"Dude you are losing it. A 8million dollar debt is not removed from the liability side of the balance sheet. What a hoot. You are trying way too hard to come up with something. Look how you contradict what you write in the very same post. A Note is a contract, governed by contract law.
The only truth to what you say is "The contracts were replaced by the settlement agreement." That doesnt mean they were cancelled. NIR will still convert because ----- they were not cancelled."
It is apparent that you still do not understand, so I will explain one more time.
Let us say that I want to borrow $10. You agree to lend me the $10, but you want your money back in a very special way. We have to go to the lawyers and draw up a contract to complete the deal. I put the debt (notes) on my balance sheet. The money is due in two weeks. I have figured out that I can't pay you the $10 in accordance with the contract we signed. I go to you and say I cannot pay back the $10, can we come up with a new agreement. We do. It is now payable in seashells which I will receive in two years. We now have a new agreement. This does not require the judge to rule. I can now remove the debt (notes) from my balance sheet. Walla! Thay have been expunged! Itro is now free of the notes payable on the liability side of their balance sheet. Since I will be paying you in "free" seashells, I do not have to replace the note with any other liability.
It is the same as a will that you make out for your heirs. You can change it anytime you want. The one that is in force is the one with the latest date.
The 8k which is a required document of the sec includes a pr as a further explanation of what was done. The notes are GONE! Itro is free of the notes payable and they can now do what they want. Something else for you to get aggravated over.
