This is completely inaccurate. The original agreement to cede their IP rights in case of a bankruptcy was an amendment to their bylaws and therefore stand until being amended again. Which hasn"t happen.So Saleen would still lose all right to the IP in case of a bankruptcy so threat is still very there.
You said quite clearly that they planned to convert the share at $0.02. That is the only thing that was false. The rest is still very much a possibility.
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