We would all like to see something new here. This is one serious Sh!t Sh@w and will continue to be as long as Leonite dictates what happens. Leonite is owed more than $3 million and they are the only secured note holder. Most other debt holders including the Leons are spectators at this point.
I'm thinking that the Leonite June note defaults by design and locks in 24% default interest which brings that exchange note up to $1 million. The language in the note addresses their participation rights for any offering. I suspect that they become the buyer for the first traunch or more of the offering and pay off their own note! LOL So their $596K investment in the exchange note turns into $1 million worth of offering shares which will award them a very nice return on what is already a very nice return. :-D In the mean time they need to fix the share structure and come up with a better story.
News 
Market Data 
Discover 
