Replies to post #45285 on Secure Point Technologies Inc (fka IMSCQ)

[int10a]

It looks like the cost basis for the loans is around $51K. Also they made millions extra in stock conversions at 8 cents and selling above $1. There is a $5 million loan where at times they were charging 2.5 percent a month which is a violation of Massachusetts usury law. The law says the loan can be deemed invalid and the lender not repaid. The equity committee says all those stock trades were taking advantage of insider info before it became public. They were not registered as insiders and sold stock anytime they wanted, all in violation of SEC rules. If so all those profits on the trades are illegal.

I agree, $86K was NOT the amount that came from Platinum, it is somewhere around $51K but a little hard to calculate.

[Ramp Worm]

PP has not given the company $86mn. It is an artificial figure created by illegal interest charges and absolute control of the company (I.e. Preventing them from any refi) that's where you are not getting it. Take a look at what they lend to IMSC and then take a look at how much they already made and how much they would have made if they were not engaged in illegal activities and charges. Therefore, $86mn is not the basis period.

I think this is our only real hope for a sharp spear to gaff PP and persuade the Judge.