The US TRUSTEE using remarkable restraint, all but recommended that the Court convert the BK to CHAP 7. She hinted broadly that the people that have stated a willingness to loan CDEX more funds
to CDEX are in bad need of a Head examination. She hinted before that it sounded like a scheme to cheat all the creditors and get all of the bloody remains of the Company cheaply. But she refrained from mentioning that this filing.
If she had hired me to write the thing up for her, I would have said that JB and them are lying through their teeth re any prospects that the G4 will ever sell nearly enough to sustain the company even if they can get alla the money they are asking for.
They DO NOT have any one million dollars yet pledged, despite the help they are getting from *LUBBOCK, Tx.
JB and INONITS are asking for 100 K for R&D to start. It so happens that R&D and "consultations" are two vague and not closely accounted for "expendatures". I would not trust them as far as I could throw a Tractor Trailer with any 100K for such a vague use.
The TRUSTEE did include a complete transcript of the last two filings. Which by themselves are sufficient to persuade the JUDGE to convert to CHAP 7...Could be His Honor is fascinated by all the BS, and hanging about on Chap 11 just to see how far they go with the damn lying and SMA BOOLSHEET.
Maybe not often that he sees such a buncha crooks with enough brass on their faces to ask the COURT to aid and abet the cheating of Creditors and Stockholders ..Not that there would be all that much for them to divide up if it goes to Chap 7.
*partially explained next post
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