Exactly. As it stands now, this fabulous promissory note gets to be the subject of, you guessed it ................. litigation; how wonderful, not to mention costly. And what will the cost be - standard legal collection fees of perhaps 33%? Hence the promissory note is not worth $1,000,000; it may be worth only $670,000 or less, not to mention the opportunity cost. Maybe we'll see the writedown in the next 'SEC-compliant' PTSC filing; we wouldn't want the streak of writedowns to end now.
It appears no one on our side performed the proper due diligence in loaning the funds, such as requesting TPL's financial statements for review to determine credit-worthiness, let alone get security. Beyond that, why not tell TPL that "banks were invented for a reason - to loan money; go call one for your operating needs". Hmmm, maybe the banks won't let lend TPL money because they are not credit-worthy .................. no red flag there.
Change we can believe in ...............
