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Friday, March 14, 2014 1:44:22 PM
$50,000 to be injected into RTXBq as part of the reorganization plan!
ARTICLE VI MECHANICS/IMPLEMENTATION OF PLAN
http://www.scribd.com/doc/212464281/Republic-of-Texas-Brands-Inc-BK-Petition-13-36434-Bjh11-Doc-36
Upon confirmation of the Plan, the Debtor shall receive a cash infusion of $50,000 from Jerry Grisaffi. These funds will be used to cover overhead and to operate the company and make any Plan payments, if needed. This cash infusion will be repaid without interest in 36 equal monthly payments commencing 180 days after the Effective Date (“New Note”). The New Note can be converted at anytime to shares of stock. In the event of conversion into stock, the New Note holder will receive 50% of the outstanding balance on the New Note at time of conversion in stock. To be converted at 50% of the bid price over a ten day average. The Debtor shall issue stock under 11 U.S.C. section 1145 to the Class 3 creditors.Additionally, the Debtor shall purchase Chill Texas, Inc. In exchange for 5,000,000 shares of stock in the Debtor. The Debtor currently has 702,433,700 shares outstanding. Of these 500,000,000 aresubject to the pending Adversary proceeding against Welch. After the purchase of Chill Texas,Inc and the issuance of shares for insider debt the Debtor (assuming a return of the Welsh shares)will have 207,811,541 shares outstanding before the Plan shares are issued.
ARTICLE VI MECHANICS/IMPLEMENTATION OF PLAN
http://www.scribd.com/doc/212464281/Republic-of-Texas-Brands-Inc-BK-Petition-13-36434-Bjh11-Doc-36
Upon confirmation of the Plan, the Debtor shall receive a cash infusion of $50,000 from Jerry Grisaffi. These funds will be used to cover overhead and to operate the company and make any Plan payments, if needed. This cash infusion will be repaid without interest in 36 equal monthly payments commencing 180 days after the Effective Date (“New Note”). The New Note can be converted at anytime to shares of stock. In the event of conversion into stock, the New Note holder will receive 50% of the outstanding balance on the New Note at time of conversion in stock. To be converted at 50% of the bid price over a ten day average. The Debtor shall issue stock under 11 U.S.C. section 1145 to the Class 3 creditors.Additionally, the Debtor shall purchase Chill Texas, Inc. In exchange for 5,000,000 shares of stock in the Debtor. The Debtor currently has 702,433,700 shares outstanding. Of these 500,000,000 aresubject to the pending Adversary proceeding against Welch. After the purchase of Chill Texas,Inc and the issuance of shares for insider debt the Debtor (assuming a return of the Welsh shares)will have 207,811,541 shares outstanding before the Plan shares are issued.
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