robopro.....in reply to your message yesterday
No offense, but yes robopro....you are missing something and I think it may be a large portion of your cerebrum.....
cer•e•brum
The large rounded structure of the brain occupying most of the cranial cavity, divided into two cerebral hemispheres that are joined at the bottom by the corpus callosum. It controls and integrates motor, sensory, and higher mental functions, such as thought, reason, emotion, and memory.
Again, no offense, but this short extension IS a good thing. They could have penned an extension for 1 month, 3 months, 6 months or a year even. The bottom line is that I was correct in my statement that without seeing the actual terms and conditions of the original and all subsequent revisions to the terms and conditions, XeChem is in a position to default on any/all of their obligations without suffering anything other than a penalty....why would Alembic even care as long as they keep paying something....
Xechem did not pay the amounts due Alembic on December 31, 2006. Xechem and Alembic have extended the Maturity Date. Pursuant to a Letter Agreement, dated January 4, 2007, the parties agreed to extend the Maturity Date to January 31, 2007. Pursuant to a Letter Agreement, dated January 31, 2007, the parties have agreed to extend the Maturity Date to February 24, 2007. As consideration for this extension, Xechem has agreed to pay to Alembic, in reduction of the indebtedness due under the Note, the sum of $100,000.
See this $100,000.00 isn’t even flagged as an additional penalty, it’s like a progress payment against an outstanding balance (which XeChem is paying interest on) which leads me to believe that Alembic is not sweating a thing....they could care less. I believe that XeChem has set the timeframe under a month to avoid another monthly $16,600.00 (if that clause is fact still in place) as they feel they will be able to satisfy the note in it’s entirety by 02/24/07 (less than a month and banks conduct business and post business transactions on Saturdays). This would make sense to me as I am sure that Alembic now realizes that XeChem will become less and less reliant on this type of financing in the very near future.
To put it quite bluntly, XeChem is driving the bus now and Alembic will take what they get when given with no complaints.
Try and remember this, although they have been a finacial outlet, Alembic is competition and nothing more
What business strategy is all about; what distinguishes it from all other kinds of business planning - is, in a word, competitive advantage. Without competitors there would be no need for strategy, for the sole purpose of strategic planning is to enable the company to gain, as effectively as possible, a sustainable edge over its competitors
Keniche Ohnae
This is my opinion and nothing more.
Happy Hunting! Fox
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