There is a problem with HDX assuming the debt of HeliosDx in exchange for equity. It is that they have the same ownership.
If HDX was created, owned, and controlled by another entity, or another owner, fund, or group...that was disconnected and separated from RSHN and HeliosDx (and the controlling shareholders) entirely, they could assume the debt in exchange for shares, either common or preferred and assume the liability.
But simply creating an LLC, same owners, and trying to transfer the debt and liability to the same holders as a "work around" will not fly under review.
This is just an assumption here. But the hold up for weeks after it was announced clearly shows this was not a cash deal, not someone else coming in and "buying out" the debt and taking some stake in the company.
I think it was just a manuever on paper that failed to check out, and they jumped the gun.
Sounds familiar...
Horrible.
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