If I were legacy investors of APT, I would not agree to give $26MM unless there was a rocket scientist and several really highly qualified experts on the Board that know this sector well. And as much as Ironridge is 'hated' these guys hold tremendous risk too by buying up debt to the tune of $2.7 million so I actually consider IR an investor as well, and what they've done is what every investor ought to do--mitigate risk. And this is all ok in my book.
Covey is a very easy target to attack FROZ/APT due to his personal, real life circumstances--hey BK happens even to the best, moral characters--but the entire Board, that is all managers of APT collectively is WORLD CLASS. Gosh darn it, am just waiting for someone to dig up dirt on one of the board member's divorce records and make a judgment about that, too. LOL. Just ridiculously stupid.
The Chairman GUIDES, that why APT has one.
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