Replies to post #13068 on Petrone Worldwide Inc. (fka PFWIQ)

[horst]

Yeah, that's what I had thought as well, though I tend to defer to JoeFyffe on these matters. Anyway, if somehow it's resolved sooner, it'll be a nice surprise. Lazar usually gets out of these hearings in good shape. With QUT* he settled a $25K claim with 50m shares, another was disallowed, and now all future claims are not valid, so that was a very good outcome. What I frankly like about this ticker is that it's been so easy to build a large position after that 100M shares were scooped up a couple weeks ago. If there's a built-in wait, folks get impatient and move on to another stock, which is fine, but it's been nice grabbing lots of 4s and 5s. If past is any precedent, they'll pay off big in the long run...

[Joefyffe]

A "Motion" is an application or request for approval of the court.

Required Proof of Claims process in a nutshell...

They submitted a motion for Req’d Proof of Claims for PFWIQ on 29 July. The hearing to get court approval is typically set for 30 days out, hence a 31 August hearing date. Once approved and order is signed by the judge, Lazar’s lawyer attempts to notify all known creditors and advertise in the public notices section of a newspaper for 20 days. Submit proof of advertisement to the court after 20 days. Receive claims submitted to court or Lazar's attorney by creditor, if any, along with documentation supporting the claim. They can negotiate a settlement prior to court. Request a hearing to settle/excuse debt. Receive a hearing date about 30 days out from the date of request. Get court approval to settle/excuse debt. Clean (debt free) shell.