I think the problem here is that some people don’t perhaps understand the fundamental relationship between corporations and lenders.  Lenders are generally in the business of making money via loans and related types of financings. Seizing assets can get very expensive and is usually not a lenders goal. Corporations routinely ask for temporary relaxation of specific loan covenants and my experience is generally they are granted if approached in a pro-active and business like fashion and the lender views that the likelihood of repayment is still fundamentally solid.

If strict adherence to a covenant has not been maintained it is my understanding that nothing material has transpired until a loan has been called. I was the co- founder and co-owner of a company that grew to about 65 employees before I sold out of the company. We had a large operating line of credit and during that time I had occasion to ask for relaxation on the terms of the agreement and it was never a problem as we had a good track record with our lender. I can not imagine that with Hepalink and Eastern involved and where BETONMACE is currently that Third Eye feels much untoward risk at this point and further that any action on the security would likely be expensive and fruitless. 

I agree with KBC that if Third Eye took action it would be material and require reporting but until that time nothing material has transpired, except the financing, so nothing regarding the loan requires reporting and we must assume that management has in fact taken care of business to this point regarding the loan.

If the discussion was about corporate communications and IR I would agree that RVX could do much much better but that is not material. JMO