Nice to know Eric was lying all this time how Mr Pearlman was out to destroy WNBD and would not even consider an offer without some payment first. What a lie that was after he continued to bash the creditor on Twitter.
Good news for the creditor he finally gets some funds and gets to end his 7 to 8 year nightmare journey Eric took him on.
Now Eric is indebted to a third party and for what amount?. Eric/WNBD are still penniless, have no funds for projects, GestureTek is still a bust, and Eric gets to play CEO for longer now, how exciting is that. More misrepresentations, dishonesty, lack of disclosure, whippee. Stock sure rebounded well with this news.
notwithstanding that the issuer has consented to bankruptcy in the event that the remaining payments are not made
Good protection by Pearlman's lawyer. Eric, or I should say if the 3rd party does not pay the remaining payments this means Eric/WNBD has consented to bankruptcy automatically ( already ), no trial. This pretty well gurantees payment on remaining balances to the creditor if WNBD wants to avoid bankruptcy. I'll asssume the 3rd party has the financial funds to pay. Big risk sinking monies with Eric. Likely was already on the hook of losing if Eric went belly up would be my guess.
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