Well I have seen this asked several times..
"first of all....did you ask JD who the "creditor" is on file in Nevada...you know...the one holding the UCC??"
Why ask JD when your post suggests that you already know the answer..I'll ask you.."who is the creditor on file in Nevada...you know...the one holding the UCC"..??
I'll also ask this..Being a shareholder of record..why should it matter to me?? I really only care about the company paying off debt and creditors and moving forward without the large debt and credit burden..
I was quite happy to hear about the company's plans to pay down the debt and in one case pay off debt early..
"The company has two leases / loans related to equipment, one with BB&T and one with TCF Equipment Finance. The TCF agreement (originally over $250,000) has less than 10 months remaining at approximately $5,000 per month. The BB&T Agreement (originally over $191,000) has 5 months remaining at approximately $3,000 per month. The company intends to use additional capital to accelerate the payoff of these two major pieces of equipment. Once these two aforementioned loans / leases are paid in full, the company will focus on debts to individuals and organizations that have provided essentially "unsecured" loans. Resolution of these debts is critical to the company's plan to have a strong balance sheet by December 31, 2010. Further, the company has recently completed it's loan agreements and now owns outright 3 of its forklifts, and all of its other material handling equipment, including conveyers. All of these actions and intended actions are to strengthen the company's balance sheet. All of these actions and intended actions are in anticipation of a larger restructure of the company's credit facilities. The company expects lower operational costs and a lower selling, general, and administrative cost as a direct result of the elimination of this debt."
8/30/2010 9:43:41 AM
"The company recently paid off two large equipment related debts, one with BB&T and one with TCF Equipment finance. The company anticipates continued debt reduction in anticipation of a stronger balance sheet at the end of 2010. It is vital to the company to have an attractive balance sheet by January 1, 2011."
After the router delay..we know that the company worked extra hours to catch back up to the increasing production levels they were obtaining before the router delay..I would also expect that the company has continued to pay off more debt to do just what they said in creating a stronger balance sheet.
As a shareholder of record..I look forward to what other items of debt have been paid off and what the new CEO has to say about moving forward..Maybe he or she will say that the creditor you keep mentioning in your post is no longer a concern..In any case..as I said why ask JD when your post suggest you already know the answer to your own question??? veno
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