Thursday, December 16, 2021 10:54:25 AM
You apparently haven't followed this bankruptcy. The judge did indeed put the company into Chapter 7 after reviewing the company's "plan" and its operational history. And it is not any sort of "automatic part" of a chapter 11 bankruptcy, it only happens if the company cannot put forward a "plan" that is viable and that is accepted by the creditors/stakeholders who get to vote on it.
The shareholders didn't borrow the money, the company did. That's why some individuals choose to form LLC's or other corporations when they go into business, it keeps them and their assets from being collateralized by creditors who lend the business money.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
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