Precision Aerospace Components, Inc. was never in Bankruptcy. Before acquiring the shell of PAOS, the previous company, Gasel Transportation Lines, Inc. was in bankruptcy. Not an unusual story for shell companies sitting out there.
Gasel was later bought by Venture Fund I,Inc. then by Jordan 1 which in turn was bought by United Assurance, S.A. on December 31, 2005.
The bankruptcy that was filed never was finalized and was dismissed by the Court on December 20, 2005.
There never was a bankruptcy finalized and Precision Aerospace Components, Inc. certainly was never any part of the BK proceeding at all.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.