biOasis Technologies Ord Shs V.BTI.H

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Jannsen Biotech extends its partnership with BTI on xB3!!

[OttawaPeter]

Boomskid wrote:

I understand the desire to vote no but we cannot predict with any certainty what Lind will do with a no vote. Lind's rights under the agreements are hard to decipher. Bioasis says it has enough money until March, four weeks away. If Bioasis cannot make a payment on the original Lind loan then the June due date for the promissory notes may have no meaning. Repayment of all Lind loans is due on the EARLIEST of "an event of default" or the June date. It looks to me that a missed payment on the original loan falls within the definition of "an event of default" and may allow Lind to capture the Bioasis assets.

 

Also, there's something fishy about the loans.  If I recall correctly, the $350,000 bridge loan cannot be used for anything other than the legal and other costs associated with the "arrangement." The $510,000 (or whatever) Holiday Note is for the missed payments on the original loan. I question whether Bioasis has already spent most of the Midatech loan. With only a month before March, and with Midatech owing Bioasis a penalty payment of C$300,000 (US$225,000), why does Bioasis have money enough for only into March? Is the $750,000 gone?

 

jd

The voting already closed so people voted how they voted.

The vote does matter-- incompetent DR & BOD "unanimously" approved that deal that only benefitted them.  Does anyone trust them not to continue to screw SHs?  I dont --NO confidence.

loan situation-- definitely fishy & stinks.