Leckrone's subordination of his security interest

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l2007s

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Leckrone's subordination of his security interest

posted on Jan 12, 2014 03:28PM

Can someone explain what this means to PTSC if anything at all?

TPL Opening Disclosure Statement 12-23-13 found in BaNosser post as follows:

http://agoracom.com/ir/patriot/forums/discussion/topics/596380-tpl-bk-documents-dec-16-17-23/messages/1870873#message

2. Leckrone.

Mr. Leckrone has loaned TPL in excess of $4.8 million since January 2009, including interest. In March, 2010, TPL and Mr. Leckrone executed a loan and security agreement that covered the current loans and any further loans of Mr. Leckrone to TPL. The security agreement granted a security interest in all of TPL’s property, including all intellectual property and inchoate rights. Mr. Leckrone claims to have perfected his security interest with the filing of a UCC-1 with the California Secretary of State on April 14, 2010. Mr. Leckrone subsequently subordinated his security interest to that of CCC and has, as set forth below, agreed post-petition to subordinate his security interest to that of Mr. Venkidu as a condition of Mr. Venkidu’sconsent to the use of cash collateral.