RE: COPL Debt16 Mar 2024 19:16
this all started to go pear shaped when am ****ed off the sl in august 22 by introducing bonds. there was an agreement in place prior to august 22 that allowed copl a to pay for the g&a expenses for copl. this was retracted and we were not told at the time and for what reason? . i notice in the report page 44 that it states something interesting. note it states "bona fide" expenses. did the sl uncover something at the time thus retracted the payments. ? imo we need to know this because am then introduced the corrupt bond holders to fund his merry lifestyle.....at our expense. it should be disclosed why copl defaulted and why such action was taken. it must have been something serious ? see below extracts
55. as described below, historically, copl america was permitted under the senior credit
facility to disburse $166,666 per month to copl on account of general and administrative
expenses and shared services. such payments were made until august 2022 when, due to certain
technical defaults occurring under the senior credit facility, copl america was restricted from
making any further disbursements to copl.
d) cessation of g&a expense payments
127. under the initial terms of the senior credit agreement, copl america was expressly
permitted to disburse $166,666.66 per month for "bona fide" administrative expenses and g&a
expenses of copl for the first 24-months following the effective date of the senior credit facility
(the “g&a expense payments”). the g&a expense payments were conditional upon, among
other things, (i) the disbursements being made solely from a segregated g&a account, which had
been prefunded through equity contributions in the amount of $3,834,000; and (ii) no “default” or
“event of default” having occurred under the senior credit facility
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