Monday, May 25, 2009 12:04:18 PM
... we may get to see a recent example of what YAGI (NEOM's financier) does when time runs out on a forbearance period. MOBL, another YAGI client / Tobin Smith Pump Stock, finds itself with potentially a matter of days before finding out whether YAGI thinks they can make more money keeping MOBL public ... or yanking the assets/IP.
"Form 8-K for MOBILEPRO CORP
5-May-2009
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Item 1.01 Entry into a Material Definitive Agreement.
On May 5, 2009, the Registrant ("Mobilepro") executed a Forbearance Agreement with YA Global Investments, L.P. f/k/a Cornell Capital Partners, L.P. ("YA Global") pursuant to which YA Global has agreed to forbear for a period ending June 1, 2009 (the "Forbearance Period") from enforcing its rights and remedies against the Registrant and its subsidiaries under the Secured Convertible Debenture and related agreements dated June 30, 2008 in the original principal amount of $13,391,175 (the "Debenture"). The maturity date of the Debenture was May 1, 2009 at which time the amount outstanding was approximately $13.15 million.
During the Forbearance Period, YA Global and the Registrant have agreed to discuss and consider a plan to repay or restructure the Debenture. The Debenture continues to carry an interest rate of twelve percent (12%) during the Forbearance Period. Although the Registrant intends to work diligently with YA Global during the Forbearance Period, there is no guarantee that the parties will reach a mutually agreeable repayment or restructuring plan. In the event the parties are unable to reach a mutually agreeable repayment or restructuring plan, YA Global could potentially exercise its rights as the company's senior secured creditor which include, but are not limited to, foreclosing on the assets of the Company. In such event the Registrant may not have the ability to continue as a going concern."
Yorkville / Cornell Tracking Board #board-9964
"I can think of no more valuable commodity than information"
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