Fishy <><I can't believe this post initially got removed for defamation.....I wonder who reported it lol....have some ideas. There was, in my opinion, nothing even defamatory in it.
Here it is reposted with softer language. WARNING/FULL DISCLOSURE: Nothing said in this post is verified or accurate.....just my opinions and what I have heard.....
To be fair, I don't think it was just the $3M owed to the debentureholders which wiped out the company (but obviously it was a huge factor especially because now after interest and damages its close to $4M).
But....I know there was discussions that the company also owed more than that to suppliers, vendors, and other creditors before 2023 ended. A figure in the ball park of $5M. As some rumors suggest,they were literally not paying for inventory and even not paying some of their leases near the end of the year. All of this while bleeding money....
You are absolutely right though.....there seems to be incompetence by management. (THIS IS THE PART OF THE POST THAT GOT MARKED FOR DEFAMATION SO I ADDED "SEEMS TO BE" --- HAPPY, MATT?)
Im happy I got out when I did. Absolutely horrible management here IMO. For any shareholders remaining I hope KPMG does a good job managing them throughout the bankruptcy process as their trustee however all the old directors, especially the CEO, deserve to have legal action taken against them for how despicable they treated shareholders throughout the last 18 months in my opinion....Hoping it happens.
Best of luck to all involved.