There were two options back then - close the doors and losing everything or Mikah. Nasrat Hakim, the CEO with deep pockets, dug into his pockets, convinced his family (and his wife approaching retirement age and scared for her future) to go all in on Elite - and He had the B*lls to do it! And today day traders that live off the back of others criticize him...
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Just because there is no SEC filed document doesn't mean documentation doesn't exist.
Per a prior CC, Carter did state Elite could not have pursued ownership at that time. The depth of investigation of options is the question knowing Nasrat was the Chair, President & CEO. He's also a lawyer and his recommendation carries significant weight.
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