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Gold/Mining/Energy : ATPG Shareholders -- Ignore unavailable to you. Want to Upgrade?

To: mrpanick who wrote (135)	8/28/2012 8:11:10 PM
From: billgatesisevil	Respond to of 3620

Bankruptcy laws are different in England than they are in the states. There is basically only a Chapter 7 and no Chapter 11. The firm does not pass go, does not collect anything, and goes straight to receivership. This is also true of firms that are incorporated where British law is observed such as the Bahamas. AES let their Drax sub go this way during the IPP crisis since they could not afford the insurance on it after 9/11. The points you made are quite valid and should deserve a hearing. PB messed up his fiduciary responsibility to the shareholders and then put the company into the "zone of insolvency". Easing him out of his management role will probably be a requirement for exit. The CFO has to fall on his sword too. He is a total fuck-up.