So far it is 1. A redemption issue. Investors want their money and NIR is saying no. NIR claims that the investors agreed to that. 2. I believe that the SEC/FBI are now invovled because it is claimed that NIR has overvalued it's funded companies. Overvalued the assets. Junior Madoff? Maybe.
Will be interesting as to how it plays out, where the investigation goes and what effect it has on funded companies.
I certainly do not defend Ribotsky/NIR but I do say "be careful what you wish for as you just may get it." Where are OTCBB/Pinks to go for funding? Citibank? Chase? Let's face it, hedge funds are a big part of the pennies - good or bad. eom
It got a loan from a hedge fund run by a PERSON. AJW offshore investors run by Cory Ribotsky.
The loan is an asset of the hedge fund. Lets say the PERSON goes to jail. Do you think the investors of that hedge fund are going to say, aw shucks! Oh Well! ?
No. the investors are going to want their money back. The money they loaned is backed by a mortgage on the assets of Ingen. If Oxyview has any value. They'll own it.
The balance of the loan is $5 million, give or take a few hundred grand
The agreement calls for the loan to be repaid in shares at 40% of the LOWEST average 3 closing prices in a 20 day period.
Lets do the math:
Say .005 is the average of the lowest 3 closing prices in a 20 day period. That's .002
.002 is 500 shares per dollar
500 x 5 million is 2.5 BILLION SHARES
That's 2.5 BILLION ADDITIONAL shares beyond the 1 .3 BILLION shares claimed to be outstanding last month
What do you think that will do to your investment?
Debts don't ussually dissappear . They get bought by other lenders . Little changes just who you pay back. Not much different than these banks that get seized on fridays. Business as ussual unless you were involved. IMO
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