CH from Ames is in the CPS offer up to his ears, offering a worse return to creditors, converting his debt to equity which would make him major, if not the major holder in a recapped ERJ.
And even though the ECM deal looks to pay him everything he's owed plus interest, he's stated that he doesn't approve of their deal.
So much for some claims on here that he'd act in the best interest of ERJ.
- He dumps his shares when it appears ERJ is running out of cash(why isn't regulator looking into that?),
- calls in the admins,
- refuses to approve a DOCA that gives him 100% return on the debt he called in,
for a deal where he gets approx $1m worth of shares so he can take a significant/controlling interest in the business and largely shut out all the unsecured creditors, as well as severely dilute the holdings of every other shareholder.
So CH back in the drivers seat of ERJ, with no backing from an experienced contracting business to deliver projects, some interesting IP and some worthless MOU's whilst his own business is probably charging ERJ for his services again - Groundhog Day anyone?
The ECM deal would also dilute the current holders, but in their scenario ERJ would have $3m-ish of working capital, and the backing of a significant project delivery business that could actually convert some of the MOU's into real projects/income.
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