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Microcap & Penny Stocks : Sinclare (SNCG) / cyberlinx
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To: Willsgarden who wrote (2397)11/10/1997 2:42:00 PM
From: Dee Jay  Read Replies (1) of 2696
 
what's your definition of bankrupt? No business income currently because there are no current operations, very likely a huge deficit from the last quarter in which it actually operated that outweighed the net worth of the company, yielding a negative net worth, highly probable that employees are owed big bucks with little likelihood of ever getting paid - what do you call that?

It may be that there was no official pronouncement of death but that is one cold body lying (literally) out there, IMO. Any movement in the chest is from the worms burrowing inside!

Of course one LS might wave a magic wand and put a few jolts of electricity into the bolt heads protruding from the neck and there could be a sudden shout of "It lives!" but it'll take more than magic to get rid of the claims against SNCG - and if it even ends up with some assets you can be sure a class action will work to chip away at them.

No, it's more likely that "someone" will make a deal to selloff whatever "assets" (questionable as to what they might be) to a 3rd party and any proceeds will go towards paying off "secured" creditors which might well end up being related (in one form or another) to guess who so there'll be zippo left to unsecured claimants (e.g. employees of the erstwhile SNCG) who'll end up holding one empty bag.

It'll be exactly the same situation as the predecessor employees of the shell company that was bought up so as to have a publicly traded entity with which to play. Check on the origins of SNCG and you'll see what I mean - the printing company that was the shell.

Dee Jay
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