Tim, lets say the possible that Paunch mentioned happened.
IPM goes into chapter 7, and the court then liquidates the
properties of IPM when all money received to pay off debts.
At this point all ipmcf shares worthless forever.
Who at this point owns the rights to mine the Black Rock dirt.
Are the rights part of IPM's property and anyone can bid for them.
Or are the rights transfered back to Omega automatically for an
already set amount of money. If true that Omega can gets the rights
to the dirt without biding, then if IPM goes into chapter 7 its all
over for ipmcf shareholders. If the only way current ipmcf shareholders
that pledged their shares AND willing to input new money can keep
their hands on the mining rights to the dirt is to not let IPM go
into chapter 7, and this means to keep the IPM company continuing,
then this means the shareholders have to pay off the debt.
So, I'am guessing that to try and not pay the IPM debt means to let
the IPM company bite the dust in chapter 7, and to me I will bet that
this guarantees the rights to mine Black Rock will not be up for bid
in the courts, but will go to Omega for easy money, and Omega will
quickly pay up for it.
So to all those that say, don't pay off IPM's debt, or don't keep
the company IPM continuing, I say if we do that, then all is lost.
Now if someone can tell me above is not true because ....., then ok,
lets get the rights to Black Rock dirt and do something like that
long ago "group of 8" did, and we got good dirt and whatever that means.
Or if dirt rights are easily obtained with paying off debt, then
maby the "group of 8" would want to absorb us.
So, anyone suggesting not paying off the IPM debt either wants us to
follow their advice so we loose all, or they don't know the facts that
dictate how events unfold if done that way, and if so and if we did,
then they will say "hey, I was only trying to help, and the final
decision was yours, and you should have done better research and not
just take my advice at face value".
No chit.
Doug |
