Looks like the judge is finally getting fed up with these clowns making bad deals and then begging the court to save their asses post haste.
Do the math on what they owe LC Fund:
" The outstanding balance under the LC Fund DIP Credit Facility is approximately $444,949, comprised of a commitment fee in the amount of $150,000 paid to LC Fund, a broker�s commission of $75,000, fees and expenses paid to LC Funds� attorneys in the amount of $72,246, and funding for the Debtor�s operations in the amount of $147,703."
So XYBR received $147,703 to fund operations but ended up owing LC Fund $444,949?
Well, if they had the use of the $147k for a full year, they would be paying 200% interest.
But they didn't have the advanced funds nearly that long so it's more like 400% interest.
And that of course doesn't begin to include all of the dollars spent on legal counsel to make this dream come true.
No wonder the judge won't expedite the proceedings; he probably doesn't want this bunch of incompetents in his courtroom at all.
And have they learned anything? Well just look how much their new funding is going to cost.
And for another laugh, LC Fund is still allowed to collect their commission on any sale of the assets (although this is being contended also.)
And those expensive insurance premiums I mentioned weeks ago.....well they come due in two weeks. One of the premiums is for ongoing D&O insurance.....bet that has some panties in a wad.
Ya just gotta love this farce!