Here's the deal...
Actually, firstly, thank you for not taking my comments as inflamtory as they were not intended to be and cheers to us all having a constructive and honest argument when time and conditions permit. I just feel strongly that the new management team is an upstanding bunch....
With regard to our discussion about management: Upon execution of the reverse meger, San West managment team took over the helm. Subsequently, HBSY management exited stage left with one caveat:
Because the terms of the reverse merger state that since San West has merged into the Human BioSystems shell (i.e. what was left of the failed bio-tech), San West Inc. also acquired HBSY's remaining assets and liabilities and assumes responsibility for burning off their debt with their own future cash flow. Certainly, one downside of going public via reverese merger, in my opinion.
Accordingly, the old CEO is tasked with consulting the emerging company - San West - on how to leverage and liquidate any potential assets it picked up along with the debt in order to lessen the amount of San West cash flow that must be used to pay down acquired liabilities.
If I acquired/merged into a public company and assumed its assets as well as significant liabilities, I'd be sure to keep the person formerly responsibile for operations on the hook for a while in a contracted consulting role to leverage their experience and liquidate any assets. Especially if I was an Off-Road motor sports expert and the former CEO was versed in the Bio-tech field.
So, there is indeed a new management team running the show now and they are quite upstanding in my opinion.
