Magnum d'Or Resources, Inc. (fka MDOR)

[Makamai]

AWESOME NEWS: From the 10Q, in regards to the Colorado purchase:

Note 2 – Pending asset acquisition

On January 31, 2009, the Company signed a letter of intent (“LOI”) with Tire Recycling, Inc. of Hudson, Colorado (“TRI”) to acquire all of its holdings and assets (“Hudson assets”). TRI owned and operated a facility consisting of buildings, equipment, and inventory in excess of 30 million used tires and is located on a parcel of 120 acres of commercially zoned land. As part of the LOI, Magnum paid the owner $150,000 for an exclusive right to purchase the assets for a period ending June 30, 2009. The $150,000 was paid with 335,000 shares of restricted common stock with an average price of $0.445.

On April 1, 2009, the Company learned that TRI was in Chapter 11 bankruptcy reorganization. This created several complications including the disallowance and voiding of previous agreements negotiated to that date. This prompted Magnum to rescind the 335,000 shares previously issued under the LOI. The Company continued to negotiate under the rules associated with Chapter 11 Bankruptcy law. Earnings per share were based on the removal of these shares from the issued based and is reflected in the weighted average calculation.

On June 4, 2009, the Company incorporated a new wholly owned subsidiary in the State of Nevada under the laws of Nevada called “Magnum Recycling USA, Inc. (“Magnum USA”) for the express purpose of transferring the Hudson assets to own and operate a recycling facility in the United States.

Also in June 2009, all TRI assets were subsequently assigned to a court appointed Trustee to administer the sale of the TRI assets. This event prompted Magnum to acquire several secured and unsecured liens of TRI in a move to solidify its standing with the Trustee and the bankruptcy court. Magnum was able to acquire all secured liens currently held against the property and its assets.

Also in June 2009, all TRI assets were subsequently assigned to a court appointed Trustee to administer the sale of the TRI assets. This event prompted Magnum to acquire several secured and unsecured liens of TRI in a move to solidify its standing with the Trustee and the bankruptcy court. Magnum was able to acquire all secured liens currently held against the property and its assets.

During this same time period Magnum negotiated a successful purchase from the Trustee of the Hudson assets for the amount of $6,500,000 in cash or like cash. The Trustee subsequently approved the offer after the statutory notice and bid period was satisfied.

On August 4, 2009 the Federal Bankruptcy Court in Colorado approved the sale and subsequently issued a motion for the sale of Hudson assets to Magnum. Final audit, transfer of the assets, and closing of all ancillary operations is scheduled for August 25th 2009.

The total acquisition commitments made as of June 30, 2009, included the Asset Purchase Agreement of $6,500,000 plus the acquired unsecured liens and accrued expenses for professional services. The asset acquisition costs incurred by the company, aggregating $7,418,283 as of June 30, 2009 are made up of the following items:

Cash -----------------$ 3,100,000
New debt ----------- $ 3,408,103
Shareholder advance --$ 200,000
Non-cash costs (stock) $ 550,000
Professional fees ------ $ 160,180

TOTAL ------------- $ 7,418,283


http://www.secinfo.com/d12TC3.s1Bgb.htm