OK so lets get down the fine print here, the nut cutting as they say.
You say it says "Prior to the Closing, the existing management and board of directors of Buyer shall resign, effective immediately upon the Closing."
I see nothing there that says he Did resign!!!! I also see nothing that says he was not to be named the CEO of $MVTG after the closing!!!!! I also see nothing that says those terms were not changed later. So get over it. This is just a trivial side show to the real story!!!!
The real story and topic is that $MVTG is now a new company with 10 Million dollars in profitable revenue!!!
Perhaps they all changed their minds after that agreement. All I know is I called $MVTG and spoke to the CEO Larry Kristof today and he and the other two who are new directors confirmed that Larry is still, and as we know has been the CEO of $MVTG since the company was founded 10 years ago!!!!
There will be a what is now slightly late 10-Q out that will confirm who is the $MVTG CEO by who signs the 10-Q.
Perhaps the seller wanted Larry gone and asked for that, and perhaps the MVTG debt holders insisted that Larry stay as CEO in order to get them to agree to convert their convertible debt to Preferred shares?