The tons of mainstream accolades and recognition you describe, did not stop the bank from pulling its line of credit, placing the company in the hands in trusteeship that put it into a crisis situation.
I am not writing off anything but until I see how Eric is going to raise the needed capital investments to make this work I remain cautious about it. You say 3(a) (10). Eric says Private placement to select investors. Like who. Canouse Brs. 3a10 may not be good for shareholders . There is an instant benefit for GestureTek as his operation gets rescued to a Public platform.
Eric has been borrowing left and right lately likely to pay for this. He already defaulted on previous loans and has loans with enforcement conditions. Things are tight.
Aquisitions are not inheriting good or bad for shareholders. They can go either way. I wish success but as a rule I am conservative and there is much information not shared yet, plus the Court needs to approved it. Eric did not explain what happened with his last hearing. Did he delay it. Did he have it and the Court was not fully satisfied yet. He obviously prefers not discuss that so instead decided to reveal the identity. It's good statedgy but leaves one wondering.
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