American Scientific Resources (ASFX)

[Mariner*]

Good question Street, it reverts back to all the rules and regulations and most especially the qualifications of a Chapter 7 Bankruptcy:

If the debtor's "current monthly income" (1) is more than the state median, the Bankruptcy Code requires application of a "means test" to determine whether the chapter 7 filing is preemptively abusive. "Abuse is presumed if the debtor's aggregate current monthly income over 5 years, net of certain statutorily allowed expenses, is more than (i) $12,850, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $7,700". (2) The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income. Unless the debtor overcomes the presumption of abuse, the case will generally be converted to chapter 13 (with the debtor's consent) or will be dismissed. 11 U.S.C. § 707(b)(1).

Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing.

http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics
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**So... a couple of things Street...

1st, I think this CH 7 dragged on for 5 years is to see if they disqualified themselves for a CH 7, then the creditors could file an objection based on earnings and have it bumped up to a CH 13 which is a whole nother ball of wax. The creditors could could place a lien on ASFX for like "Forever" putting a strangle hold on "all" earnings until all the creditors were "Paid in Full" going forward.
With a "Chapter 7" which has now completed the five years, creditors have been compensated and all took a percentage loss, and have no future legal right going forward after the judge signs off and closes the case file, here in just under thirty days or so. [we think] The time for objections to be filed has expired, and there were none filed.

Another reason why I can't get anything back from the transfer Agent I think is because the company cannot show that they have been making any money at all.
Which begs the question as to: "where and just how" all the share sales have been cleared and just 'Who' cleared them, and where did all the supposed money go??? I've received absolutely no answer from them: [e-mail]
So..Do have the Market Makers been doing all the trades under the table for the last five years and are holding the bag here???
>>>>>>>>>>>>>>>.It really does beg the question>>>>>>>>>>>
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Hello,I am a share holder in:American Scientific Resources, Inc. (ASFX) Could you please provide me with the A/S O/S and restricted if any, connected to the share structure?

I appreciate it,
P.S. Are you clearing trades for this security?
In this filing ASFX says:
Item 1.03. Bankruptcy or Receivership.


On February 27, 2012, an involuntary Petition under Chapter 7 of the United States Bankruptcy Code was filed against the Company in the United States Bankruptcy Court for the Southern District of Florida. No order for relief has been entered by the Bankruptcy Court nor has a trustee in bankruptcy been appointed by the U.S. Trustee. T he Company does not intend to seek dismissal of this Petition.

As a result of this Chapter 7 proceeding, the Company will no longer file periodic reports under the Securities Exchange Act of 1934 and thus (i) its Common Stock will no longer be traded on the Over the Counter Bulletin Board, and (ii) its shares will no longer be eligible for legend removal under Rule 144 for failure to continue to meet the current reporting requirement under Rule 144.

https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8491890

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So the 'Trustee' had to set aside money for the lawyers and Trustee's pay, court costs, Ext... and pretty much leave the bank account at zero, or pretty close.
Your question of 'Money Left Over' Ahhhh... I really can't see that happening at all, but let's say that it did. The money would just stay in the company coffers and most definitely 'Not be Paid' to any shareholders at all because the company would then have to file for a 'Dividend to the Shareholders'.

Mariner*