you are reading/quoting from .......
the 1st Plan of Reorganization (POR) as amended
the 2nd POR was filed at 4 in the morning on Saturday.
see below for the new Private Placement from the 2nd POR
===========================================================
E. PRIVATE PLACEMENT
a. New Equity
To provide funding for the Plan, MMPI will sell in a private placement transaction 500,000 shares of MMPI common stock to the Initial Investors and Eligible Investors selected by MMPI for
the purpose of raising capital in the amount of $10,000,000 ("New Equity"). MMPI has received confirmation that the Initial Investors will purchase at least 250,001 shares for an aggregate amount of at least $5,000,020. The remaining shares not purchased by the Initial Investors will be purchased by Eligible Investors. In the event MMPI does not sell the remaining shares to Eligible
Investors, other than the Initial Investors, then such shares will be purchased by the Initial Investors. The foregoing private placement transaction is referred to in this Plan as the "Private
Placement."
=======================================================
If the POR is approved .....
all existing shares will be cancelled ........ and the new PP shares will own 100% of MMPI
be very careful with MMPI and pay attention ....
Richard Meruelo is a mean poker player .. but has also shown us his hand ...
