Collateral:The additional loan shall be secured against all assets of the Company
In other words, they lend themselves money - which awards themselves all assets - if they don't pay themselves. Genius. They are now in a win-win: only two things can happen:
a) Pork gets airborne and the Army do their old buddy a favour. (Despite the fact that EVERY serious radio company has developed, or is developing, a cognitive radio. In fact Joe Bobier's favourite radio engineer Claude Shannon partly came up with the idea...)
b) The company folds and Rick walks away with everything. (Which as we know is actually nothing...) But he can pretend, as he's always pretended, that the patents are worth 'Billions' and a new scam can start. I almost feel sorry for Joe: As the companies assets are Joe's dubious patents, Joe won't own them any more. Johan Bohman - stuffed. Investors - stuffed.
As to the loan itself, something does not add up: MB have paid themselves $70k (now $80k) or so a month for 8 years = $6.7M. Now they intend to lend themselves $5M. That's a huge chunk of what they've legally scammed from investors. Does not compute. The possibilities I see are:
1) They won't be lending anything near $5M - just a few dollars in dribs and drabs as bills become overdue, until it's obvious which of the above two options will come about.
2) They will be lending the $5M - which implies they've been able to scam much more than the $6.7M that's been legally declared.
P.S. It seems like payroll costs are biting. Has anyone noticed that Jonas Krepp, Director of Investor Relations has been given the heave-ho and replaced with James Woodyatt?
P.P.S. You have to wonder about a Scam Company whose new P.R. girl is called Bennie Sham