News Focus
News Focus
icon url

smokey888

08/02/11 11:26 AM

#22428 RE: retired3 #22427

Thanks R3. Just my attempt at a little humor.

Is anyone else a bit concerned about the following in filing:

In the event of default of the Notes, the amount of principal and interest not paid when due bear interest at the rate of 12% per annum and the Notes become immediately due and payable. Should that occur, the Company is liable to pay 100% of the then outstanding principal and interest.

As of March 31, 2011, we are in default on 19 of our 59 outstanding promissory notes. Notes in default have an aggregate unpaid principal balance of $370,700.

I am. GLTA