SROCK I have not stated anything as fact but merely as possibilities since the whole Mansour affair has been very complicated and hard to understand IMO. They gave them $20 mil and tied it to an IPO that never happened and it had anti-dilution and severe liquidated damages written in to protect Mansour.
But since the IPO didn't happen maybe it never got brought up until Mansour threatened to sue or even take over the company with their additional $40 mil option. We just don't know but to say it wasn't largely because of the prior agreement is off base IMO if that is what you meant.
You just stated as fact the following:
"The fact is the company gave Mansour 19.7M shares and there was no legal requirement from a prior arrangement for them to do so. Some have suggested it relates to a pending distribution deal, but I believe it relates to future financing. It very well could relate to a distribution deal though, I am just doubtful of its merits.
No investor got burned as bad as Mansour. I believe ECIG did what they did to heal the relationship. There will be a future benefit to the company having Mansour back on board, either a distribution deal or financing or both..." - SROCK
ECIG was required to pay Mansour liquidated damages of 2% of the $20 mil for EVERY MONTH they did not file (or get approval?) for the public offering. That's $400K per month.
Again I'm sticking to my theory that due to the prior agreement Mansour somehow had ECIG over a barrel and Dan was forced, probably through an extensive negotiation, to give Mansour the anti-dilution they had intended on when they handed over the $20 mil.
Maybe they simply agreed on the .75 per share or just the total share count versus claiming it was already set by a previous offering but my take is still very different than what you stated as fact above.
It is possible some future arrangement was tied to all this but the driving factor appears to be the IPO that never happened and the intent of Mansour to have the damages and anti-dilution protection on their investment. That has now of course been given to them by ECIG. Hopefully Mansour will be a much bigger help to sales than they have been so far.
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