"He keeps insisting that he has investors waiting on the sidelines to support a reorganization plan, but he hasn't provided the evidence or particulars, to date."
I believe he has Streetpenn.
In one of the court docs CDEX has disclosed a list of potential investors, among them are Dr. Terrell, his family and friends. There are others as well and after a quick look at the list it seemed that they're all a tightly-knit group.
Of course, none of them will invest without a senior lienhold on all of CDEX's assets. I say ALL of their assets because default on a 1.5 million dollar loan would give the entire worth of the company to that investment group (with several from that group residing in LUBBOCK, TX.)
That senario was what the Trustee called "loan-to-own" and there is no doubt in my mind that that was their game plan. It would have been a disguised version of the ASSET PURCHASE AGREEMENT between Loch Harris and CDEx back in 2000.
Good thing the Trustee and Judge saw it as it was- a "lying-in-wait" scheme to take control.
