Yes, ronran.

You came in with a textbook Law101 response, I was giving an interpretation in lay terms:

As I stated previously, a promissory note is a "contract", enforceable in law, not just some unsecured loan

http://agoracom.com/ir/patriot/forums/discussion/topics/437163-tuesday-s-question-of-the-day/messages/1429694#message

As ever, thank you for sharing that which you know, it is always most enlightening and exemplificatory for some. I would however humbly suggest a lay translation also be given to assist in comprehension for those who aren't practicing lawyers nor partners of law firms.

From your delightful exposition and your prior castigation of the BoD, I further humbly suggest that this would have been the last thing you would have said if PTSC did not have the said promissory note:

Not the best way to do business, of course, but it happens every day

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Be well