Based on comments, there is clearly a lot of confusion over today's SEC filing. I've given a synopsis of legal proceedings on this board before, so let me try once again to clear this up in the simplest terms.
The lenders and CCI agreed to certain conditions under the original operating agreement (and subsequent modifications to the operating agreement). In the agreement it was stated that there would be certain specific legal repercussions if CCI violated any of the agreement, and they would be considered in default to the lenders. CCI did indeed violate the agreement and go into default. Today's SEC filing is a response to that situation. The lenders have agreed to forbear from exercising the rights they were given in the operating agreement, under very certain conditions, which I will lay out. ALL of the proceeds from the sale of Quickstart will go to the debt owed ($2,700,00). CCI will sell real property owned in Tampa and Thornton and the proceeds from those sales (if they happen) will ALL go immediately to the debt owed (they cannot sell for pennies, the lenders will not accept less than $840,000 for Tampa and $440,000 for Thornton). CCI will pay a fee of $10,000 today and on the 14th of every month hereafter. CCI will pay their lenders $5,000,000 on October 23 and $2,000,000 on November 21. There is a specific account set up - this account will never have any title IV funds in it, but all proceeds from every sale will be immediately deposited. In other words, the money from Quickstart and from future real property sales will NOT go to payroll or rent or any other important thing. Every cent has been promised to the lenders to pay the debt. This forbearance agreement is only in regard to the default that already occurred. It is void if any other defaults or violations occur. This filing is not an extension of credit, it temporarily saves CCi from legal ramifications (lawsuits, liens, etc.) as a result of their defaults on their loans. The only reason the lenders agreed to it is because they are promised all proceeds from previous and future sales, which is a better promise of payment than any they have had so far. If anyone is confused as to where the information is from, don't just read the 8K filing, read Exhibit 10-1. The 8K is more of a summary, the 10-1 is the actual bullet point agreement.