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polegoat

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polegoat

Re: polegoat post# 242

Friday, 08/17/2007 1:25:39 PM

Friday, August 17, 2007 1:25:39 PM

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One more thing - The loan to Brian for the Fireline purchase is subordinate to the credit line which is secured by receivables and equipment. Why would the syndicate of banks agree to surrender their first collateral right? What's Brian going to do - he can sue for non-payment, but that is similar to a class action lawsuit since he is a shareholder. If the banks do not consent, then HSOA probably would be in default for conveying an interest in the collateral without lender consent
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