Firstgold Corp (fka FGOCQ)

[Yacknl]

What happen this past year at FG?

So there was a PACER docket that gives some insight in what was happening with FG this past year. If I read the law docs correctly….after Carnac did not purchase the RC mine, Terry Lynch (TL) created a new company, Relief Gold (RG) and tried to rustle up investors to purchase the RC mine under the RG company. They spoke to Platinum and Victoria gold and had some agreements. During the time TL was recruiting investors, he spoke to SAGE (who owns GAC, the current owner of the RC mine). TL states that SAGE signed a nondisclosure statement (that the information will only be used for this investment consideration). TL met with them and gave all the info he had, referred to as “trade secrets” in the docket, of the mine and the agreements made. Sometime after that meeting Sage/GAC just went ahead and bought the mine themselves.

TL has filed a lawsuit in NY state (the meeting was held there) on Feb 7. SAGE is sort of retaliating by filing a “contempt” in the state of Nevada.

-Y

[threewheeler]

thanks for update a true lotto tix here, not worth selling .0002s

[Yacknl]

A conference date has been set for the "contempt" case.

Scheduling Conference scheduled for 6/13/2012 at 09:00 AM at GWZ-Courtroom 1, Young Bldg.. (glw) (Entered: 02/22/2012)

There were 3 summons for Terrence Lynch. One for First Gold, one for terrence Lynch and one for Relief Gold.

-Y

[threewheeler]

as always thanks for update wont sell for beer money down here so riding this one all the way Titanic or Apollo

[Yacknl]

So here is the latest.

GAC, the new owners of relief canyon, has filed a docket asking the court to hold the debtor (FG) in contempt by not fully transferring all the assets in the sale. The items in question are 5 mining claims, 2 cars and the parking lot adjacent to the FG offices.

FG response to the mining claims and the cars was the debtor-in-charge, who should fix that mistake, is Eric K the manager to represent the debtor chosen by the creditor. Not the "principal" debtor Terry Lynch, who the docket is asking to be held in contempt.

As for the parking lot, FG says it was never part of the secuirty to the creditor and should not be transferred.

The parking lot is not a big asset, but it may help with lawyer fees.

As for the court date yesterday, no dockets on that yet.

-Y

[pmh]

How are we looking here?

[pmh]

Thanks for the info.

[Yacknl]

Terry Lynch has no added FirstGold back in his Linkedin Profile as a director.

Terry Lynch
CEO Relief Gold

Location
Toronto, Canada Area
Industry
Mining & Metals
Overview
Current CEO at District Canada
Director ...later CEO at Firstgold Corp

[Yacknl]

Relief Gold website is now underconstruction.

This is Terry Lynch's new company website. It was an active site last I looked. Now changes are being made. Curious.

http://reliefgold.com/

-Y

[Yacknl]

We will see if the NOLs give the commons any protection. There is a 50% ownership change limit to keep NOLs. But I have read ways around that.

-Y

[paisley_brainstem]

Perhaps. Obviously somebody thinks there is something worthwhile to save. The reason???

[Yacknl]

Who do you think is still trying to reorg?
Terry Lynch? With his new company?
-Y

[Lucullus]

That doesn't mean FGOCQ will be part of the reorganisation - most likely equity will be left in the cold!

I still own my shares but don't expect anything good!

[paisley_brainstem]

just bought more...one last run for glory

[Yacknl]

New PACER Docket, somone is still interested in a reorg.

[tickerjoe]

so there is still a very slim possibility that the shell can be saved. has anyone shown any interest or filed as of yet?

[Yacknl]

Sorry about my typo in the last post. The next court hearing is on 2/15/12.

[tickerjoe]

2/1/2012
We are not looking good for 2/4/2012 only couple of days left.
anybody hear anything yet????

[Yacknl]

Sorry no new dockets on PACER

If someone wants to reorg they need to submit a request for appearance before 2/4. I don't see it yet and the date is almost here. So it looks like a total loss. But we will know in two weeks.

-Y

[tickerjoe]

yacknl,
any news in the pipeline...or is this one done as a total loss?

[tickerjoe]

Thanks Yacknl for all your work on this company. Hope it all works out for the shareholders but it looks like a long shot. Kind of like winning the lottery.
thanks again..keep us posted if anything new develops.

[newmedman]

Thanks yacknl...... and thanks for the pacer updates.

[Yacknl]

Don't know. I didn't do the DD on shell plays. The original court date was 1/4/12. So if someone was going to submit a reorg they would have done it by now. Unless they were going to make a plea on the 1/4/12 date or they new about the request of reschedule before it happen.

Unsure why no one try to reorg. 30million+ NOL seems to be worth it. The creditors rather get nothing than a small perentage? Seems strange. Either a creditor playing hardball or too much law suit risk.

-Y

[newmedman]

ahh thank you....... time to close the doors and the blinds I guess....

do shells like these ever get purchased again or do they just go poof ?

[Yacknl]

Gold Acquisition Corp asked for the reschedule, but they are not fighting the chapter 7. They just want to make sure they have all the assets from FG before the chapter 7 kicks in.

-Y

[newmedman]

then who is asking for the continuance ? If noone was planning to show up why would an attorney file an appearance on behalf of goldcorp. I'm going by Yacknl's last post... Am I missing something ?

[downsideup]

LOL!! Well, they're bothering to show up in court... and, as far as I can tell, there isn't anyone showing up to oppose them.

It doesn't really matter how "scary" they are... if they're the only ones who bother attending the court hearing...

[Maxxtwo]

Yes, yes, yes, and maybe not.

"THE IRS". Does that word, or wording scare you??? It shouldn't, as they are not "GOD". you know!!!

Maxx
Maxx2Racing

[downsideup]

Changing the chapter they've filed BK under... means the company won't survive. That change is being requested by the IRS, which clearly means the government doesn't want the NOLs to survive.

Probably time to pull the plug on this one...

[tickerjoe]

yacknl Any thoughts/news on shareholders being intact if keeping the shell of the company intact?
I have not been around for while and lost track at where this company stands in there chapter 7 proceedings. I know it is going to be a long term play at this point and what we are doing is gambling on black at the roulette table with this stock.
Any thoughts on accumulating more shares to average down PPS on a very speculative play. I was thinking of throwing another $200.00 at this. What are your thoughts
Thanks again

[Yacknl]

Chapter 7 hearing postponed to 2/15/2012.

[newmedman]

It's here man except there's only like 5 dollars on the bid..... Time to get that Benji out....

01/4/12 is fast approaching...

[Maxxtwo]

Get out that $100.00 Bill, as you will be able to buy One Million (1,000,000) shares by the end of the week, guaranteed.

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
2011 Royal Purple SEMA Show Feature Vehicle
2011 Point Imaging SEMA Show Product Demonstration Feature Vehicle
LTA Loring, Maine C/GCT Record Holder/208.490 MPH
AA/GCT Maxton Mile, NC Record Holder/205.886 MPH
Mojave Mile Nascar Bodied Car Record/202.4 MPH
Mojave Mile Land Speed Auto 1st Place/April 2011
(M2 website) maxx2racing.com/
(Picture/Video website) maxx2racing.org/
(’99 Pontiac Firebird ‘Bad Bird II’ website) http://maxx2racing.info/

[Yacknl]

Its now or never. IRS submitted C7 Request.

IRS just submitted the request to change FG's status from C11 to c7. Hearing is on 1/4/12. If anyone was planning to reorg, they need to submit plan now or at least submit a monthly finacial report.

Doc image below. You may have to scroll way down to see it.

-Y

[Apocalypse]

Thanks for update.

[Yacknl]

Access back. Not sure what happen. Only new doc is the lawyer getting her 20k. Nothing interesting.

-Y

[Yacknl]

Unable to access FGs BK court docs anymore.

I can access FGs civil suit and other companies BK docs, but FGs BK docs now give me an error. Unable to access. I wanted to see if there was any dockets from the 11/22 court date. But looks like there is an error or access denied. Not sure what to make of it.

-Y

[threewheeler]

link for 10Q on Equity Feed anyone have guidance

[Maxxtwo]

Doesn't matter at all. Waste of time to worry about what he has to say???

The MAXX2RACING (M2) Team
[e-mail]
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
2011 Royal Purple SEMA Show Feature Vehicle
2011 Point Imaging SEMA Show Product Demonstration Feature Vehicle
LTA Loring, Maine C/GCT Record Holder/208.490 MPH
AA/GCT Maxton Mile, NC Record Holder/205.886 MPH
Mojave Mile Nascar Bodied Car Record/202.4 MPH
Mojave Mile Land Speed Auto 1st Place/April 2011
(M2 website) maxx2racing.com/
(Picture/Video website) maxx2racing.org/
(’99 Pontiac Firebird ‘Bad Bird II’ website) http://maxx2racing.info/

[Maxxtwo]

Unknown, as we don't see any real activity. The office itself seems busy, with pickups in the parking lot, and a few pieces of equipment at the site itself.

We'll head back out maybe next Friday???

The MAXX2RACING (M2) Team
[e-mail]
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
2011 Royal Purple SEMA Show Feature Vehicle
2011 Point Imaging SEMA Show Product Demonstration Feature Vehicle
LTA Loring, Maine C/GCT Record Holder/208.490 MPH
AA/GCT Maxton Mile, NC Record Holder/205.886 MPH
Mojave Mile Nascar Bodied Car Record/202.4 MPH
Mojave Mile Land Speed Auto 1st Place/April 2011
(M2 website) maxx2racing.com/
(Picture/Video website) maxx2racing.org/
(’99 Pontiac Firebird ‘Bad Bird II’ website) http://maxx2racing.info/

P.S. Yes, we know, selfish 'Self Promotion', but we're proud of our records, and now, our recognition at the SEMA Show.

[morokko65]

Maybe that's a small sliver of daylight for the commons... easier path to a public stock and keeping the NOLs foe the new entity

[threewheeler]

FGOCQ was no sense in selling for beer $$$ so my shares are still locked up, he could use the tax write-off correct

[Yacknl]

Terry Lynch

Interesting TL is making an effort not to mention FG in his past jobs on his Linkedin summary.

This is what he has currently:
CEO at Relief Gold
Current CEO at District Canada
Past Partner at Kingsmill Capital
President at Resort Owners Group
CEO at Probrandz Media Inc
CEO at Prolessons.com
Chairman at Hotlamp Interactive Technologies
President at McLellan Group
Chairman at Pacific Tiger Energy
CEO at Pallet Pallet Inc

Thats a long list not to mention being CEO for a couple of years.

-Y

[Yacknl]

Relief Gold Inc

So, Terry Lynch has started a second mining company (first one was District Canada) called Relief Gold. It is in the process of acquiring the mining rights of the land just outside the Relief Canyon Mine. In his Linkedin summary he mentions that the company is private "at the moment". Which of course brings up the speculation that FGOCQ may be his vehicle to make the company public.

If you look at the website:
http://reliefgold.com
You will see the statement that it is a private company but the website uses the term shareholders.
The website states that TL was the "former" CEO of FG and his linkedin summary doesn't even mention FG anymore.

-Y