Replies to post #151764 on Sarissa Resources Inc (SRSR)

[All-Bidness]

You are assuming they are creditors. The law requires that the creditor can prove that the debts can be verified and are of sound origin.

Meaning that such transaction were approved by the board of directors which would require the transactions were done for the benefit of the shareholders. That actual and beneficial services or goods were supplied in exchange for the debt.

So they may or may not be creditors. If they can't provide debt verification and payments were made on the supposed debts they may actually be debtors who owe the company money.

Dan can't just put a liability on the books that pays him 5 million dollars. It would have to have been board approved and be vetted against insider arms lengths negotiations and be shown to provide benefit to the shareholders.

[All-Bidness]

You are correct that it's possible for creditors who can verify their debts to also be able to call for a shareholders meeting to elect new directors but it's not an easy things not inexpensive for a creditor to achieve.