Why do you insist on wearing that "kick me" sign. OK, if you insist, you said:
I also noticed that you avoided defending your statement that all of the assets were being released.
Dutchess, whose Notes payable included a lien on all of DNAPrint's assets agreed as part of this deal to release their claim on the assets.
Care to elaborate on that one?
And for those board members who may be unfamiliar with the toad's tactics, let's just look at the full context. I said:
Dutchess, whose Notes payable included a lien on all of DNAPrint's assets agreed as part of this deal to release their claim on the assets. So now the DNAPrint Pharma shares that Dutchess is accepting in lieu of virtually all of DNAPrint's debt are both "virtual" and "unsecured". That IS what it says, although that looks to be a pretty big leap of faith on the part of Dutchess.
Big difference when you include the entire context. He'd like the argument to revolve around my failure to specifically insert the word "pharma" in front of "assets". Then we could go round and round about something that had nothing to do with the point of the paragraph or the subject at hand.
As can be seen by the full context, however, the point was that Dutchess was releasing a secured interest in the DNAPP shares and THEN accepting the released shares as payment against a secured debt. Let me say that again, they are releasing a secured interest (meaning basically that they are giving up ownership interest in the shares), so that DNAPP can turn around and use them to pay off DNAPrint's debt (held BY the entity that currently HOLDS the secured interest). And indeed, according to the PR they are:
...In order to complete the spin-off, Dutchess has agreed to release all the pharmaceutical, diagnostic and associated assets in exchange for the shares of Pharmaceuticals' common stock.
And if I were to leave it at this, the toad would likely come back with something like..."Whuh,(Spit, slobber, drool, jump up and down, sweat) that doesn't say anything ABOUT the DNAPP shares being unsecured, they're just releasing the pharma, diagnostic and associated assets that everybody KNOWS are worthless anyway!"
Then I'd have to write ANOTHER post, where I would point out the text from the 8-K:
...As part of the Letter Agreement, Dutchess consented to the transfer of certain assets to Pharmaceuticals and released its security interest in such assets and in the Pharmaceuticals’ common stock.
I thought my point was abundantly clear to begin with, but if not, it should be abundantly clear now.
Later,
W2P
