How do you know he can't find financing for ILST? How do you know he is not working with investors right now putting something together? Do you have some inside info you want to share with us?
Most of the time in smart business you don't share your deals with the world till you have them locked in.. DD on these kinds of deals take time for investors. You are talking about 7 million dollars. There is a lot of DD to do when your handing over that kind of cash. You know that right?
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