Replies to post #65869 on Intellicell Biosciences Inc (fka SVFC)

[BigBadWolf]

Actually that was referencing the Security Agreement; Section 5(a)(iii) in particular, which covers Rights and Remedies of the Secured Party.

Anyone who cares to click the link can read it here:

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=0H9wD04Ri4ua8udQc4es9w==&system=prod

But I'll provide these following small excerpts for the sake of expediency:

...without notice, except as specified below, and without any obligation ...

A) sell the collateral

B) lease license or dispose (the collateral)

and:

...company (SVFC) agrees...at least 10 days notice to the company (SVFC) of time and place of possible sale....

So from the quotes above it appears (and the full section linked above lends additional clarity and confirmation) that SVFC would be hard-pressed to collect damages from Ironridge for their foreclosure actions. Ironridge, as this section clearly shows, acted in accordance with the terms of the Security Agreement. The same agreement that SVFC signed off on. All IMO, of course.


couldn't have said it better so I didn't ;-)