BIH Corporation (fka BIHC)

[Anvil/CT]

Carpe:

Sorry to use an old cliche but "what did he know and when did he know it"

Don't blame Galo for not doing a stupid deal or one that did not make sense. Usually, the seller would require buyer to provide proof of financing/cash within a timeframe after signing the initial agreement. During the initial time frame, buyer and financing source do their due diligence. Buyer makes sure it knows what it is buying and bank is working toward providing a firm financing comittment aka committment letter. At the most, this could take 90 days to produce.

Hence,my questions for Galo:

1. what steps did you take to ensure that buyer had financing, at least for the original purchase price.

2. When did you know that the financing fell through

Shareholders waited five long months, I think Galo should elaborate on the deal time line.