ppbl: no assets, 8m in debt and no revenues -
and this is the gameplan? wait for statue of limitations to run out?
Posted by: incredible2010 Date: Wednesday, August 18, 2010 6:30:36 PM
In reply to: laurap who wrote msg# 4955 Post # of 5710
I have spoken to the people at PPBL and if they were anything as your terrible framework makes them out to be I would not be posting here and wasting my time here.
A substantial amount of the debt according to them is about to go away in 2011 as part of the statute of limitations regarding trade creditors which is limited to 6 years. They have not heard a peep out of one of them to date. Secondly, the Divine Notes will be part of a conversion which will only happen in the event there is an acqusition or merger. Otherwise the debt will remain on the books along with the Secured Note held by one of the Directors. So for all intents and purposes there will be ZERO debt ultimately and only a conversion of debt if there is a substantial deal. These guys have been in the M & A business for a long time and do not have to waste time here. They are here because they own the debt, have control of the company and are looking to create value by acquiring other companies thru mezzanine financing which I will be glad to explain to you in detail.
They are treating this as a SPAC almost. Mr LaVecchia alone completed 3 SPACS for over $200 MM and completed acquisitions in two of them which are now listed on NATIONAL EXCHANGES.
Last but not least the insiders are restricted from selling any stock and who are you to say they should not get any additional shares being that they take no salary and receive no benefits and can only benefit if they do a substantial deal or deals.
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