Doug,
We are attempting to see if there is enough share holders willing to risk new money to try to save the black rock area, not IPM. IPM would die and all shares of IPM would die with it, therefore any shares not taking part in this venture would simply loose all of their shares, only the share holders that risk new money would receive new shares according to how many shares they held in the old IPM.
The $ 1,250,000.00 is an maximum, we might can do this with $ 1,000,000.00 or less.
The out side money i was refereeing to was money the new company would be able to attract on its own because of the value it had built up.
The new company would have at the start only one employee until it was able to get money on its own. That one employee would work on a minimum expense account only until the company was able to get its own money from the outside.
This is an attempt to save the investors of IPM from loosing all of their old investment, it can work if we have enough share holders who are willing to risk new money.
We the share holders would control all spending, no credit would be allowed without the consent of the board which would be made up of five share holders, the professional that we hire to run the company would not set on the board.
This is all just an example of what can be done, that is why i need input from all share holders that wish to be a part of the new company.
All of the people out there that are not share holders and will not be a part of the new company, we don't need or want your opinion.
John Yellich is in favor of this buyout and I will be speaking to him today and i will post what ever information i can get from him.
When this is over either through a buyout or a chapter 7 , i will post under my real name, and i can guarantee you i am just a share holder the same as you.I post under the name of Pounch because using my name might hinder my ability to get information about IPM.
Paunch |
