This debt that michelex owes is from 2004, Before michelex signed a SEDA for 10 Mill$ with Cornell late in 2004, there was a REG-DEX filing in Sept.-Oct. 2004, Michelex had borrowed $1 Mil from Cornell before the SEDA went into effect, there was a private placement with Cornell for the cash, Cornell cashed in almost half of this in 2004-2005, they stopped selling convertibles in the spring of 2005 at Toms request after they plummetted the share price, the SEC stepped in shortly after that and began investigating cornell for illegal short selling of 9 different companies, of which michelex is one, we have links in the I-Box to the news articles about this investigation, the SEC issued a cease and desist order against cornell, I heard that the order expired in Jan. 2007 and that is when cornell began selling convertibles again. I suggest calling Tom G and letting him explain it better to you, this is how it was explained to me.
