Boomer thanks for making the effort as I would like closure on this issue as much as you. The examples you provided show that directors can participate in financing at significant discounts to the then current price, but that is not the issue. The problem with our note is that it has no set price. The lower the price goes, the lower the conversion price goes. It is set at 1/2 the lowest bid price no matter how low it goes. This is the questionable part of the financing I have been pointing out all along. There is a built in incentive for keeping the price below 10 cents. This is commonly known as death spiral financing.
It is also open ended, meaning even if the price goes to a dollar, Chutjian can decide to loan additional money and he would receive the same conversion terms.
I still know of no other board of directors who has issued such an aggeement to itself. I also point out that in the "additional reading" you provided, nothing even remotely similar to the terms of our note were present.
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