They didn't 'take back' anything. The stock was never awarded in lieu of the debt.
Good grief. No way Wright is taking $110k value in crap stock when he is owed $300k+/- by QSGI.
And it's not just interest they have to pay....read again.
Sherman stiffed and defaulted on a note....now because of Court action he owes more than the original note and was forced by the court to do so.
None of that is a 'win' or positive for any company.
And even as stupid as Sherman is he realizes that by finally going to Court ordered mediation he possibly could get somewhat better terms than having the Court award Wright whatever he was asking by continuing to ignore the issue and stiff the Note bearer.
More than likely the make whole payment was extended is because the company has no money at present.
What company agrees to pay more in a settlement over time if they had cash to pay the orginal note they defaulted on now for less ?
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