Ideally, this would put a stay on any attempt at Island Broadcasting to invoke the 90-day out clause on the 10 yr lease- seems necessary to file ch. 11 in this case if Shvarts thinks he can restructure and get loans if he hasn't given up on pulse, i don't think that this will go into ch. 7 unless he is forced to pay what he owes for the last couple months that he did not pay the lease- and if this does happen- what is there even to liquidate?! if ch.11 fails then pulse is gone, if ch.7 is filed to pay what is owed, then mmda is gone...
while pulse was the "pulse" of mmda, i think the co will not go under and if need be we will have the q listing until pulse is gone and the lease is no longer a concern- you know, cut off the dead limb (unfortunately that limb is pulse) the co. was around before pulse and will remain- just not as successful. that being said, even if he is able to somehow get loans and finance, we will most likely get stuck brunting the dillution to follow... if pulse survives... therefore, in this regard, we need to detach pulse from the co itself to determine why ch. 11 was filed- to buy more time for that venture. if pulse is gone then mmda can remove the q imo as they do not need to restructure to stay on with their other plans that do not require any immediate overhead...
mak- what is your take?
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