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Posted On: 10/21/2022 4:11:12 PM
Post# of 36541
Actually, the Generex proceedings have been progressing quite rapidly. The last bankruptcy stock I owned took over ten years to complete. Like Generex, a Stalking Horse bought all the assets, for $500,000,000 and then took the company private. We stockholders got half billion in cash and all the debt. Then the creditors swooped in. For ten years, right to the very end, the monthly balance sheet show “Stockholders’ Equity” in the millions of dollars, starting at $500 mil and then slowly being reduced, as creditors carved out their share. In the end, the lawyers got over $50,000,000 and the shareholders got $0.00. http://www.kccllc.net/chesapeake
The outcome for the GNBT shares has an inevitable conclusion. For those who bought GNBT stock after the NuGenerex shares were given out, I also know your pain for I too bought more GNBT shares and will see nothing in return. Thus is the risk one takes when buying OTC stock, especially for under $1 pps.
But for those of us that do own NGIO(NUGX) shares, we can feel lucky that Joe did create Nugenerex as a separate corporation and move the most valuable assets under its control. Had that not happened, then the Stalking Horse would be paying $1.5 mil for all of Generex valuable assets, and we would definitely get nothing.
So, we should know early next year if/how much our NGIO is worth and hopefully get a complete report on where and how the new majority shareholder(s) will use and develop NuGenerex assets.
Considering that the first bankruptcy document was filed April 23rd of this year, I’d say less than a full year to have an outcome is way better than 10 years.
The outcome for the GNBT shares has an inevitable conclusion. For those who bought GNBT stock after the NuGenerex shares were given out, I also know your pain for I too bought more GNBT shares and will see nothing in return. Thus is the risk one takes when buying OTC stock, especially for under $1 pps.
But for those of us that do own NGIO(NUGX) shares, we can feel lucky that Joe did create Nugenerex as a separate corporation and move the most valuable assets under its control. Had that not happened, then the Stalking Horse would be paying $1.5 mil for all of Generex valuable assets, and we would definitely get nothing.
So, we should know early next year if/how much our NGIO is worth and hopefully get a complete report on where and how the new majority shareholder(s) will use and develop NuGenerex assets.
Considering that the first bankruptcy document was filed April 23rd of this year, I’d say less than a full year to have an outcome is way better than 10 years.
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