GREY:BIXZF - Post by User
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TSX-BEARon Oct 02, 2013 11:03am
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Post# 21784272
BXI finally dies and Chris Carl and Chris Schnarr live rich
BXI finally dies and Chris Carl and Chris Schnarr live richBy filing for CCAA it is official that BXI is now a dead and defunct company.
Even a sale of the patents to creditors will not be enough to pay off their millions of debt that exceeds their assest sale of plant and equipment
Someone creditor or white knight will become the debtor in possession (just as in the Timminco filing) and they wil own the debt and patents and the shareholders will get nothing as they will cancel all current common shares and issue new share structure as GM did. They can then re-list as a new company with a new IPO or go private. Bottom line the current bag holders are screwed.
Chris Carl and Chris Schnarr made millions in share sales above $ 2.00 and in $ 250,000 annual salary.
They never bought common shares in 2011 or 2012 or 2013 but gave themselves free options and in Nov 2012 the money loaned to the company was secrued with a debenture which will be repaid from th esale of the pant and equipment.
The insiders did not lose but the common share holder believers like Buckrod (smoke coming out of the plant) and 1320racing and Gadfly etc etc did lose.
The shares are halted now and after the delisting next month you can use the realized capital loss for the tax season of 2013 against any capital gain retro to 3 years and forward indefinitely if you record it properly - you can consult your CA (hey - Chris Schnarr is a CA !)
They are dancing on the grave of BioExx with their bonanza from the last 5 years of lies and misleading statements - ( we are hours and days - not weeks or months before 24/7 continuous protein production) yet we find out now that most of the millions of dollars worth of new equiment was still in boxes unopened and never used)