RE:RE:RE:HFS and the CCA bright CFO would have negotiated a remedy in the original agreement with regards to HFS being delayed ......Cash flows stem fromm sales not from filing a document on HFS ....The actual sales exceeded the minimum sales requirement for disbursement of the second tranche by almost 7%
The CFO s lack of negotiating skills allowed Marathon to highjack the Company...
BTW the HFS issue was never mentioned by the company as a big issue .......as far as I know,
I am still looking for a response to my question ! Who here knew that there was a problem in meeting the deadline for submission? I think there is only one answer....NOBODY KNEW
scarlet1967 wrote: Meeting Marathon's financial and regulatory conditions in order to release $100 millions were the only collateral towards the loan the company could offer and I believe that's why they agreed to it. If the drug isn't used correctly it is unsafe so complying with the FDA's requirements is a must to do. Marathon's concern as a lender is those financial projections are achievable any regulatory hurdles for the drug will jeopardize those projections Unless the company don't submits the HFS in time which is unlikely it should be accepted as it is only about proper training.
Point is they didn't anticipate any delays on the contrary they thought they could easily meet the timeline for the regulatory conditions both the HFS and F8's approval by March 2024 but it seems as for HFS's submission's deadline it might be an issue as per the PR today so Marathon took advantage of the situation and stick it in as far as it goes which is what lenders to if they can. Again no collateral only financial projections based on among others much more user friendly drug which improves the odds for better future sales.
palinc2000 wrote: We may criticize the company for the slow progress but that was an educated guess which didn't materialize but not for pure stupidity agreeing to the conditions knowing they can't fulfill them.
From todays CC:
Granted but they still agreed on something they apparently had no control over!!! As a pre condition to drawing the 2 nd tranche needed to be bable to repay the freaking Convert...Why was that incorporated in the loan agreement if the delay per se is no big deal ? There was nothing in todays PR and CC about the impact on sales of not having the HFS submiyyrd on time
Why did Marathon require that as a pre condition?
Why did Cantor mention that the amendment removes an overhang that nobody knew anything about ? THTX never mentioned that there was a delay