Askyour selfs what happens if private financing is acquired .
If the old debt is paid out using new debt the old tax’s must be paid on that debt and new credit given for the old tax credit that became the new tax debt hence the negative cash flow number. If a corporation rolls the debt on its annule reporting quarters the tax debt will take it into a negative cash flow. The sec rulings state the number of times this action can be taken before the offering is canceled.
Without the payment of the tax’s new derived tax credit can’t be obtained. The creditors holding the debt are held behind the payment of the collateralized debt holders. It then becomes a zero zum game for the common shareholders. You can have a pubic offering but nothing to back it up the shares can’t be sold. This is often a catch 22 in a bankruptcy proceedings.
Read all required SEC rulings on the above stated topic. Do your own DD.
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