Ann: iM3NY Credit Facility Update, page-114

For all of FP’s crap and creative announcements over the years he still remains a fighter so there will be no laying down from him. He most likely has/hadan offer and a term sheet from a potential shareholder for IM3 before the lender issued the breach notice. The offer probably wasn’t good enough for FP to accept but it’s most likely more than enough to pacify the lender for a little while longer. So because FP and mns rejected the offer there was no deal and therefore no sensitive announcement (and it would not be in the best interests of the company to announce a low ball offer that probably would have diluted mns significantly) he would have been free to buy stock on market. But as I said the fact an offer and a term sheet was made that must have been more than enough to halt any further action by the lender and as they would be more than happy to change a higher fee and be guaranteed of receiving it they would definitely grant a stay of execution.

If you think I’m full of crap ask FP the question at the AGM!