Replies to post #4669 on Global Aircraft Solutions (fka GACFQ)

[Austinluv]

That's what I was thinking.

I just considered the fact that shares are not intangibles that can be shelved, they are bonds or debts owed to someone, and a trustee has to determine if the company is solvent enough to pay it's debts, or which debts it can pay and which debts get nothing.

Nothing was said about equity being unpaid or cancelled, as the many posters here have understood the filings, and someone posted a SEC rule sheet that explained how commons are left intact unless otherwise expressed.

also, the debt of the company was about 3 times the payoff, so that does leave room for SOME repayment of all debt. Usually if the debt is so deep that there is no hope for all the unsecured lenders, then yes, the commons fall into that category, but htis was a lightweight bankruptcy by most standards, in my opinion.

So, I hoping to hear about a reverse merger of Ascent into the shell of GACFQ shortly.