I don't think Momspot is it either fwiw. This amended plan is exactly the same as the first one filed that didn't fly w SEC. They are just using Momspot as a way to hopefully meet the minimum requirements for SEC and court approval for ch 11. I could be totally wrong but I keep getting the feeling they have a big plan going and the only reason for the ch11 is to get rid of all the commons and some other debt. Think about it. Iroquois and Hudson already had control of 90% of the company when they were issued 90 million shares as a result of the default (which I believe was done on purpose by Atrinsic). They chose to sell those shares into the run. They reclaimed money. Who knows how much. If they averaged $.05 a share thats $4.5 mil. If it was $.15 thats $13.5 mil. Why do they now need another 90% controlling slice of this proposed merger between Atrinsic and Momspot? You could make the argument that they need 90% because they are still owed money so they should get this massive amount of shares. But then why would they put in this amended plan that they will provide additional financing in the future? If you loaned me money for a car (say a Bentley(Atrinsic)) and I wrecked it and then couldn't make the payments would you loan me money for another car (say a Focus(Momspot)) if I said you could own %90 of it? Hell no! Momspot is nothing. They want to do something else (much bigger IMO but can't because all the shares are locked up and no ones selling. So the ch 11 wipes us out along with certain other creditors (didn't they owe Google several million?) This gives control back to Atrinsic's BOD and Iroquois and Hudson then they can continue with their original "plan".
I have no way to prove this it's all IMO and a hunch but worth thinking about on these slow days.
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