[abfunders]

So let me get this straight..... The Company defaulted with another financial institution and somebody would be willing to offer a LOC without notification or control of cash.

You might be onto something there Kevin.... Very good question indeed.
It happens to be that the other company does have access to the cash. They setup a bank account that the LOC company has joint access to. It's probably not read-only if you get my drift.
But I'm not sure.

Besides, and I'll admit to it also, you are the very best in this field with an awesome reputation for a reason.