I can answer some of that. I don't know if there were any general public shareholders left, but if there were, they benefited by jettisoning worthless stock, thus cleaning up their portfolios. The insider shareholders, the officers, walked away from millions of dollars in debt (best I remember) and a corporation with less than zero value. They then were in a position to move on to their next "venture" and perhaps missed not a day of salary, but maybe they missed a few months while they lined up "investors" by touting their years of experience experience in the pharmaceutical business or the oil business or the gold mining business. They probably had some things lined up before the deal with Breitling. Heck, CF had been running Breitling for years before CI collapsed. He walked away from CI, ducked a $700,000 judgement and the rest is history. I really doubt he missed a day of salary.
Maybe the insiders had some plaques showing they were the best North American Gold company. Maybe they had some pictures of themselves standing next to a Senator. In any case, the messy business of BERX was in their past, never to be spoken of again.
Based on Breitling oil and Gas's reported value, CF et al gave up about $15,000 in equity to appease the creditors. They gave up less than zero value to gain something with the possibility of value. They cleaned up their loan portfolio and wrote off the loans, cleaning up their balance sheet. We know now that the reported value of Breitling probably was incorrect. BECC is working on figuring the number out and will get back to us as soon as practicable. I have a feeling that the number will go down.
It is possible that BECC went public without giving up a dollar in value.
One could go crazy trying to track ownership of the various people and corporations, so if anyone has some enlightening information, I would be interested. If someone knows I got some unimportant detail wrong, I am not interested, but it's a free country.
