Here's my opinion RE: Our 8% senior secured convertible notes (the “Notes”) come due in December of 2010 with respect to $3,732,200 in principal amount and in 2011 with respect to an additional $3,607,500 in principal amount. We do not have the cash or other assets to repay the Notes.
AVNA did not get sufficient equity from Owlstone for all that they accomplished and those NOTES are sufficient evidence of that.
WHY? Well, I truly suspect this was an "insider deal" with AVNA leadership and those very same people in Owlstone. More like this strategy unfolding: "We can build up this business and take it private without allowing the public to recover any of the real value. We can use AVNA as a tool in a process for creating great private wealth at the expense of the public shareholder."
This is not, IMO, an adversary deal between Owlstone and the BOD of AVNA. It is instead more likely to be a colusive deal.
Things are going to heat up over this. I'd like to see the final result be that 100% of Owlstone becomes part of AVNA as a result of litigation and an SEC investigation.
The public shareholder needs to push back.
GLTA
Companies now muzzle information:. We need the IMMEDIATE RIGHTS to # of authorized, issued, insider held, etc. Demand current PUBLIC information! Write to both Congress and SEC: DEMAND this NOW!
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