The deep financial trouble was created by the promissory notes he created for him and his wife for wages prior to 2009----when the company was basically insolvent and all he did all day was take long walks on the beach with his dog, Samson. BTW, I can't believe management agreed to pay these notes because Ed and Jill did basically nothing during the time between blood purification and AS.
Funny how he never demanded immediate payment of his back wages when he was CEO. If he was worried about creditors not being paid, he would have welcomed the new funding---they would have been paid.
Ed didn't file Chapter 11 to stabilize the company, he wanted the company. Shareholder's are wiped out in the vast majority of Chapter 11s, the creditors take control of the company.
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