Ignis Petroleum Group (IGPG)

[pennystocksnewb]

either bk occurs, or they will convert the debt into stocks.
in the 10ksb, it says that debt was worth 1,131,678,487 shares on june30, when the price was 0.0045
now assume they will convert at 0.0015, that would be worth 3.4 Billion of stocks
which is about 26x of what the company issued already

either this company goes bk, or it goes to 0.0001

however i think the later one is more likely since the debtors will probably get more money back that way