Replies to post #4853 on Firstgold Corp (fka FGOCQ)

[downsideup]

It is interesting to note that the new owners don't have the debt issues to deal with that FGOC did... largely because the guys who held the original debt have opted under the new ownership to go a ahead and convert their debt holdings into shares in the new company... in which it appears they are the control parties.

http://ir.stockpr.com/pershinggold/company-news/detail/263/pershing-gold-corporation-converts-all-debt-from-relief-canyon-mine-acquisition

So, the resolution to the BK does end up with the bank pulling the plug on the project, and with the bank owning what used to be owned by the FGOC shareholders... the bank apparently happy enough now to be equity owners ?

Ignoring all the noise that occurred in the middle... this boils down to Platinum funding the development "almost" to the start of operations... but then pulling the plug on the project right at the point where it was ready to get going, in order to take the assets for themselves...