he can't post because of Agora's posting limit

"Fut -  not necessarily my take on it.  I think there was a Factor involved that had a senior on the rec/inv.  It appears that Patriot got the assets with a senior lein still on that particular collateral.  I think the junior is SOL.  I could be off base - comments welcome.

Patriot loaned Holocom $560,000 under this agreement. That loan was secured by substantially all of Holocom's assets, subject to a senior lien of a factor in Holocom's receivables and inventory.

In early January, Holocom defaulted on the Patriot loan, and Patriot noticed a foreclosure sale of Holocom's assets. That sale took place on February 2, 2007. Patriot was the successful bidder, bidding in 90% of the debt owed it by Holocom. Thereafter, Patriot owned all of the assets of Holocom in which it previously had a security interest. The receivables and inventory Patriot acquired remained subject to the lien of the factor."