EC Motion Update

Update -

I have sent out an email to the EC members that details what we have been doing so far and where we are headed.

First I want everyone to know we are in the process of setting up a litigation trust, to formalize this alliance.

Second as you know we have hired a law firm to file a motion for an EC. What you don't know is we hired someone else.

We have hired a valuation firm to value the company and see if equity is in the money, since that is the reason the Trustee declined out first EC request. We had a conference call with them this week and their efforts show there is a strong likelihood for equity recovery.

Third, with this information our lawyer advised us to incorporate their report into the motion. But that will take a couple of weeks for the valuation firm to put a report out that is defensible in court. This delays our filing, but our lawyer assures us we are still working diligently and timely.

There is more detail coming out in the future. If you own shares and are not a member of the EC Alliance I encourage you to please join so we can share more than general information.

Joinder to the Aurelius, Contrarian, and Wilmington Trust Objections

Joinder can be found here