Replies to post #21270 on AmeriResource Technologies Inc. (fka ARIOQ)

[janice shell]

Pretty much… Though it's not quite a "takeover", since Robins is CEO of both ARIOQ and Payroll Funding...

[jet101]

AmeriResource Technologies Plan Filed -- AmeriResource Technologies filed with the U.S. Bankruptcy Court a First Amended Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "Under the Plan, [Payroll Funding Company (PFC)] will be the Plan Sponsor and will contribute $25,000.00 in new capital and will reduce the principal balance by $30,243.48 and the interest rate on its secured note from 12% to 6%. In return, all old Equity Class 4 Interest Holders shares shall be extinguished and PFC shall receive 100% of shares of stock of the Debtor. The assets of the Debtor consist of pre and post-petition account receivables and cash, which are subject to the secured lien of PFC. the Debtor also has net operating losses (NOL) on its book that it will be able to set-off against future profits. The Debtor has valued the NOL's at zero based upon the fact that the NOL's are not transferrable.