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clock Created with Sketch. 12/12/15
13:38
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Originally posted by TDA
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Was waiting for this to happen, I was hoping it wouldn't come but yep they triggered it at 70c!
From the amended agreement:
First ICG Pledge Exhibits 8 and 9 and incorporated herein by reference in their entirety.the Auto-Default Trigger will be reset to $0.70 for the period of October 28, 2015 to January 14, 2016 and $0.77 for the period from January 15, 2016 onwards , (iv) an upside sharing payment may be due to FP upon settlement of the loan at maturity based on an appreciation of the share price of the Common Stock, and (v) 1,400,000 shares of Common Stock and all Additional Collateral will be held by FP for one year after settlement of the loan. A copy of the form of the Supplement Agreement is filed as Exhibit 10 and incorporated herein by reference in their entirety.Second ICG Pledge
from ICG. Pursuant to the Second ICG Loan and Share Mortgage Agreements, the Reporting Person pledged to ICG 1,500,000 shares of Common Stock (the “Second ICG Pledged Shares”) which were registered in ICG’s name. Except as set forth in the Supplement Agreement, ICG is required to re-register in the name of the Reporting Person the Collateral Shares and Additional Collateral (as such terms are defined in the Second ICG Loan and Share Mortgage Agreements), including the Second ICG Pledged Shares, after repayment in full of the principal of the loan and any accrued interest thereon. A copy of the form of the Second ICG Loan and Share Mortgage Agreements is filed as Exhibits 11 and 12 and incorporated herein by reference in their entirety.
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Hate to see anyone in default ...BUT...that anyone was driving the ship that got us to this point. I see it as a positive for me cause it is more pressure to get a deal done even if not the best deal. IMO AS has been playing hard ball with the wrong guys. IMO he is paying the price for flaunting the 40% gross operating margin card. This speak stopped as soon as Hastings came on board as I hope he would have said "why the you know what would you broadcast that?" I reckon big boys said to themselves all along "self... we're gonna break this guy and get it for less...much less". Anyhoo, I hope this moves forward even if not that favorable as long as we can live to fight another day. Change the management or merge and have big brother guide us. No shame in it as AS even said in regard to Flextronic and a qualified CFO ...Paraphrasing here "we need the help in depth and strength in these areas" ...and other areas IMO.
