Thursday, November 10, 2011 5:02:12 PM
From Michelex’ DRAFT FINAL AUDIT REPORT OF 12-31-2010, it appears that the liability listed for the Convertible Notes Past Due (AJW/NIR?) is listed as $1,105,800.
There is also a liability in the amount of $10,500,000 listed as “Due to Related Party”. The note associated with that debt reads that it is non-interest bearing and due on demand. Is this liability related to the acquisition of United Mortgage Bankers (i.e., Saleem)? From Michelex’ press release of July 1, 2010 (yes, the typo error of ‘Bakers’ instead of ‘Bankers’ is in the release):
There is also a liability in the amount of $10,500,000 listed as “Due to Related Party”. The note associated with that debt reads that it is non-interest bearing and due on demand. Is this liability related to the acquisition of United Mortgage Bankers (i.e., Saleem)? From Michelex’ press release of July 1, 2010 (yes, the typo error of ‘Bakers’ instead of ‘Bankers’ is in the release):
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