Well PL took some salary but he was smart enough to allow his business to pay his bills and the business was paid every month. PL himself did not take much of his salary so he could remain the largest debt holder. This gives him the best shot at collecting in a bankruptcy or "merger"
So the scenario would be that the new company would buy out PL with shares of the new company. Sell or just release the assets and use that cash/release to pay the VCs.
They wouldn't need the assets if it was to be the reverse merger thing so we become the next big telecommunications or MJ stock and PL gets his back pay by selling off his shares into the pump.
News 
Market Data 
Discover 
