Emerging Penny Stocks

[GreekSeas0ning]

ESPIQ DD and why I bought into this Q

The previous 8-K said bankruptcy happened and that company is "debtor in possession" Chapter 7 https://www.otcmarkets.com/filing/conv_pdf?id=11316820&guid=qOSqUetBNHuktth

Chapter 7 = full liquidation, explanation below

"In a Chapter 7, a list of all of your assets and debts is filed with the bankruptcy court. The court will appoint a “trustee” to represent the interests of your creditors and can sell your property to pay debts."

That happened December 23, 2020 https://www.inforuptcy.com/browse-filings/texas-southern-bankruptcy-court/6:16-bk-60021/bankruptcy-case-esp-resources-inc

they sold all the "assets" to cover all the "debts" with some remaining debt tossed out (some of the debt was tied to more share being issues back in 2014 read below so this means DL may own commons here or there may be less OS and Float than we think).

The petition for custodian happened right after (Does DL have a buyer?)

ESPIQ may not need a proof of claims since there is no old debt attached or notes anymore from Chapter 7 proceedings - it is possible if DL gets this one it can be expedited for sale. Proof of claims is always a nice added security extra but not be needed here since court tossed out all debt and assets already.

The last 10 Q has "Common stock - $0.001 par value, 350,000,000 shares authorized, 237,830,249 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively"
https://www.otcmarkets.com/filing/conv_pdf?id=11021097&guid=qOSqUetBNHuktth

"There were 237,830,249 shares of the Company’s common stock outstanding as of April 13, 2015. "

https://www.otcmarkets.com/filing/conv_pdf?id=10627380&guid=qOSqUetBNHuktth

and

"237,630,249 and 156,230,249 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively"

https://www.otcmarkets.com/filing/conv_pdf?id=10627380&guid=qOSqUetBNHuktth

This means from 2013 to 2014 the OS increased from 156,230,249 to current 237,830,249 - small possibility DL has those shares or proxies bought them up Sept 15, Oct 14/15 and again on Nov 16 - Nov 24 was the petition for custodianship... so the buying of stock happened all before Custodianship announcement and after major ESPIQ Bankruptcy Trustee filings describing the cancellation of debt after assets were sold off... initial buying happened after the US Trustee did his second to last and final filing with the court in TX over the ESPIQ BK --- that cleared all the former debt and assets. DL can see court papers legit since he is a lawyer as well before we can sometimes.

In other words, DL started buying shares in ESPIQ after court papers showed the debt was canceled after assets were sold to debtors. Once final report came out in the TX Court from US Trustee he then files petition (after he or some proxies buy up more tens of millions of shares). The petition was filed with the court date a week or so AFTER the bankruptcy was completed (brilliant timing).

Told you DL is a genius. You can check up on the custodian court process by searching Case A-20-825359-B here https://www.clarkcountycourts.us/Portal

GLTA here in 2021 go $ESPIQ