Firstgold Corp (fka FGOCQ)

[jcpny777]

can anyone give me the location of the mine. i am in reno and would like to take a quick trip out there to see where my investment is going. thanks for any help

[tickerjoe]

thanks for the info yacknl, may repost at a later time to recheck just in case i may have missed a post. thanks for everything yacknl.

[threewheeler]

when is Ga*cq group gonna run this I still got some tucked away just in case

[Yacknl]

No docs about the reorg for sometime. And those docs were just lawyer invoices that mention "reorg" and nothing else.

There were two posts, some time around the Canarc bid, that had an email from Terry Lynch stating the reorg does have the commons included.

I have been looking but there isn't much info. But Terry Lynch is listed in the claims register of being owned ~600k by FG, so he should be well motivated to try and push the reorg through.

If I find anything, I will post.

-Y

[newmedman]

I think we're in very slippery territory right now joe. I'll hold your bag if you hold "mine"....get it?

I know it's not funny right now, but there is still hope for the shell....... just not soon IMO.

There's still a bid, which is more than I can say for some...

[tickerjoe]

Yacknl,
Any news on the shell being intact and shareholders common being good for the long haul???

[Yacknl]

Gold Acquisition Corp is a subsidiary Sagebrush Gold Ltd

http://biz.yahoo.com/e/110830/sage.ob8-k.html

[Maxxtwo]

The 'New' sign shows Gold Acquisition Corp, with the earlier sign on the office windows showing Relief Canyon Mine.

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
LTA Loring, Maine C/GCT Record Holder/208.490 MPH
AA/GCT Maxton Mile, NC Record Holder/205.886 MPH
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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) maxx2racing.info/

[newmedman]

thanks yacknl.... Looks like there might be a faint glimmer of hope.... I sort of gave up here but still have my fingers crossed.. It would be nice to recoup a little bit.

[Yacknl]

Lots of things occurred this month relevant to FG

Sorry, FG has fallen off my radar and I only check PACER once a week and conduct general DD about once a month. So two days after the last DD search things started to happen, which I missed. So if I am your sole source of FG info, I am sorry, this info is already old.

1) The Relief canyon Mine was sold to Sagebrush Gold, finalizing August 30.
http://finance.yahoo.com/news/Sagebrush-Gold-Ltd-Acquires-pz-879012027.html?x=0&.v=1

2) The Relief Canyon mine was sold for almost double what Canarc offered:
(i) $12,000,000 cash and (ii) $8,000,000 of senior secured convertible promissory notes (collectively, the "Notes") issued to Platinum Long Term Growth LLC ("Platinum") and Lakewood Group LLC ("Lakewood" and collectively with Platinum, the "Sellers").
http://biz.yahoo.com/e/110830/sage.ob8-k.html

3) Senetek let go of their ownership and was paid back by Platinum:
Senetek Plc (OTCBB:SNKTY.ob - News) announced today that it has elected to exercise its contractual "put" right with Platinum Partners and has elected to receive back its $5 million investment in the Relief Canyon secured debt plus accrued interest. Additionally, the Company has elected to repay the secured debt in the amount of $2,876,790 it currently owes to Platinum.
http://finance.yahoo.com/news/Senetek-Announces-Exercise-of-prnews-991898474.html?x=0&.v=1

4) Sagebrush Gold hired Steve Tibbals (the former FG plant manager)
http://finance.yahoo.com/news/Sagebrush-Gold-Announces-pz-2469954064.html?x=0&.v=1

If you want to still invest in the Relief Canyon SAGE.OB may be an option for you. This is a pretty good summary. I haven’t finished my DD on them yet.
http://www.smallcapnetwork.com/Sagebrush-Gold-Ltd-OTC-SAGE-Starting-to-Stir-the-Pot/s/via/1789/article/view/p/mid/1/id/70/

So this is where things are interesting. FG owed Platinum 20 million and they just received 20 million from selling the mine. If Platinum also says they are owed law expenses to obtain the money, it’s a pretty good bet that the civil suit paid for that. Also, remember almost 1 million of “extra” equipment was sold to pay for expenses to keep the mine in stasis and I don’t know if that was all used up. And Canarc bought (and resold) the lab for 600k as well: http://finance.yahoo.com/news/Canarc-Sells-Relief-Canyon-ccn-3090266764.html?x=0&.v=1

Thus, it is difficult to believe that anything is owed to Platinum anymore. Actually if I was another creditor I may look into Platinum have made a profit and need to release the profit to the other creditors. But at least the Platinum debt should be off the FG books now. The last monthly statement had the debt at 32 million (the creditors list, on PACER, only has 23 million). But 32 minus 20 leaves 12 million of debt. 12 million is approximately what the NOLs (30+ million) are worth to company earning revenue. So it seems very likely of a reorg.

There are a lot of ifs. The remaining creditors have to take less than what they are owed. But that is common in a reorg. There has to be an infusion of money to pay for law fees and taxes. And the commons are still a question mark. But the next few weeks/months should be interesting.

I will pay closer attention to this one.

Good luck

-Y

[Yacknl]

Thank you!
-Y

[rrss44]

http://ndep.nv.gov/admin/public.htm#mining
http://ndep.nv.gov/docs_11/nev2007105_decision.pdf

[Yacknl]

Sagebrush Gold owns Relief Canyon now

So they may be a good entry point if you want to invest in the Relief canyon. Will send out more info about the mine transfer this weekend.

http://www.sagebrushgold.com/

Can I ask how you knew about the permit? I am always looking for new methods of DD.

-Y

[rrss44]

That is a shame, because they just got their water polution control permit approved, a few days ago.

[Yacknl]

Yes FGOCQ is in Chapter 11 BK

The short answer is not in business, has no assets and a huge debt.

The long answer is it has a large intangeable asset (~30+ million in Net Operating Loss) that another company could use FG as a shell for tax purposes. The biggest creditor just officially "bought" the FG mine so some of the debt will be removed off the books.

Unknown how much debt FG has currently (post mine transfer).
Unknown if the other creditors will settle low enough for a reorg
Unknown if any company wants to merge with FG
Unknown if the commons are safe after the reorg

-Y

[rrss44]

I'm not trying to bash, but is FGOCQ still in business?
Their website is not working, and emails to them just bounce back.
Also, OTC has the word "bankrupt" under Profile Data

[Maxxtwo]

Haven't run up to the mine site yet, but soon. Did notice that they were adding new signs to the front windows of the office building on the main street here in Lovelock. Will check out that name today.

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
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) maxx2racing.info/

[pmh]

How are we looking here?

[Apocalypse]

Thanks for the update.

[Yacknl]

I think the Debtor's Sale has occurred.

There were some new PACER docs, if I am reading the law jargon correctly the debtor's sale has taken place and the operating manager (who represents FG) is being terninated.

This Court entered an Order Authorizing and Approving: (1) Sale of Certain
Real Property and Certain Personal Property Assets Pursuant to 11 USC 363 Free and Clear of
Liens, Claims and Interests; and (2) Assumption and Assignment of Executory Contracts and
Unexpired Leases under 11 USC 365; and (3) Related Relief on December 17, 2010 (“Sale Order”)
authorizing the sale of all or substantially all of the Operating Assets of the Debtor.


This Court’s First Amended Stipulation and Order Regarding Termination
of the Automatic Stay entered on June 22, 2010 appointed Eric Klepfer as Operations Manager for
the Debtor and stated that his power and authority would terminate upon the transfer, by sale or
otherwise, of all or substantially all of the Operating Assets to a third party and/or at the sole
discretion of the Lenders.
i]

[Yacknl]

There will likely be some sort of reorg. 30 million in NOLs is a lot and though the debt is high, the creditors would still prefer getting something, though pennies on the dollar, than nothing. So say 60% chance of some sort of reorg.

The big question is what are the odds that the commons will be kept. There needs to be a 50% former ownership to keep the NOLs during ownership transfer. I saw a site that listed the FG big SHs and there are none left. So besides the common SH only qualified creditors can satisfy that ownership requirement. This is where the legal jargon gets too much for me. Platinum is definitely a qualified creditor, I don't think Senetek is. And Platinum will be reducing what they are owed by the creditors sale and possibly the civil suit. And there is a mysterious several million of debt that is in the financial statement but not in the creditors list. If you are not on the creditors list, I am not sure how you would claim to be a qualified creditor. So it is not impossible that the NOL laws may give some protection to the common SH.

But more likely, if the commons are kept, the company/person reorg'ing must want to keep them. The only two I can think of is Terry Lynch and Scott Docter. Terry Lynch has his own mining company now that would make sense reverse merging with FG and become public and use the NOLs as barganing for financing. Scott Dockter's company is already public so he would only want the NOLs, though the company has no income yet.

Once the creditors purchase occurs we will see how it unfolds.

-Y

[pmh]

Are you taking a camera?

[tickerjoe]

how likely is that to happen? any guess on the percentage of that coming through for the shareholders. Example; 20%????

[Maxxtwo]

We'll take a drive up there, with the binocs of course, and see what't going on/not going on. Not sure that will tell us anything or not???

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
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/

[emsn223]

any movement at the mine site?

[Maxxtwo]

Place your orders this coming Tueday at .0001, and spend at least $500.00, more if 'You' are a gambler in this economy. You will be well rewarded!!!

When it hits .10 cents, you'll wish you had spent at least $1,000.00???

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
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]

Zero Equity - Just NOLs

Only if they can reorg around the NOLs ~30million.

-Y

[Lucullus]

So where stands equity actually? Do we still have a chance to get some recovery?

[Yacknl]

Civil case and the Royal Gold Dispute are both officially over.

08/29/2011 466
Order Granting Motion By Firstgold Corp. For Order Approving Compromise Of Controversy (Related document(s) 454 ) (cly) (Entered: 08/29/2011)

[Yacknl]

No it was cancelled.

08/29/2011 49 ENDORSED LETTER addressed to Judge Alvin K. Hellerstein from Solomon N. Klein dated 8/25/11 re: Counsel for the plaintiffs requests, with the consent of the defendants, that the conference currently scheduled for 9/2/11 be canceled because the parties signed a stipulation of dismissal. ENDORSEMENT: The conf is canceled. (Signed by Judge Alvin K. Hellerstein on 8/26/2011) (mro) (Entered: 08/29/2011)

08/29/2011 48 STIPULATION AND ORDER OF VOLUNTARY DISMISSAL: this action is voluntary dismissed and discontinued as to all Defendants, pursuant to Rule 41 (a) of the Federal Rules of Civil Procedure, in all respects, with prejudice, and without costs or attorneys' fees to either party. Additional relief as set forth in this Order. (Signed by Judge Alvin K. Hellerstein on 8/26/11) (pl) (Entered: 08/29/2011)

08/25/2011 47 ELECTRONIC FILING FOR NON-ECF DOCUMENT - STIPULATION OF VOLUNTARY DISMISSAL It is hereby stipulated and agreed by and between the parties and/or their respective counsel(s) that the above-captioned action is voluntarily dismissed, against the defendant(s) All Defendants pursuant to Rule 41(a)(1)(A)(ii) of the Federal Rules of Civil Procedure. Document filed by Platinum Long Term Growth, L.L.C., Lakewood Group, L.L.C..(Klein, Solomon) Modified on 8/26/2011 (dt). (Entered: 08/25/2011)

[emsn223]

is there an additional conference tomorrow?

[Yacknl]

Looks like Civil Case is settled...again.

Here are the last few dockets:

Date Filed # Docket Text
08/25/2011 47
STIPULATION OF VOLUNTARY DISMISSAL It is hereby stipulated and agreed by and between the parties and/or their respective counsel(s) that the above-captioned action is voluntarily dismissed, against the defendant(s) All Defendants pursuant to Rule 41(a)(1)(A)(ii) of the Federal Rules of Civil Procedure. Document filed by Platinum Long Term Growth, L.L.C., Lakewood Group, L.L.C..(Klein, Solomon) (Entered: 08/25/2011)
07/28/2011 46
ENDORSED LETTER addressed to Judge Alvin K. Hellerstein from Mark W. Rasmusseri dated 7/26/2011 re: We respectfully ask that the conference that has been scheduled for this Friday 7/29, be postponed until 8/26 or 9/2. ENDORSEMENT: The conference is adjourned to 9/2/2011 at 10:00 a.m. ( Status Conference set for 9/2/2011 at 10:00 AM before Judge Alvin K. Hellerstein.) (Signed by Judge Alvin K. Hellerstein on 7/28/2011) (mbe) (Entered: 07/28/2011)
07/21/2011 45
ENDORSED LETTER addressed to Judge Alvin K Hellerstein from Solomon Klein dated 7/18/11 re: Request to reopen the action and that the Case Management Plan be reinstated because settlement has not been effected. ENDORSEMENT: Counsel for both sides shall attend a conference with me 7/29/11, 10:00 am. ( Status Conference set for 7/29/2011 at 10:00 AM before Judge Alvin K. Hellerstein.) (Signed by Judge Alvin K. Hellerstein on 7/21/11) (cd) (Entered: 07/21/2011)
06/17/2011 44
ENDORSED LETTER addressed to Judge Alvin K. Hellerstein from Solomon N. Klein dated 6/17/11 re: I write to inform the Court that we have reached an agreement on the terms of a settlement in this action and are now in the process of formalizing the agreement. ENDORSEMENT: A suggestion of settlement having been made, this case is dismissed, subject to restoration by either party within 30 days on notice. All pending court dates are canceled. The Clerk is directed to close the case. (Signed by Judge Alvin K. Hellerstein on 6/17/11) (rjm) (Entered: 06/17/2011)
03/29/2011 43
CASE MANAGEMENT PLAN: The case is to be tried to a jury. All non-expert discovery is to be completed by 9/1/11. Joinder of additional parties must be accomplished by 8/1/11. Amended pleadings may be filed without leave of the Court until 8/1/11. The last day for filing dispositive motions shall be 1/13/12. The case management conference will be held on 1/13/12 at 10:00 a.m. Initial disclosures by 3/31/11. Initial doc. requests/interrogs. served by 4/7/11. Merits depositions not to begin before 7/1/11. Disclosure of defendants' expert report by 10/4/11. Disclosure of plaintiff's expert report by 11/7/11. Disclosure of expert rebuttal report by 11/21/11. Close of expert discovery 12/7/11. (Signed by Judge Alvin K. Hellerstein on 3/25/2011) (jfe) Modified on 3/29/2011 (jfe). (Entered: 03/29/2011)

[Maxxtwo]

???

MAXX

[Yacknl]

That would need several docs.

Give me a few days see what I can do.

-Y

[pmh]

Is there a document that you can post on here with that info?

[Yacknl]

Once FG is separate from the RC Mine a reorg can occur. Platinum stated they were waiting for the RG issue to be resolved before they perform the creditors "buy". Once the buy occurs a reorg is possible, though unknown if commons will be kept. Also unknown if the civil suit request to be reopened will delay things as well.

-Y

[pmh]

So what are we thinking the future of Firstgold is?

[Yacknl]

Looks like the Royal Gold Dispute is over.

It will be confirmed on a hearing on August 23. There was a comprimise to reduce the smelter royalty from 4% to 2%.

-Y

[Maxxtwo]

Relief Canyon Partners, LLC.

That's the official 'Painted Sign' on the window, so do we now call it the new name, or First Gold??? That is the Million Dollar Question.

Because we live 20+/- miles from the mine site, and a mile from the offices, we do hear many, many rumors. Most are just that, but once in awhile, one will come true???

Why are they spending $ $ $s on the offices, new pickup trucks parked at those offices, maybe new office equipment??? Seems the former officers did this exact same thing, so what are your opinions.

The biggest problem is the price of Gold itself. 'The Economy' perks up, Gold heads back down, so what do you want???

Chime in, as that is all any of us can do at this time.

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
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]

Well, our 'Bid/Buy' has been in at .0001, but shares are not at the 'ASK' at that current level. Sell now and get something or ??? 'Buy' a Million shares of something for $100.00, now that's 'Capitalism At Its Best. Loving It!!!

Must be the 'BHOCR Economy' driving Gold up, don't you think, which keeps this stock at this level of .0008???

God bless the Second Amendment!!!

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
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) maxx2racing.info/

[Maxxtwo]

If you are referring to 'The Property' as the First Gold Site, we drove up Coal Canyon the other day, and could see activity. Have no idea what that was, or what it means???

No, not a 'Lawyer', but a Land Speed Racing car nut. Enjoy our race cars, but that is going to slow to a crawl with this one tough economy.

Hope and Change it ain't!!!!!!!!!!!!!

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
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/

[newmedman]

Should I maxx? I guess its a little more than beer money now eh'....... I will wait for your signal to average down..... How are things going down at the property ???

are you a rich lawyer ????

[Maxxtwo]

Your Quote-

"Plaintiff's asked for case to be reopened due to defendents not signing final agreement docs."

Pretty normal once they read everything per their lawyers instructions, which indicates what many of us have thought as to this entire process.

At least "THE LAWYERS" get rich!!!!!!!!!!!

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
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]

Buying Shares At .0001.

That's when we'll spend a few 'Thou' $$$'s, and make some serious Gold!!!!!!!!!!!!!

Want to sell now, or wait until it hits that mark???

The MAXX2RACING (M2) Team
The Royal Purple Maxx2Racing ‘Bad Bird’ LSR Race Car
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) maxx2racing.info/

[Yacknl]

Senetek's Info on RC Mine

Cathcing up on the FG esearch this week. This is already 2 months old. But here are the Senetek's mention of the RC mine. In summary, they want to bring the mine to production. They have brought in a director with mining experience. They only used about 30% of the cash they got from selling extra equipment. So the RC mine can stay in stasis for a long period of time. They mention again about the 15 month deadline to perform the credit buy. That's May 2012.

5/20/11 - copied from two different PRs.
Mr. John Ryan, CEO of Senetek commented, "We are very pleased to gain the extensive expertise and experience of both Mr. May and Mr. Cooper on the Board of Senetek. We are confident that with their assistance, we can continue to progress our targeted early production at the Relief Canyon Mine as well as advance our other two projects through drilling and other exploration. These gentlemen have a wide array of experience ranging from accounting, finance, mine construction as well as operations and we are delighted that both of them have chosen to share their experience with the Company in advancing its goals."

As a result, as of March 31, 2011. We had advanced $456,548 to Relief Canyon Partners to cover payrolls and other expenses. The net receivable due at March 31, 2011 is $315,122.

In addition to operating the Relief Canyon Mine project, Relief Canyon Partners had actively marketed the project to other potential buyers. This was a requirement imposed by the Bankruptcy Court and also was a requirement of the other secured creditors whose goal is to eventually sell their interest in the project for cash or other liquid assets. In February 2011, Canarc Resources Corporation declined to exercise its option to purchase the Relief Canyon Mine and mill assets. As a result, the backup bid submitted by Platinum on behalf of Platinum, Lakewood and the Company is the only remaining bid offered to secure ownership of all the Relief Canyon assets. Platinum, Lakewood and the Company have a period of 15 months from the date of the end of the bid process to finalize the transfer of the Firstgold assets to Platinum, Lakewood and the Company.
We plan to obtain the final permits for the mine and to place the mine into production, to acquire additional property around the mine, to conduct both confirmatory and exploratory drilling to refine the definition of the mineral resources at the mine, and, through drilling, to expand the known resources at the mine.

[pmh]

hmmm

[Yacknl]

Looks like Civil suit settlement fell through.

Plaintiff's asked for case to be reopened due to defendents not signing final agreement docs.

[Yacknl]

No response to email.

[Yacknl]

Double the chance there is enough left for a SH suit.

[pmh]

And I guess you could never get a hold of Terry