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Posted On: 07/22/2022 10:34:42 AM
Post# of 36541
Sorry FanMail, but I can’t buy your comment "...the main hurdle is not the lack of a competent or motivated (or honest) CEO/CoB/Pres, it is the lack of an available bankroll to hire lawyers..."
“Do Nothing” Joe took the cowardly way out by just walking away from his responsibilities by letting OUR company (stockholders) go into an INVOLUNTARY Chapter 7. There is a HUGE difference between Chapter 7 and Chapter 11 processes.
https://www.sec.gov/reportspubs/investor-publ...pthtm.html
What is Chapter 7 Bankruptcy?
Excerpt: "Stockholders do not have to be notified of the Chapter 7 case because they generally don't receive anything in return for their investment. But, in the unlikely event that creditors are paid in full, stockholders will be notified and given an opportunity to file claims."
How Does Chapter 11 Work?
Excerpt: "The U.S. Trustee, the bankruptcy arm of the Justice Department, will appoint one or more committees to represent the interests of creditors and stockholders in working with the company to develop a plan of reorganization to get out of debt. The plan must be accepted by the creditors, bondholders, and stockholders, and confirmed by the court."
As for the cost of filing for a Chapter 11: https://www.debt.org/bankruptcy/chapter-11/#:...%20dollars.
Excerpt: "The Chapter 11 filing fee is $1,738, but that’s just the start since Chapter 11 bankruptcies are usually complicated. Expect to spend at least $10,000 on legal fees, though fees have been known to run into the millions of dollars."
The point is that a RESPONSIBLE, caring CEO who took his duties to the shareholders, who actually OWN the company, would have filed the Chapter 11 to have at least tried to salvage the corporation. Maybe the attempt would eventually fail, perhaps due to the ability to pay for lawyers, but at least an attempt would have been made. Now all we can do is observe the vultures disemboweling the GNBT carcass (our investment) before our very eyes.
“Do Nothing” Joe took the cowardly way out by just walking away from his responsibilities by letting OUR company (stockholders) go into an INVOLUNTARY Chapter 7. There is a HUGE difference between Chapter 7 and Chapter 11 processes.
https://www.sec.gov/reportspubs/investor-publ...pthtm.html
What is Chapter 7 Bankruptcy?
Excerpt: "Stockholders do not have to be notified of the Chapter 7 case because they generally don't receive anything in return for their investment. But, in the unlikely event that creditors are paid in full, stockholders will be notified and given an opportunity to file claims."
How Does Chapter 11 Work?
Excerpt: "The U.S. Trustee, the bankruptcy arm of the Justice Department, will appoint one or more committees to represent the interests of creditors and stockholders in working with the company to develop a plan of reorganization to get out of debt. The plan must be accepted by the creditors, bondholders, and stockholders, and confirmed by the court."
As for the cost of filing for a Chapter 11: https://www.debt.org/bankruptcy/chapter-11/#:...%20dollars.
Excerpt: "The Chapter 11 filing fee is $1,738, but that’s just the start since Chapter 11 bankruptcies are usually complicated. Expect to spend at least $10,000 on legal fees, though fees have been known to run into the millions of dollars."
The point is that a RESPONSIBLE, caring CEO who took his duties to the shareholders, who actually OWN the company, would have filed the Chapter 11 to have at least tried to salvage the corporation. Maybe the attempt would eventually fail, perhaps due to the ability to pay for lawyers, but at least an attempt would have been made. Now all we can do is observe the vultures disemboweling the GNBT carcass (our investment) before our very eyes.
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