Through the loan to BGM, FC has essentially encumbered all of BGM's assets from what I see. I don't for a minute believe all these assets would be directly forefeited to him in the unlikely event of a default; however, it is possible--and probable--that any sale of assets required to recover his monies would have to be pre-approved by him as "the Lender". This would not IMO negate his nor the BoD's fiduciary duties to act in the best interests of the Company and its shareholders.
Could it possibly be a manouevre on FC's part to prevent a potential forced or hostile takeover of some or all of our assets and control of the Company?
If we longs are truly looking to have real discussions and share information and viewpoints, then one of us should start a private forum for that purpose because this BB has been degrading rapidly (and very publicly) as the frustration and impatience with the CTO sets in. The bashers can see this too judging by the increase in the frequency of their posts and their use of multiple aliases.
I have neither the time nor the volition to set up a separate board, but I would be a welcome participant...or at least a lurker on such a board. ;-)