Who are you FOOLING??... not ME!.. the EBOF/EVFL 8K in it's ENTIRETY!...
" Item 8.01 Other Events
On November 14, 2007, Earth Biofuels, Inc. (the “Company”) executed an agreement with the group of noteholders who had petitioned for the Company’s involuntary bankruptcy (the “Noteholders”). The agreement required the Noteholders to dismiss their petition of bankruptcy, and required the Company to grant certain security interests to the Noteholders pursuant to a restructuring plan that confirmed the entire amount of debt due under the original notes held by the noteholders to be $100,651,173.
On June 30, 2008, as part of the restructuring plan, the Company closed on its share exchange agreement with PNG Ventures, Inc. that exchanged the ownership of the Company’s subsidiary, New Earth LNG, for 7,000,000 PNG common shares, which were secured by the Noteholders.
On December 23, 2008 the Company finalized an Amendment and Exchange Agreement with Castlerigg PNG Investments, LLC (“Castlerigg”) which granted the conversion of 5.6 million shares of its ownership in PNG Ventures, Inc. and new convertible debentures in the amount of $20,000,000. The new convertible debentures are convertible within twelve months at $0.50 per share, and the resulting debt reduction will reflect an approximate $70,000,000 gain on the Company’s income statement.
Castlerigg maintains certain security interests over the Company’s assets, and the remaining 1.4 million shares of PNG Ventures, Inc. common stock owned by the Company remain secured by the remaining Noteholders."
Where do you see the word forgive above??
At BEST!.. out of $100M OWED!.. Castle was paid $56M+/-(5.6M shares of PNGX @ $10+/-)... and the REST! of the money owed??....a $20M CD @ .50/share AND "convertible" series notes.. could be one and the same(CD/Notes)... in EVFL/EBOF shares.
..leaving only 10 million debt.. is just the TIP! of the iceberg.
GLTA!!
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