Did cdex REALLY have 400K in assets? If so, GEMINI argues, as soon as the pledged money from the LUBBOCK PEMCO LLC bunch exceeded 400K that ALL of the company would be pledged as security to said bunch. As the only SECURED CREDITORS, in the case of CHAP 7, or foreclosure, they would get it ALL.
But under chap 7, the assets would have been divvied up and all of the unsecured creditors would get a wee slice when liquidated. GEMINI, the biggest creditor could get the biggest slice.
In practice, one must doubt that liquidation would come anywhere near 400K.
SO JUST A "PIPER" DREAM.
But anyhow, the COMPANY got some money from that "BUNCH" and all is hunky dory, right STREETIE??? LOL!!
