Hope you have some deep pockets to buy
but im still not going to sell my 15,000 shares to you .... no matter what .... I think your bravado post .... saying you'll buy all my shares ....is simply RECKLESS ...
the equity of MMPI is being consumed rather quickly in my opinion by legal fees ...... MMPI is responsible to pay almost 100% of everyone's legal fees .... the lending agreements provide for reimbursement of legal fees ... YIKES!
let's see .... each bank has probably 3 or 4 attorneys each at an avg of at least $500 per hour .... so lets say 125 attorneys billing $500 per hour ..... thats $62,500 per hour easily, plus accountants and consultants .... so every two days of legal work fees consume $1 million of the equity and this BK will run through at least June 30 ... whoaaa ...that's one big number
besides almost every creditor so far has objected to the plan which means it'll go beyond June 30 .... more legal fees ... looks like the attorneys representing the creditors will end up with what's left of the MMPI equity
and the exclusivity period will end soon which will allow the sharks to feast on the carcass of MMPI by submitting a competing plan with $$$$ greater than Meruelo's $10,000,000 and will definitely wipe out all the exisiting common including Meruelo...
Meruelo may just get his arse kicked with this BK .....
When the judge ends the exclusivity period MMPI may react the way WAMU(Q) did on Friday ..... NOT GOOD!
Everyone needs an exit plan for MMPI ...
