This SQUM filing that Todd found is a big thing imo. SQUM needs to come up with $3.650M in 2 weeks. RedCloud and I discussed some of the ramifcations of SQUM's financial conditon last night. It's in CKYS's best interests that SQUM stays financially viable to deliver the inventory. Loss of inventory is not good in itself and if CKYS had to pay SQUM a deposit of the $2.2M order up front, that's risk money.
Also, this news can't be helpful for SQUM's pps tomorrow
This showed up on Yahoo today @ 5:29PM
Form 8-K for SEQUIAM CORP
30-Nov-2006
Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On November 29, 2006, Sequiam Corporation (the "Company") entered into a forbearance agreement (the "Agreement") with Stephen A. Ross, duly authorized agent for the Trust Under the Will of John Svenningsen (the "Holder"). The Agreement relates to the Amended, Restated and Consolidated Senior Term Note in favor of Holder's predecessor-in-interest, Lee Harrison Corbin, Attorney-in-Fact, for the Trust Under the Will of John Svenningsen (the "Note"), pursuant to which Holder agreed to advance certain amounts to the Company and to consolidate certain existing loans and other credit accommodations into a single note evidencing principal indebtedness of $3,650,000. Pursuant to the Agreement, Holder has agreed to forbear from declaring an event of default under the Note until the Forbearance Termination Date which is the earliest to occur of (a) December 15, 2006, or (b) the date of the occurrence of any one or more of the events of default as defined by the Agreement. In addition, the Company has agreed to pay in cash on the Forbearance Termination Date the outstanding principal amount of all obligations to Holder under the Note, together with all outstanding interest.
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