Worthington Energy, Inc. (fka WGASQ)

[mdimport]

Not exactly: $6M debt is converted to 32B shares. That gives current shareholders 2/34ths of the company (~6%), then a R/S is effected with certain conditions to protect the converters. On a percentage basis the debtholder get virtually the entire company.

If things remain as they are, lets see anyone recover $6M. In short, that $6M is unrecoverable and worthless as is.

Only one pathway forward at this time, and it requires a comprehensive solution.