Originally the loan was basically a gentleman's agreement due about 3 months later. The ante kept increasing as payment of principal wasn't being made.
That's not correct. The terms of the loan were that he had the option of taking the shares as payment if he wanted them. The terms were never that he had to take the shares. This is getting twisted now. Jon said it was at his discretion and he declined to accept the shares.
Not completely true. Ginder accepted the terms of granting the funds ... but I doubt that he envisaged receiving only the shares in full payment of the debt.
And then there is the issue of the interest rate on the loan and the disclosure of same in the 10K and 10Q.
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