Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Also from the Hybrid Titan Management objection...this also shows existing shares would be cancelled under this new plan:
The fact that the company was financed by investors is even more troubling because of the conversion of their money to equity that is proposed to be cancelled.
From the Hybrid Titan Management objection...which is true...the reorganized plan does not address these issues:
It is impossible to glean from the Plan how the Reorganized Debtor is going to make money to pay its Plan obligations. As indicated above, the Proponents have provided no detailed projections, no marketing or sales plan, no customer base or potential contracts, and no source of further financing. It is not even clear whether the Reorganized Debtor is changing its name to SCIS.
In a nutshell...the objections come down to money and these businesses that worked with IRNC getting paid what they are owed and IRNC not using the bankruptcy process to escape the debt they owe to these businesses.
From the court filings today:
Hybrid Titan Management and PollenTech object to the reorganized business plan.
Thanks pb4b...added it to my watchlist...looking forward to see how this plays out on the 17th...I’m also in ENZC and SOAN.
God bless bud...just do what you feel is the right way to go. :)
Hey Z31....it’s just a list of people/businesses IRNC owes money to.
People/businesses that have submitted a claim against IRNC.
I really wish all of you holding your shares into the 17th the best of luck. I really hope it works out for you. :)
This is all about restructuring debt. Do you not think if there was a restructuring plan for existing shares it would have been submitted as part of the plan? That part of the plan seems to be missing....
Sorry...just couldn’t resist.
The court docs is your “PR”. The court docs are made available to you to see where the reorganized business is going and to make an informed decision. The court docs are literally telling you what is going to happen.
It’s not opinions...it’s literally in black and white submitted to the bankruptcy judge.
All debtor (ironclad) assets revert to the reorganized debtor (SCISIO)....all common and preferred will be cancelled/eliminated....that is not opinion.
God bless bud...always do your own DD...no problem with listening to others...but always do what you feel is right for you...don’t rely on other people’s DD... ;)
Ya know what kface...your right...I invested in this company back in April of 2019...I invested a lot of money and did massive amounts of DD following this company seeing where my money was going. I got in touch with IRNC affiliates (Sonim, Charter, PollenTech) and investor relations and JD himself...all to follow my money. Then they go to bankruptcy to reorg....so I buy the bankruptcy case ....again to follow my money...so I continue to follow the dockets...come to my conclusion from reading the dockets I’ve gone as far as I can go with this and chose my exit point....all the while sharing my DD. Legit DD...not some bullsh*tter....and your right...no reason for me to really continue to post...I tapped out. So there ya go....have a good one. :)
Not even going to comment on your ridiculous post...not worth the time.
How was happy hour today....good I hope...what was the drink of preference today.
The only “assets” IRNC has is its patent portfolio.
So if That’s correct...everything ironclad....reverts to the reorganized debtor....SCISIO....so that leaves ironclad with what?
I’m interpreting “Debtors Bankruptcy Estate” to be IronClad...and “Reorganized Debtor” to be SCISIO.
And I’m assuming “Effective Debtor” to mean Effective Date.
G. Free And Clear of Liens, Claims and Encumbrances
On the Effective Debtor the assets of the Debtor’s Bankruptcy Estate shall revert to the Reorganized Debtor free and clear of all liens, claims and encumbrances, except as specifically noted in the Mediated Settlement Agreement.
Sorry...thought we were getting into Pink Floyd there for a minute... :)
Just nod if you can hear me...
Spend the pocket money for the docket...read it...everyone come to your own conclusions.
But we can’t vote...our vote is “impaired”
This DS/Plan is designed to provide adequate information to enable holders of Claims against and Interests in the Debtor to make an informed decision whether to vote in favor of or against the Plan. All Creditors and Interest holders are encouraged to read this DS/Plan in its entirety before voting to accept or reject the Plan.
Pages 19 and 20...it’s all right there.
I’m not saying it...it’s not me...I’m showing you what’s going on directly from their bankruptcy filings.
Ya know what! HE DOES!
From the court doc:
In exchange for the Plan Deposit, the Plan Deposit Party shall receive, on the Effective Date, 100% of the Class C Common Stock issued by the Reorganized Debtor on the Effective Date.
No...I never said all...it’s in the docs somewhere JD gets newly issued class C.
As zoomboom posted...this is what happens to your class A on the effective date...case closed...it’s right there on page 19.
E. CLASS 5- ALLOWED INTERESTS OF HOLDERS OF CLASSES A & B
COMMON STOCK.
Treatment. Upon the Effective Date, Interests in the Debtor shall be deemed cancelled.
From the court doc:
“Plan Deposit Party” means J.D. McGraw, who shall make the Plan Deposit on the Effective
Date.
The Lerner IRNC issue has been worked out as long as Lerner gets paid what was agreed to in the mediation. Yes...JD is listed as a board member with SCISIO.
The plan deposit party is JD!
He’s fronting $260,000 for the reorg plan and getting compensated for it from the new class C.
That’s from exhibit 7.
Exhibit 7 is their new business plan SCISIO. That’s from the new ceo and other team members past experiences who will be running the business. The new business sounds promising...and JD is not the ceo of the new business. BUT...from what I’m reading in the court docs...there is no restructuring plans for existing shareholders. In my opinion this is a pump play now for the court date in March. Then...if the plan gets approved....we’ll ....you should know by now what will happen to your shares.
Thanks bud...just sharing my DD.
Yea...c’mon Wile.e...there’s just too much evidence pointing to existing shares getting cancelled and no evidence of a restructuring plan...if there’s an updated docket that comes out of a restructuring plan...then I could see jumping back in...but as of right now it’s nothing but bad news. I think SCIS.IO is the new business as outlined in their plan. I think a new ticker comes out for SCIS.IO...JD and other IRNC members are listed as board members for SCIS.IO...what role IRNC still has...I can’t say for sure...but why is their reorg plan all about SCIS.IO and nothing about IRNC.
I think the new business sounds great and could see buying in to the new business. All imo of course...
Cheers my friend..... :)
I’m just sharing my DD ....honestly I tapped out when they released their amended reorg plan specifically calling for the cancellation of A common and no share restructuring plan.....that was enough evidence for me....GL to everyone.
As of right now...there is a submitted reorg plan to the bankruptcy court stating that class A/B an A preferred common will be cancelled.... as of right now there is no restructuring stock plan for existing shares, submitted to the bankruptcy court that I have seen. Anyone that wants to take the time can view the court docs...it’s all there in black and white.
I agree with ya zoom.
There is nothing (so far) about conversions or swaps or splits/ratios or if share holders hold this amount of class A they get this amount of class C. So right now...I’m interpreting it as buying in again from scratch....there might be a new ticker symbol as was suggested by someone...can’t recall who.
(Laughing).. :)
Personally I fully believe the plan will be approved and a new common C will be issued...as stated in the reorg plan.
You have to make that decision for yourself...here’s what I know....I hold class A common...their reorg plan calls for the cancellation and elimination of class A common...that has been submitted to the court and is available for anyone to view. As of yet I have seen nothing about conversions or ratios or anything saying existing shares stay....nor have I seen anything in the court docs that specifically say “existing” shares will be cancelled. What is in the proposed reorg plan is that common A/B will be cancelled/eliminated on the effective date. So if I’m holding common A on the effective date (date of approval) I’m interpreting that as my shares are cancelled/eliminated. You may interpret it differently. I gotta believe there’s a pro that deals in these bankruptcy/reorg plans reading this board and laughing. If there is...please speak up and share what your interpretation is.