I'm skeptical about the claim that SB is in breach of its loan covenants because of the royalty agreement and that this issue has caused the earnings report delay because it's not mentioned in SB's notification of the delay and because bank loan covenants are not based upon absolute revenue levels; they are based on ratios, such as interest coverage, variations of debt to equity, etc., but it's out there and who knows--with SB the unexpected has become the norm.
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