AmeriResource Technologies Inc. (fka ARIOQ)

[james_west_1965]

Full execution of Court Order not yet enacted

It has been 3-1/2 weeks, 24 days since court was in session and an order was issued regarding the bankruptcy filing of AmeriResource. Still, the stock trades. It has not been halted. My broker shows my shares still active under ARIOQ. 1 million shares were traded last week and there remains a market even to this day.

We must conclude, being in the 60-day window as stated in the Order, that there is at least one claim, or dispute, or suit that has been presented or filed. Someone posted all creditors have agreed to the plan. Not true. In the Order, #6 states, "... at least one (1) impaired
class of Claims has accepted the Plan." There are three (3) impaired interest holders, and this means up to two (2) have NOT accepted the Plan.

Not knowing the outcome(s), we must conclude this is not an open and shut bankruptcy case. This holdup, then, means the outcome of the Order could differ from what was stated.

#14 of the Order states "The foregoing provisions apply whether or not (a) a proof of Claim based upon a debt is
filed or deemed to be filed under Bankruptcy Code section 501; (b) a Claim is allowed under Bankruptcy
Code section 502."
https://www.law.cornell.edu/uscode/text/11/502

What does Bankruptcy Code sectioon 502 state, among many things?

(a) A claim or interest [which include shareholders], proof of which is filed under section 501 of this title, is deemed allowed, unless a party in interest, including a creditor of a general partner in a partnership that is a debtor in a case under chapter 7 of this title, objects.

(b) Except as provided in subsections (e)(2), (f), (g), (h) and (i) of this section, if such objection to a claim is made, the court, after notice and a hearing, shall determine the amount of such claim in lawful currency of the United States as of the date of the filing of the petition, and shall allow such claim in such amount


Keep in mind what the Order stated, "It is hereby ordered that the Plan Proponent shall be authorized to extinguish and cancel all
classes of shareholders’ shares of stock interest in the Debtor."

It is possible that a claim has been issued in favor of the shareholders, whether preferred or common or both. That may be what is causing the delay of closure. It may be that AmeriResource is not executing what it is "authorized" to do, which is canceling all shares, because of Code 502. As relayed to me by my broker, it is possible that a settlement in terms of "lawful currency" will be issued for shareholders.