Replies to post #198615 on Enzolytics Inc (ENZC)

[Valuator2]

It was GLD that put up the bond. The judge set it at $100,000 and gave GLD 3 days to put up or shut up (Item 22 at CL, link below), but I think it was negotiated down somewhat and may have been the $20,000 you quoted. GLD had already gotten about $500,000 (roughly half) on their sale of the Sponsor stock to Austin, and she was delinquent on the other half at the time the suit was filed. (GLD has a judgment for the balance due now. Apparently, she didn't show up for the hearing.) JMHO.

Suing to terminate SAGA seems counterproductive to GLD's collecting the other half, but the fact that GLD was willing to put up non-refundable money to bring a suit to shut SAGA down is what surprised me. Then, they even wrote the trial schedule for the judge, stretching it out to late 2025. If the judge didn't dictate that schedule, there's something very strange about GLD's motivations. Now SAGA is hit with a $2 million legal fee lawsuit, which most likely relates to fees for the failed Saudi deal, which was started and ended while GLD was the SAGA Sponsor. Related to GLD motivations?? JMHO.
https://www.courtlistener.com/docket/67985445/gld-partners-lp-v-sagaliam-acquisition-corp/
Item number 24:

Nov 22, 2023

NOTICE of Filing of an Injunction Bond, by GLD Partners, L.P., GLD Sponsor Member LLC. (Bellew, Sean) Modified on 11/22/2023 (nms). (Entered: 11/22/2023)

Re the cash: SAGA had only $19 but claimed BGEN's and VIRO's cash after the alleged BCA, while ENZC claimed that cash in the 3Q (9/30/23) report. That could be part of the issues between CCC and Harry.