Ann: Term Sheet signed with Samsung C&T, page-2

Now this IMO is what you call a "Hail Mary."

"Term sheet signed "for the negotiation in good faith... "

Sounds really solid.

I have not seen a company in worse financial shape in sometime. The fact that DL can call the debt at anytime implies that there is no standstill agreement in place so DL could wind them up at anytime. Do they have a standstill agreement place with Phil Stavely regarding his 12 month payout? If not he could wind them up at anytime.

The definition of solvent is being "able to pay one's debts as and when they fall due". The two debts referred to above have fallen due and are in default. If there is no standstill agreement in place between the parties then I cannot understand how the company can proclaim that is solvent.