Yes it would appear so.
The question is... what now? No FDA clearance, no facilities, no employees, no resolution of debt.... I don't understand why this company doesn't file for bankruptcy.
Even in the very REMOTE chance that some entity wants to take over this dead company, that entity would file for bankruptcy in the takeover to resolve/restructure the debt and get rid of the current shareholders.
So why put it off? what does MacLellan gain, or avoid, by letting this company continue in its non-operational state?
The patent isn't worth the delay. Even if it's approved, its value does not equal the accruing loan interest, let alone the loan balance.
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