A “turnaround story???” Nothing has changed other than Auctus propping the company up in order to get some of their $3.3M convertible note back. They stood to lose the whole thing, so they have nothing more to lose by being the DIP lender. If this was a “turnaround story” or if any of the absurd “price projections” had a prayer of becoming true, why didn’t Auctus buy the company? They could do that for a song in bankruptcy and have it all for themselves, paying off the secured credit and essentially wiping the other debt and equity away. If the tech was valuable, somebody would have funded the trial to avoid this bankruptcy or would have bid to own it when it went into bankruptcy.
My first clue on their play was when they tossed every class of creditor superior to the legacy equity something greater than zero in order to leave the stock standing. Who does that in a restructure when they don’t have to and it is harmful to the prospects of future investment? Now they can’t trade equity for investment since it is diluted by those 1.6B shares already in the O/S. Again, they don’t have to and nobody does that, which tells me that somebody with a big holding wanted that done. Whoever that was got a much better price than the $0.001 they converted at.
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