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10:20
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Originally posted by True North
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Yes Miller has tried everything , M&A specialistsand even travelling overseas to see RT but seems to have failed on every count.This says everything. If the relationship were healthy, most business partners likeRT would work something out especially for a nominal amount of $2.5M. It just goes to show you the disdain that RT has for Miller and all his broken promises. So for $2.5M + their investment and any money owed tothem ,they get technology that NUH (we) spent over $60M on (probably more) andthey get rid of Miller and the useless board. Miller was stupid enough to guarantee all the assetsof the company in order to secure the $2.5M and yes, RT has priority. I find ithard to believe that the company will be lost because of $2.5M. The major institutions that invested could easily come up with this money . The debt obligation could possibly be transferred tothem (the major institutional shareholders) and the terms (due date) renegotiated to a later date. So now the major shareholders or a group offriendly shareholders would hold the debt obligation and have a claim on all ofthe assets and not RK. The administrator could then go to market for a CR (say$4M) to fund cash flow requirements, again on the condition that Miller and theboard are removed, expenses are slashed, and new management are hired. With a bit of creativity all is not lost…
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Although poorly articulated lol thats been my thinking all along.
(20min delay)