posted on
Jul 03, 2012 11:38AM
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Message: S-8
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OPC and Swing:
With all due respect, I don't think that this negates the possibility of a partnership in the next sixty to ninety days, although I realize that such an outcome is relatively remote. I take this move as "clean-up" to bring the accrued interest into the note and therefore protect it under existing lien rights under the existing agreement, and also simply just to extend the date of the credit agreement until December 31 when it technically would have expired on Saturday. The equity conversion was previously disclosed and is therefore not subject to any "quiet period" rules. I am going to enjoy this little run-up for as long as it lasts and also take the positive tone of management at the last presentation; could be crying in my beer next week. I still think that a financing solution or a sale/leaseback with the real estate could be in the works if partnership is not.
Regards and GL
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