Chapter 11 Merger with Profitable Private Business...
It looks like this is the new stock. "Midwest had agreed to purchase 15,000,000 new common shares for $500,000 to fund its planned identification and combination with a profitable privately-held business. "
Note 8 - Bankruptcy Proceedings
On August 28, 2006 the Company was served with notice that three of its creditors filed an Involuntary Petition for relief under Chapter 7 of the U.S. Bankruptcy Code in the United States Court for the Western District of Kentucky in Louisville, KY (Case Number 06-32184), and that it had 20 days to examine the veracity of the claims of the petitioners, of which one was Midwest, and respond before the Bankruptcy Court.
On September 18, 2006, the Company responded to the Bankruptcy Court acknowledging that it was indebted to the Petitioners, however, that it had been paying its creditors as agreed or seeking an agreeable basis for payment with them. To that extent, the Company requested that the Bankruptcy Court supervision sought by Petitioners be pursuant to Chapter 11 instead of Chapter 7 of the Bankruptcy Code, which the Court approved on October 30, 2006.
On July 10, 2007 the Bankruptcy Court approved the mailing of our plan of reorganization to creditors to vote upon within the sixty day period ended September 8, 2007. The plan provides for the creation of a new common stock which would be issued on the following basis: 1) one new share for each dollar of indebtedness extinguished, 2) ten new shares for each share of preferred stock cancelled, and 3) one new share for each 100 shares of old common stock cancelled. On September 9, 2007, the Company advised the Bankruptcy Court that its plan had been accepted by creditors, and that subject to the court's confirmation of the Company's plan, Midwest had agreed to purchase 15,000,000 new common shares for $500,000 to fund its planned identification and combination with a profitable privately-held business.
The Company's plan was confirmed by the Bankruptcy Court on October 26, 2007. The terms of the Plan provide for the Company's creditors to receive one share of newly issued common stock (New Shares) for every dollar of allowed claim expunged, preferred shareholders to receive ten New Shares for each preferred share cancelled, and common shareholders to receive one New Share for every 100 common shares cancelled under the Plan. Following the distribution provided by the Plan, the Company's 69,870,517 common shares outstanding will have been replaced with approximately 25,000,000 New Shares. The accompanying interim financial statements have not been adjusted to give effect, retroactively, to the Company's confirmed plan of reorganization.
I think it will be harder to buy next week, it was only last night that I found out about the chapter 11 merger agreement with a profitable company
old shareholders (AMBC) are getting 1 new stock of ARBU for every 100 shares of old stock AMBC which is why they did the 100 to 1 r/s last year bringing the old shareholder holdings to less than 700K shares
they still have to reveal which profitable company is taking over the shell with NOLs
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