Saturday, July 30, 2016 3:14:03 PM
Proof of no value for common shares
1: This is a chapter 7 filing. A chapter 7 filing is a liquidation. When the bankruptcy is over, there will be no more company, the company shares will stop trading and be canceled.
2: Document #7 on the docket, Statement of Financial Affairs
www.plainsite.org/dockets/download.html?id=217538303&z=0fb9e229
3: Document #17, 'Summary of Schedules':
www.plainsite.org/dockets/download.html?id=217538313&z=5b3f927d
Also see end of this posting for image of summary of Schedules
Clearly shows assets do not cover liabilities.
When this is over, the assets will be distributed, in order of priority, to the claim holders (liabilities).
Since liabilities are greater than assets, there will be nothing left over for the common shares.
When all of the assets have been distributed, the case will be over, the company closed, the common shares delisted and cancelled.
The common shares are worth zero and will be dead the instant the case ends.
Louis J. Desy Jr.
1: This is a chapter 7 filing. A chapter 7 filing is a liquidation. When the bankruptcy is over, there will be no more company, the company shares will stop trading and be canceled.
2: Document #7 on the docket, Statement of Financial Affairs
www.plainsite.org/dockets/download.html?id=217538303&z=0fb9e229
3: Document #17, 'Summary of Schedules':
www.plainsite.org/dockets/download.html?id=217538313&z=5b3f927d
Also see end of this posting for image of summary of Schedules
Clearly shows assets do not cover liabilities.
When this is over, the assets will be distributed, in order of priority, to the claim holders (liabilities).
Since liabilities are greater than assets, there will be nothing left over for the common shares.
When all of the assets have been distributed, the case will be over, the company closed, the common shares delisted and cancelled.
The common shares are worth zero and will be dead the instant the case ends.
Louis J. Desy Jr.
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