stay tuned
I don't think Cornell can profit from not letting them do the deal, but they are trying, (my hunch), to strong arm Stephen into more potsweetening to take them out via conversion into a note from a convert.
I was told this a.m. that the buyers are patient.
The Dec. PR was less than forthright in not declaring that main company debts were NOT being paid, just the debts of the Brazilian operation.
"assumption of $2.65 million in debt"
"This transaction will also significantly strengthen our Balance Sheet with the elimination of U.S. $2.65million of debt related to the Brazil operations"
from the 10Q for Q3: Liabilities
CURRENT LIABILITIES:
Current portion of loans payable ............................................ $ 423,286
Convertible debenture payable ............................................... 225,000
Accounts payable and accrued expenses ....................................... 2,090,715
Due to related parties ...................................................... 371,466
Warrant liability ........................................................... 137,165
Convertible feature liability ............................................... 1,263,359
Loans payable - related party ............................................... 276,945
Convertible loans - related party ........................................... 233,328
------------
TOTAL CURRENT LIABILITIES ................................................ 5,021,264
LOANS PAYABLE, NET OF CURRENT PORTION ......................................... 18,391
ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET OF CURRENT PORTION ................. 441,728
TOTAL LIABILITIES ........................................................ 5,481,383
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5292748
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