"The Judgment grants a judgment against the Registrant in favor of the plaintiff in the amount of $567,743.56, plus post-judgment interest at the rate of 5.25% per annum. The Judgment also holds that the plaintiff has a first lien the Registrant's Diamond Creek Mill site in Owyhee County, Idaho to secure an indebtedness of $289,648.30, plus post-judgment interest. The Judgment further orders that a sheriff's sale be held of such property."
So, doesn't this mean that SFMI owes $567,743.56 plus interest at the rate of 5.25%/yr to Bill Earll? Yes, it's under appeal, but how do you get financing when you have a half million plus judgement against you? PLUS Bill Earll OWNS the Mill until he gets his $289,648.30. How do you get financing when your primary asset has a lien against it?
How did they default on this? Arrogance (IMO). IMO, Bill Earll carried the company on his back for years, taking only stock (which turns out to be virtually worthless). I don't know what happened between them, but PQ had the arrogance to ignore this lawsuit and filed an obviously groundless countersuit, which was struck down WITH PREJUDICE.
So, the way I see it, SFMI has to come up with at least $289,648.30 to get rid of the lien and another $567,743.56 plus interest to get rid of the judgement. Carmen says PAY IT! With what? Looks like the first $857,391.86 plus at least $3700/month in interest will be coming off the top of whatver money is coming in.
Earll is a local, the court is in Owyhee County. Who's going to win?
Lawyers, please tell me where I'm wrong...