Triangle Pete Corp. (fka TPLMQ)

[LouisDesyjr]

There is nothing left

TPLM 10Q report for period ending October 31, 2016

The company reported zero revenue for the three months ending 10-31-2016. Stockholders equity is negative $106 million. They report 55 million in assets to pay off $155 million in long term debt and have no revenue to generate a profit with.

Without the gain on sale of $50 million, they would have lost $21 million for the quarter.

The interest on most of the long term debt is a convertible note that is accruing at the rate of 5% per year.

There is no way for the company to even generate enough profit to keep up with the accruing interest.

I expect a Chap 11 filing any day now since everything the company has left will end up with the convertible note holders, with zero left over for unsecured liabilities and nothing left for the common shares.

Louis J. Desy Jr.