Trimax Corporation (TMXN)

[jrf30]

Let me use a person as an example.

If a person wants to declare bankruptcy, they hire an attorney, file with the court and it goes through the process and then gets discharged by the court. Makes sense, right?

But if a person buys a car, gets a loan, and then defaults, the bank can repossess the car without going through the drawn out process. It is not a bankruptcy of the person, but a forfeiture of the collateral for that loan. Still with me?

Trimax did the latter. They incurred debt, they used a vehicle called saavy as collateral, and then defaulted. The creditor repossessed the asset. Saavy. Then, sold that "car" to someone new. Named EKO holdings. They now own the saavy natural asset. But, just like a new owner of a repossessed car has no obligation to anything else the old owner may have been involved in, EKO has no obligation to TRIMAX