Bogus then, Bogus Now, as are ALL of Michaels LOIs.
I assumed it was meant to show that Petey likes to sign LOIs but never completes the cycle. The LOI is just one step in a business deal. Ain't no big deal.
Of course, I don't believe a LOI was ever signed, EVER with any of his "signings" released in a FLUFFY PR.
Another great thing about that PR is that Danny Coleman was still with HPNN and he released the PR.
Danny and Petey were big buds back then...no so much now. OOPS