Richard, time for me to ask more questions for clearification.
To me the purpose of the Bankruptcy Court is to handle the debt of
the company if it goes into Chapter 7. But in Chapter 11 the main
focus of the court is to allow the company, us shareholders, an
opportunity to pay off the debt under the courts protection, and
then resume business.
I don't know the details of the Maxam merger, and again with my trust
in those we allowed to carry the ball, I perfer not to have this info
available to anyone that has not carried the ball.
But assume that the IPM shareholders that have pledged to buy Maxam
shares, mxam, at ten cents each will account for less than a dollar
on the dollar for the debt. If so, then the Court's next main focus
is to protect those who hold debt towards IPM, and if another party
approached the Court with a cash offer to pay the debt that was more
on the dollar than IPM shareholders, then even if the Court decided
that the Maxam merger was safe and sound and will happen if let, the
Court would have to consider the difference in payment for the debt,
and those wishes of the IPM shareholders that would perfer the Maxam
merger over another party paying off the debt with retribution of a
payment in IPMCF shares with dilution to shareholders.
Could be a big mining company with cash as they are collecting as such.
At this stage in the game I would perfer the Maxam merger not because
of a possible dilution, but its a knowned company and personnel that
will work for all our best interest.
Doug |
