Replies to post #5380 on Radient Pharmaceuticals Corporation fka RXPC

[Gold Seeker]

pdkeesee, you are quoting from the agreement with the 2009 lenders. The shares that are due to be issued but aren't authorized are for the 2011 lenders. BIG DIFFERENCE.

The 2009 lenders are not slated to get any shares until November 2 and can convert notes beginning on November 6.

The 2011 lenders have over 2.5 BILLION shares due to be issued on October 4 and October 7 and Radient has not held a shareholder meeting to authorize the shares.

Radient will default. There is no other option at this point. If the lenders go to court, Radient will have to file for bankruptcy protection. IMO, I think Radient made the decision to declare bankuptcy early in September when they decided to not hold the mandated shareholder agreement.