Firstgold Corp (fka FGOCQ)

[7Secret7Service7]

SHARE-HOLDERS are likely to realize Value

Also in the event of a "363 Asset-sale" the secured lenders are only entitled to collateral($19M). The relief canyon is a lucrative mine and serious profits have been made in the past. In the event of a sale(possible bidding War) the mine will most likely be sold for alot more then $19M & share-holders will realize value.

IMO there is a merger in the workings :)

From previous hearing - Firstgolds- MR. HARRIS: -- there is no right to pursue a 363 sale. But I’ll be glad to listen, and if it helps the creditors and the "shareholders", we’ll look at it very seriously. http://www.sidedraught.com/stocks/FGOCQ/04202010%20Hearing/Transcript-%5BCourtesy%20Iggles2009%5D-Reno_Firstgold%20Corp_042010.pdf


MR. HARRIS: Your Honor, we have approximately 40,
50-million-dollar NOL that we want to preserve, and there is benefit for the creditors as far as money --
THE COURT: So, you’re going to use their net
operating losses?
MR. HARRIS: No, no. We’re going to -- we’re going
to merge -- our goal is to merge with Dura Rock or have Dura
Rock acquire us or we’ll acquire Dura Rock, which will then
infuse --
THE COURT: The successor gets to utilize the NOL’s.
MR. HARRIS: Right. And then we’ll have some
infusion of monies so we can -- you know, the goal is to pay
the employee wage claims, to issue stock to the other accounts
payable creditors, and to have something in it for shareholders
if the code allows for it.

I wonder what was settled in the hearing today ??