Ann: Letter to Shareholders, General Meeting Notice & Proxy Form, page-123

Came across this thread makes for interesting reading,

"On a more positive note, I was thinking why SS and PP loaned the company cash instead of purchasing equity - perhaps they can't technically buy in at the moment due to upcoming material (hopefully positive) news in the near future"


Secured creditors are first in line, as their claims over assets are often secured by collateral and a contract.

Shareholders are often last in line to receive proceeds with preferred stock shareholders getting better treatment than common stock shareholders.

I think that those individuals did what was in their best interests, not at all a positive from what I have been reading.