flsunchaser:
I think you could have an interesting legal battle between Serge and Cornell if Savi were to default with Cornell.
I am not a legal expert, so I really am not sure how it would be resolved. Below is one interpretation that could be totally incorrect due to my lack of legal expertise.
The agreement you referred to is the one from September, 2004, where the company paid Serge 5 million preferred shares (which are equivalent to 500 million common shares) plus cash and options and a company agreement to build an R&D and manufacturing facility in exchange for the rights to Serge's patents.
As the passage you copied states, these patent rights and the R&D and manufacturing facility are returned to Serge in the case the company rescinds the agreement or is dissolved.
Since the company has not rescinded this agreement (or dissolved), they are the current owners of the patents. Now, when they did their deal with Cornell, they essentially collateralized everything they owned to back the loan, including all contractual rights (including the contract with Serge) and intellectual property. Therefore, if they default on the loan with Cornell, then Cornell takes ownership of all the above, including the contract with Serge. So, in this case, if Cornell rescinds the agreement with Serge or dissolves the company, then they would have to return the patent rights and the R&D and manufacturing facility to him. If Cornell did not rescind the agreement or dissolve the company, then they would not have to return these to Serge.
However, since I have no legal expertise, the above interpretation could be completely wrong.
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