If we are to believe the patents have great monetary value then the narrative becomes: the Loyyal Board of Directors (including RFN who was on the Loyyal board) voted to go bankrupt rather than selll these patents for cash and stay in operation. Additionally, the external auditors allowed the company to exclude the patent value as intangible assets from the financial statements making the company non-compliant with US GAAP.
Ann: Loyyal Investment Update, page-114
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