"Not-so-essential" DD I uncovered during my search for info on the $3.5 million debt settlement that requires them to file by 2Q2007:
1)Phoenix was formed by a stock for stock exchange with the shareholders of Ro-Mac-Gold.
2) Taken from: “The Transcript of In Re Phoenix Associates Land Syndicate, Debtor, Charles P. Alonzo July 12, 2000”
- They never intended to become a public company but it was suggested to them by Capital Growth that they should be a public company and sell stock and we could raise money to buy subdivisions
- What drove them to Chap 11 wasn't mis-management of the company it seems. It was financing from the original Lender's Trust that was promised by Capital Growth to be completed and then cancelled. The additional shares that those Lender's Trust could buy were never bought. PBLS had already bought equipment for the pit based on that financing, and when the financing fell through, they ran out of liquidity before they really got started. PA went to California to pick up the check from the Lender's Trust and returned with no option but to file Chap 11.
- Real experience for PA is in doing subdivisions – PA and crew have built over 3000 homes
- Carolyn Alonzo was the wife of his original partner who passed away and then Paul married her. She, along with PA, is one of the largest single shareholders in PBLS, though numbers were not given
Ren
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis
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