OH BOY... $BRTXQ TEAM LOOKY Here!!!
I'm trying not to get too excited about this info, trying to stay calm, but I'm seeing a subtle hint from the Proponents on page 33, 8.2... last paragraph.
Please read the "VIII. FEASIBILITY AND LIQUIDATION ANALYSES,"
pages 32-33 CAREFULLY, as if you were one of the Creditors for BRTXQ.
VIII. FEASIBILITY AND LIQUIDATION ANALYSES
Which PLAN would you logically choose? No Brainer, right??
"8.2 Best Interests of Creditors and Comparison with Chapter 7 Liquidation"
As a condition to confirmation of the Plan, Section 1129(a)(7)(A)(ii) of the Bankruptcy
Code requires that each holder of a claim or an interest in an impaired Class of Claims or Equity
Interests must either accept the Plan or receive or retain at least the amount or value it would
receive if the Debtor were liquidated under chapter 7 of the Bankruptcy Code on the Effective
Date of the Plan.
Attached as Exhibit D is a liquidation analysis for the Debtor. If the Plan is not
confirmed, the Debtor’s case would be converted to a chapter 7 case. As is demonstrated by the
liquidation analysis, in a chapter 7 case the liquidation of the Debtor’s assets would not generate
sufficient funds to pay secured claims in full, much less pay a dividend to Administrative
Claims, Priority Claims or General Unsecured Claims.
Here's where it gets really GOOD!!!!
"In contrast, the Plan will provide for the payment in full of all secured claims,
Administrative Claims and Priority Claims, and will distribute Common Stock or convertible
notes and warrants to the holders of Allowed General Unsecured Claims and Allowed Equity
Interests. The Proponents have not projected the value of such Common Stock on the Effective
Date, but if the Reorganized Debtor can successfully develop its technology, the Common Stock
may increase in value. Since the Petition Date, the Debtor’s stock has been trading at between
$0.0001 and $0.0002 per share. If the Debtor’s share price continues to trade in that range after
the Effective Date, a creditor electing to receive 100 shares per each $1.00 of unsecured debt
would receive value of between $0.01 and $0.02 on that debt. Naturally, in the event that share
price increases because the marketplace determines that the Debtor’s value has increased prior to
confirmation of the Plan or will increase upon exit from bankruptcy under a confirmed Plan,
such value may increase to the benefit of all shareholders, including those creditors receiving
shares in exchange for debt. In any event, confirmation of the Plan will result in a greater return
to unsecured creditors than might be realized if this case were converted to a case under chapter
7 of the Bankruptcy Code."
All educated and reasonable comments welcome on what the Proponents are saying between the lines here. Thank you for any serious intelligent feedback!
GTLA... GO BRTXQ!!!
AI
