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Gold/Mining/Energy : Alta Gold
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To: Bucky Katt who wrote (705)4/15/1999 10:28:00 AM
From: hoopsville  Read Replies (1) of 749
 
ALTA stockholders have not lost everything yet. Companies often evoke Chap. 11 to give them protection against current obligations. If the parties can work out a restructured, delayed payment schedule and the court agrees, then stockholders could be rendered whole again. A good example of this would be Texaco taking Chap. 11 protection until agreement with Pennzoil was reached. Texaco did this to keep Pennzoil from immediately seizing their assets when they lost the lawsuit concerning the Getty merger.
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