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Post by Dhon on Aug 31, 2013 0:35:26 GMT -5
Writing on behalf of my dad here. He was conned into buying stock in January with the promise the money would be held in an escrow account, out of the hands of Avantair. I believe Avantair raised $7-8 million, but he hasn't heard what happened to his share.
Our list of gripes is about 10 long, and he only joined 10 months ago
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Post by pusherprop on Aug 31, 2013 5:51:01 GMT -5
Pretty sad... don't know what your Dad was promised, but don't see how money in escrow would have helped Avantair, given years of financial losses, an irresponsible maintenance policy, and an accelerating nose dive. Equity is usually the first thing to be flushed in bankruptcy.
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Post by hotxfil on Aug 31, 2013 7:54:57 GMT -5
IIRC, looking at their filings, I believe they paid off a lawsuit judgement around that timeframe. Think the lawsuit was brought by a board member.
My memory is spotty on that, though, and I can't find the info I think I saw.
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Post by onegoodyear on Aug 31, 2013 11:10:02 GMT -5
According to their final quarterly filing (http://www.sec.gov/Archives/edgar/data/1303849/000119312513257397/d504249d10q.htm), they raised$7.295 million in the first quarter of 2013. They paid off $2.5 million in long term debt and used the rest of the money to keep the company in business. This money was used to replace the money that they couldn't make selling fractional shares.
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