Mr Lenfest leaving both companies:
Not only has he stopped supporting TEVE he's also removing himself from ETCC. Yes this is an excerpt from ETCC's 10Q but directly shows that Mr. Lenfest has changed his priorities away from losing propositions. See below
On September 28, 2012, the Company entered into transactions (the “2012 Financial Restructuring”) that provided for, among other things, the following:
(ii)
PNC Bank provided to the Company a new five-year term loan of $15,000 (the “Term Loan”). The Company used $10,000 of the proceeds from the Term Loan to repurchase and retire 10,000 shares of its Series D and Series E Preferred Stock owned by Lenfest at the stated price of $1,000 per share. The remaining $5,000 was used to repay indebtedness currently outstanding to PNC Bank and to pay Lenfest $417 of interest due under the Lenfest Pledge, in cash, in lieu of Series D Preferred Stock. The $10,000 in marketable securities associated with the Lenfest Pledge has been returned to Lenfest and the Lenfest Pledge has been terminated; therefore, as of November 23, 2012, no interest has been accrued for under the Lenfest Pledge.
(iii)
the Line of Credit is no longer guaranteed by Lenfest. Instead, the Line of Credit and Term Loan are secured by substantially all of the Company’s assets. In addition, the Term Loan is guaranteed by Lenfest for a period of thirty months, (i.e., until March 31, 2015), after which the guarantee will be removed.
AI
