They are fair questions. Monarch is definitely Palermo family company. I provided a link the other day and have confirmed previously with JP himself.
Note it is his FAMILY and not HIMSELF. Hence he doesn't include it in director holdings. He is not benefitial owner. Is he in control of family companies? Use your imagination. Not many people would invest $1.3mil in a random biotech stock without that family connection.
The notes HAVE appeared in every yearly for the last 6years or more. I also posted the image the other day of the notes breakdowns. Amounts and expiry.
They have never really disclosed who the notes were to. But since its not technically a related party, they have no legal reason to mention the name. It was the worst kept secret anyway. Everyone knew Monarch was involved.
The dispute is the interesting part. I doubt they are disputing the actual amount. Its been carried over in so many annual reports now. The debt exists. Maybe they are disputing the holders rights to cash out. Or maybe its just bad wording. It's technically in dispute until its resolved/paid.
Today's announcement, other than clarifying the amount involved, was very scant on details. Too scant to relist imo. It was a joke. No details of the path forward. Just more burying heads in sand.
Rebel could be right. JP has most to lose. But his family could be the big winners if the rip $1.3mil out of a dying carcass before anyone else gets a cent.
Let's be honest, we have no tangible assts. We rent office from JP. And our patents are worthless if sold under distress.
Our only hope is to remain a going concern and add value through improved sales and new product ranges. Trade out of the mess.
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