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Sunday, December 13, 2009 8:35:55 PM
They put the specif deadline out there.Now they are culpable and liable for that specif date. They have to notify you, a public investor and part owner, of any material change like if it all fell through or that they got the Money $$$.
Just putting a date out there just doesn't imply automatic completion of a deal. It is like buying a house and you set a closing date at the escrow office. I don't get the house just because I set an escrow date. I have to complete the whole deal to get ownership. Setting a simple date on which you expect to close the deal means very little and is a flexible target of sorts.
A material event is when you actually receive the money and it all closes.That needs to be reported and would not be omitted by any company if they where ever so lucky to get such a big chunk of money. It changes the whole picture because it is now a real fact.Even the sale or purchase is recorded at the county clerks office because it is a legal event. Same principle here.That is why they should file an 8K...........
The posting of a closing date is just a piece of the process..........that is all. It is not guaranteed completion of the fact.We need and should receive notification of the creating of that fact in actuality......IMO
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