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Tuesday, November 24, 2009 8:57:16 AM
"Pursuant to our secured convertible debentures issued to YA Global, in the principal amounts of $7.5 million, $5.0 million, $2.5 million, $1.8 million, $2.4 million, $2.3 million and $0.5 million dated March 27, 2007, August 24, 2006, December 29, 2006, August 24, 2007, July 29, 2008, October 28, 2008 and April 6, 2009, respectively, we were required to secure repayment of the convertible debentures with SUBSTANTIALLY ALL OF OUR ASSETS."
In 2008 NeoMedia pledged its patent '048 as security through a written agreement. The newest patent to be issued is not pledged as security to YA.
Patent '048 is listed with the USPTO as being subject to the 2008 written agreement. No such statement can be placed on the new patent to be issued because there is no written agreement between YA and NeoMedia to which the new patent is subject.
Where loan sharks YA continually had their toxic debentures rewritten to lower the conversion price, NEOMEDIA ain't going to rewrite for YA the security agreement to include the new patent to be issued.
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