Hello Sparks,
I agree with most of your analysis. I see that the example you gave, ECMH is already back to no bid. Does that mean they will get yet another reverse?
The one thing different with this deal, the shareholders must approve this deal. If the current shareholders see that they will only recover pennies on the dollar, (or less) they will have the opportunity to vote "no" which will seal the fate of EPGL but would also not allow the scumbags at NIR recover anything and not allow this POS company to continue to screw shareholders.
I did not realize that the NIR debt was anywhere close to $10MM; I thought it was in the $1MM - $2MM range. What I am further concerned about is if the company will try to issue themselves even more shares to regain voting rights control of the company. A few years ago that was part of their plan but it was turned down by shareholders.
I think the whole medical device BS is just part of a ploy to pretend to be adding value to the company when indeed it will be a drain on the companies limited resources. One has to ask why this medical device has not already successful since it has been around for at least three years. Also, as a poster provided a link showing that the average cost of bringing a medical device to market was $24MM. One must also ask, why the medical device management would choose a POS company like EPGL to try to market such a device. If the medical community thought this device was worth the investment, they could have easily raised money through better means.
If things are really going to be that bad for the current shareholders, I will vote "no" to the deal. I will, however wait for my final decision after seeing the conditions for the restructure.
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