Still applies:
That sounded good to me for a minute.
Then I realized that you had ignored his abandonment of 18,000,000 options for Class B shares, allowing them to expire worthless. He had 3 months post termination to exercise them, swap them for Class A shares and flip them for an easy profit. He could have swapped a portion of the debt due him for the conversion price like LE did in a cash free deal.
OR, if he believed "that in the end, the company will succeed" he could have exercised the options and held the shares. He chose not to do that.
and...
Here we're talking about cash money. $2,929,000 in back salary and R&D services. Do you really think that just because the "company was not flush with cash and that it’s hard to get blood from a stone" that he would let that slide?
Meanwhile his former partner has taken $800K of his back pay during the last year (How else can one explain the $800K reduction in Accrued Salaries?...the filing doesn't) while drawing an additional $465,850 in salary and $50K in Directors fees. Apparently Ehrlich doesn't share the "roadblock for the company" concerns that you would have us believe that Menon has.
If Ehrlich couldn't wait for his payday, is it really reasonable to think that Menon would? I don't think so.
These are interesting ideas but they don't really explain the above:
"Leo and Menon ended not so amicably. Leo is holding back Menon's salary as part of the leasing problems. Menon could be holding back legally pending resolution, as his signature is on that lease and he is partially liable."
Menon has two potential actions against IPIX, both of which would succeed.
ps. Based on the financials they're still paying off the lease. What else could explain the reduction in the total of Operating lease - current and long term liabilities on the balance sheet?
I'm tryin ta think but nuttin happens......Curly
