everyone keeps saying the secured note holders can "walk away"...

everyone keeps saying the secured note holders can "walk away" with the IP - to save me having to go through the terms of those notes (which I admit I should have more closely done ages ago), wouldn't the actual terms involve the note holders only being able to force the company to sell the IP, and from those proceeds receive payment for monies owed?

That upon some triggering event of default by the company, the IP would 'vest' in rights and title in the note holders doesn't make sense, as the value of the IP could far exceed any monies owed to those note holders, thus why I think you will find that they can only force a sale of the IP, and anything left over would go to the company, and possibly shareholders in the event of liquidation.

good luck