Breaking Update: Judge wants answers, halts takeover of MonaVie — for now
Tom Harvey of the Salt Lake City Tribune released an article – Utah-based MonaVie faces foreclosure after spectacular rise and fall. This story broke yesterday and as I went through the whole article I realized several issues.
If I get this right, and it’s tricky as I said reading through the article, and we are just now pulling the lawsuits and filing, here is what I see on the surface.
1. In 2010 two transactions took place (not sure of which came first at this point); major stockholders sold their stock valued at that time at $186 million to the EMPLOYEE ESOP secured by a high-yield (article called it an “exorbitant interest rate), and during this same year, MonaVie executives sought out financing for $182 million from TSG-MV Financing LLC, securing “virtually all the assets” of MonaVie.