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Gen III Oil Corporation V.PGK

"GEN III Oil Corp operates as an oil processing company in Canada. The concern owns the ReGen re-refining technology. It provides the ReGen technology which re-refines used motor oil (UMO) to produce Group III base lubricating oil (synthetic grade oil) in marketable quantities. Group III base lubricating oil sells for approximately 50% more than current re-refinery produced Group II products. The company's ReGen process utilizes common technologies in use throughout the world, but in a configura


TSXV:PGK - Post by User

Post by AuntiePennyon Feb 18, 2014 2:30pm
185 Views
Post# 22221215

Deliberate Bankruptcy?

Deliberate Bankruptcy?
Anybody here know bankruptcy law? Let's say we have 2 exploration companies, Company X and Company Y, owned/managed by the same people or by people with a collective interest. Company X makes a huge discovery and spends millions drilling but never does a 43-101. Company Y lends Company X a few dollars. Management then deliberately bankrupts Company X and Company Y claims the huge discovery (which has no established 43-101 value) against its loan to Company X. Would this scam work?
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