Continuation of my prior post to Paunch. So that I am clean in my
understanding of Larry's recent post, I copy parts of it, and comment.
First, I am aware that I'am using the 1 million dollar number to
represent 1/2 for debt and 1/2 for prove dirt. I think Paunch had
a 1/2 and 3/4, and Larry had the total as 2. From this I have an
assumption, an question, and maby an issue. I'am assuming that we
the current shareholders are still the legal owners of IPM, eventho
the bankruptcy court has control. Also, that IPM has no board of
directors, and who represents IPM in the court is not knowned to me.
If the court is presented with a buyout offer, the fact that Paunch
posted a couple days ago that this was possible, then Paunch should
know what person would represent current shareholders to the court.
Lets say we decide to buy out IPM with 1/2 million dollars going to
the IPM debt, and 1/2 or more needed up front to safeguard our buyout
of IPM and get evidence that the dirt is good dirt thru proving it.
Now my question is, in what area or arena or agency do we have the
ability to issue the 100 million new ipmcf shares that will only be
available for buying by current shareholders. Can a shareholder buy
only a percentage based on currently owned percentage, and if so, then
will those shares not brought be available on a first come buy basic.
Another question, can a current shareholder do as I wrote in one of my
past posts, sell their shares, and if so, to anyone ?
(from Larry's post)
<<< issues 200 million new shares at .01 to raise $2 million.
... new money investors now own a substantial majority of IPM.
... but, your existing shares become almost worthless because
they represent such a small proportion of the company.
In order to gain control over the ownership of the company,
you have to realize your existing shares are worthless.
Comprende? >>>
A quick rebuttal to above:
I currently have 110,000 shares.
I put in US $10,000 and buy at .01 per share, get 1,000,000 shares.
Now I got 1.11 million shares, and if we can prove the dirt and get
back on CDN, then my initial 110,000 shares will most likely be .01.
So to key on Larry's word above of "worthless", the shares of those
current ipmcf shareholders that do not add new money and buy some of
the newly issued 100 million shares at $.01 each, will in cold hard
facts result in near worthless shares. My current 110,000 at .01
sold will return to me $1,100, whih is less than the commission I
paided to broker. But using me as an example that will throw good
money after bad, my $10,000 gets me 1 million shares, and if after
a year or more, very good things happen, and a share raises to .05
(five cents), then my $10,000 of new money would return on 1,110,000
shares, $55,500 which is possible, as is zero, but not as sure as the
zero guaranteed by no buy out.
Doug |
