I didn’t know about Dade.
I still haven’t read that one yet.
I differ in opinion. Why would this case cause panic selling? I’ve stated before that under default L2 and SBI would get about 8-9 million shares. That doesn’t bankrupt QMC. It dilutes shares a bit, but now much.
I read the appeal and the agreements. I’m not a lawyer, but the only potential default I see is the registration filing. Even that isn’t clear to me as the languages says they are registering “put and underlying shares.” To my knowledge, QMC never gave a “put.”
The other 3 claims are suspect.
1) Filings until due date, 9/29/17, we’re on time and met SEC filing requirements. They filed an amended 10Q, but I don’t think that was a violation of the terms of the agreement.
2) Squires stated that they paid the full balance on time per the agreement.
3) QMC’s auditor quit. They weren’t fired. QMC did not willfully seek out a new auditor, therefore the clause is void in this circumstance. The clause didn’t say that L2 had to approve a new auditor, it said that QMC has to have their permission to switch auditors. QMC was forced to switch.
Just my $0.02!
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