Many thanks. I'm just catching up on the ORRV board. This will be very painful indeed for ORRV shareholders. The dilution actually began before the court signed the order; there've been biggish t-trades almost every day for more than two weeks. Or perhaps that was just another insider dumping; one who knew about the impending 3(a)(10) issuances.
But what is the origin of the debt? The exhibits aren't tremendously clear. What is "Mantis Funding"? Obviously Northbridge bought its debt, but when did that debt originate? Was any of the debt owed to old creditors of the ORRV shell, or has McCusker been on a shopping spree? One of the documents he signed is from last November. As you say, it seem likely these debts are all McCusker's. Perhaps the number of very expensive cars improbably listed among the company's assets should have tipped us off.
And I wonder in what way something like this could be considered a legitimate debt for a company that services warranties:
$17,698.28 owed to Diyaa Adventures LLC
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