Friday, January 25, 2013 8:02:06 PM
Here's why, they still owe 10 MILLION dollars...that's alot of bags and stock they need to sell just to avoid BK.
On January 3, 2013, the Company received a Notice of Event of Default (the “Notice”) from Wells Fargo Bank, National Association, the Trustee under the Indenture (the “Indenture”) dated as of May 24, 2011by and among the Company and the Trustee, with respect to the Company’s 7% Convertible Senior Subordinated Notes (the “Notes”). The Notice was triggered by the failure of the Company to pay on December 1, 2012 pursuant to the terms of the Forbearance Agreements dated as of May 31, 2012 entered into with the holders of the Notes, interest in the amount of $332,500 that was due on June 1, 2012 and interest in the amount of $332,500 due on December 1, 2012. The Notes in the aggregate amount of $12,500,000 were originally issued pursuant to the Indenture on May 24, 2011. As of the date of this prospectus, an aggregate amount of $10,000,000 of the Notes remain outstanding. The Company is currently in negotiations with the holders of the Notes to reach an agreement to pay the outstanding interest payments. If we remain in default under the loan agreement, the Trustee or the holders could foreclose on their collateral and commence legal action against us to recover the amounts due which ultimately could require the disposition of some or all of our assets. Any such action could require us to curtail or cease operations.
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