LT... The debt will still have to payed though (26 mil).
"Lumea, Inc completed the filing of Chapter 11 for two of its subsidiaries, Lumea Staffing, Inc and Lumea Staffing of California, Inc."
They can sell those two subsidiaries for whatever they are worth, but what will be left of Lumea? I mean has each State his own subsidiary? Lumea Staffing of California, Inc. = California (duh), but isn't Lumea Staffing, Inc the umbrella for all other states, or just on its own?
-----------------------------------
The Registrant and its financing subsidiary received notice of Complaint filed by the Shelter Island Opportunity Fund, LLC (“SIOF”) in the Supreme Court of the State of New York, County of New York seeking payment of all sums due ($2,091,082.65) together with contractual interest and fees, possession of the plant, equipment and inventory located in Durant, OK, subject to existing first mortgages. The Company’s statutory agent has been served with the Complaint, however, the complete filing was not received. Upon receipt of the entity pleasing the Company will evaluate its alternatives, will attempt to restructure the existing debt with SIOF.
Do they loose Synergyn too?
-----------------------------------
From the 8k 08/09/2011
The Company has become aware that 9,955,500 common shares of its stock originally issued to Clifford Blake (“Blake”) in conjunction with the acquisition of certain assets from him and other sellers in March 2009, and the subject of certain litigation for rescission against Blake, have been transferred to ACE American Insurance Company (“ACE”). These shares were transferred pursuant to a Judgment Against Garnishee Clifford Blake (Arizona Superior Court CV2009-030709) by which ACE became the holder of these restricted disputed shares for which the Company still seeks rescission and cancellation. As of August 8, 2011, these shares represent 5.6% of the outstanding shares of Green Planet Group, Inc.
Somebody said that ACE is our second largest shareholder now, but are those shares not sitting there waiting to be cancelled and dissolved?
I know I'm not the sharpest tool in the shed but this doesn't look good to me... to much "court" stuff going here...
Who is going to fund the billion $ project with a company who has a Chapter 11 & ACE's shares waiting for a rescission...
I'm looking for intelligent answers here in laymans terms please?
