Posted On: 03/18/2015 1:29:07 PM
Post# of 43066
Re: PaperProphet #18422
You are dead wrong.
By becoming a major creditor not only has Seneca secured payment in some form he actually stands a 100% chance of recovering his money than if he were still just a shareholder if this happens.
Shareholders will be extinguished with no value.
The second P2O defaults to Seneca he files an involuntary bankruptcy as well as most likely ending up in court again for the same action.
The liquidation of bankruptcy alone will pay Seneca as a creditor.
Then add in the revival of the court action.
Judges tend to not like being played by the fact they signed off on a settlement and one entity that never intended to make a single payment.
By becoming a major creditor not only has Seneca secured payment in some form he actually stands a 100% chance of recovering his money than if he were still just a shareholder if this happens.
Shareholders will be extinguished with no value.
The second P2O defaults to Seneca he files an involuntary bankruptcy as well as most likely ending up in court again for the same action.
The liquidation of bankruptcy alone will pay Seneca as a creditor.
Then add in the revival of the court action.
Judges tend to not like being played by the fact they signed off on a settlement and one entity that never intended to make a single payment.
Quote:
except I suspect Mr. Seneca won't see any money from PTOI, ever.
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