True North Energy Corp. (TNEN)

[aussieinvader]

On Friday the creditors of MIG (in administration) agreed to sell the migme social media business to interests associated with Steven Goh for $A300k. Migme Ltd will be recapitalised with an injection of funds, most of which will be paid to creditors, that will dilute existing shareholders to about 5% equity. At that point Migme Ltd will be an empty shell. It has emerged during the administration that parties associated with MIG paid $A1.08 million (($US800k) to TNEN to make the deal work. All of that money is gone and never to return - they were well and truly suckered!!