Circa Pict. & Prod. Co. Intnl Inc. (fka CPPD)

[old_timer99]

Redfisher, define my "double talk". A bankruptcy is the inability of an entity to pay off debt even after liquidating all of it's assets into cash. TMM liquidated all of its assets to pay-off its toxic financiers. There are no assets left to liquidate into cash to pay-off creditors. So TMM cannot seek BK protection from the court.
Where am I off? And, what does being a director have to do with this? The liquidation clause and the toxic financing terms were disclosed by the company and approved by the shareholders.