Doug,
If Ipm goes into chapter 7 the company is up for grabs, we would have to place a bid with the court and take the chance that someone would offer more.When IPM goes into chapter 7 all shares are lost. If we are the highest bidder we get the rights to Black Rock but , we have no Corp.Now we must form a Corp. the cost of which I don't know but i understand is very expensive. Also we have no mining person to operate the mine, and any person capable of running the mine does not come cheap. To think that any of us not experienced in mining could start up and run Black Rock would be complete foolishness.
If We made an agreement to pay off the debt of IPM, the cost has been estimated at $ 500,000.00 however, the cost could be more or less according to what the court decided. The cost to bring the mine to the capability to get money on it's own has been estimated at $ 750,000.00, bringing the total we need to $ 1,250,000.00. This figure is just an estimate. Is there anyone of the share holders who have the experience to run the mine, i doubt that, I helped bring a silver mine in Mexico in 1973 to the stage where it was ready to produce but that in no way qualify's me.
If we take over the mine before chapter 7 , we have a corp., no expense to form one, I know no one trusts Yellich But he would run the mine under our watchful eye on an expense account only until the mine was able to get money on it's own.
Suppose we had 10,000,000 share holders at .10 per share , that gives us $ 1,000,000.00, That leaves 12,000,000 shares that chose not to be a part of the new company,if we didn't, we all loose all shares, but sense we did the shares are not lost. We issue one hundred million shares for .01,. Each person taking part in the new company buy's shares according to what they own now. Then we do a 10 for 1 reverse split , if we had 10,000 shares now we would have 1000, that would be the same % that we had at 10,000. Our old shares would be cut the same way, the share holders that were not a part of the new company would loose 90 % of there shares, but that is a lot better than 100% lose.
This is just one way to try to save some of our investment, but I don't see how it can work without at least 10,000,000 shares being represented. this leaves the new company owning 10 million shares, the old company owning 1.2 million shares of which the share holders of the new company ownes .5 million, that leaves the new company owning 10.5 million shares, the share holders that did not take part still own .7 million shares. When completed the share holders of the new company own and control almost 94 % of the new mine, the share holders that did not take part in the new mine still retain 10 % of their shares and if we can make the mine work everyone wins if not everyone looses .
Paunch
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