $100K last Thursday, since he was the stalking horse bidder.
The only cash he had to lay out was the $200K to keep the lab running, and protect the patents. But that's really a loan, and will be coming back, if he manages to get the $500K.
Ed must be figuring/hoping that since under the Ch. 7 liquidation, not a
Ch.11, the creditors are basically history. So an investor might be more willing to step forward and finance the ongoing testing till FDA approval. The value will be multiples of what it was even before the BK craziness.
What a bizarre story....
