Hi guys, just got back from Utah, we have a great group of folks on the EHC!!
You are correct Ken, those of us on the EHC have to be very careful what we post, we are working on a way to communicate our actions with the shareholders that is acceptable to the powers that be. lol
By the way, did y'all see this from the Massey filing???
2. Assumption of the Pre-petition Agreement, as Modified, Is In The Best Interests Of The Debtor?s Estate.
Under the ?business judgment? test, the Court should authorize the Debtor to assume the Pre-petition Agreement as modified. The Pre-petition Agreement, as modified, will provide to the Debtor revenue on a monthly basis. In exchange, all that the Debtor is required to provide is access to its properties and nothing further. Additionally, the Modified Agreement is very favorable to the estate, because, under the Modification, the magnetite need not be of any particular specified grade, and under any circumstance, Massey is obligated to pay to the Debtor $65,000 per month.
Additionally, Massey will not offset any amounts owed to Massey pursuant to the Massey Note or any other obligation. Instead, the Debtor will actually be receiving $65,000 cash, per month, under the Modification.
Under these circumstances, the Debtor submits that the Court should authorize the Debtor to assume the Pre-petition Agreement as modified by the Modification.
AI
