NTEK will file BK protection Meow.
I don't really see any other way. Foley is far too corrupt and greedy to pay off those millions he owes. Look no further than his stalling through the original court filings, followed by supposed negotiated settlements he had no intention of paying, followed by enforcement judgements, followed by final orders, followed by enforcement debtor status.
Nobody uses shareholder money to pay attorneys to stall on owed monies this long if they have any intention of actually paying. Which is why the legal fees continue to go up quarter after quarter.
The difference here is that with Long Side - Foley (actually all the scum Foleys save for Lisa) are named in the action. Foley remains personally on the hook for the debts.
These are civil actions -which means the normally in these cases, Long Side is willing to go along with whatever to keep NTEK solvent and get paid what they are owed.
But Longside clearly wants their pound of flesh and it appears they've cut off any ability Foley has to continue to dump shares unabated.
If I were predicting I'd say either Foley pays the debt via his ill-gotten gains (not happening with a serial criminal), Foley declares BK and reorganizes to avoid the debt (my thinking) or Foley gets his personal wealth tapped into, his misdealings are brought to light and he returns to prison.
Not sure which way this will go and ultimately shareholders will lose in the end. But my hope is that Long Side's resentment and bitterness extends to their willingness to pass along criminal actions to the appropriate authorities.
God knows they have enough info to put Foley away for a decade or more. I know this doesn't exactly answer your question, but trust that in the end these scams and their principals are typically caught with their pants down eventually.
And Foley's pants are down his knees and approaching his ankles at the moment.
Market Data 
Markets 
AI
