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Posted On: 03/29/2023 11:04:24 AM
Post# of 22462
Well you can be hopeful about things happening over the next 12 months, but the current reality is that there was a scheduled hearing in the Riverside CA court case yesterday concerning the appointment of a Receiver for the company. since QMC and Squires still owe about $4 million to Schloss' widow based on the judgement last May.
My guess is that if the company goes into receivership then any assets with value would get seized/sold off in Bankruptcy Court.
Pasaca holds Senior Secured Notes on the order of $10 million so they are not in the same boat as the Common Shareholders.
I don't see this ending well for the Common Shareholders.
Quote:
03/28/2023 08:30 AM
Hearing re: Motion Appoint Receiver by CHERYL SCARINI SCHLOSS SPECIAL ADMINISTRATOR FOR THE ESTATE OF EDWARD JAMES SCHLOSS
Manuel Bustamante
Department PS2
My guess is that if the company goes into receivership then any assets with value would get seized/sold off in Bankruptcy Court.
Pasaca holds Senior Secured Notes on the order of $10 million so they are not in the same boat as the Common Shareholders.
I don't see this ending well for the Common Shareholders.
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