Replies to post #100863 on CMG Holdings Group Inc (CMGO)

[StockScout1]

In 2015 this ABC took place.. Finished and over with a long time ago.

With the ABC, CMG was able to eliminate all XA's debt. After waiting four years, we are finally debt free at the XA level leaving the business in a great position going forward. XA's fundamentals are improving and the unit has a very clean capital structure, which is the best of both worlds. Overall, CMG finished the quarter with a cash position of $317,000.

To finish this update, I'd like to give a preview of XA and their business outlook. To this end, we are currently negotiating with three new clients on installations each in excess of $1 million. In addition, we continue to see our clients returning with typical $50K - $100K jobs on a repeat basis. Overall, I am optimistic about returning XA to strong growth which I projected just a short time ago. Of course, we will remain humble and push very hard to make it all come together. In closing, I cannot say enough about the great job my daughter and her associate Armon Lewis continue to do. Keep up the great work everyone."

In Illinois, the (ABC) Assignment for Benefit of Creditors is a good alternative. In an Assignment, you decide that it is in your company's best interest for an independent trustee to liquidate the company's assets outside of court supervision. ... Sometimes, the assignee will simply transfer the assets to the secured creditor.