RE: RE: Insiders bankrupting companyQ1 results look very bad. Cash in the bank is less than $2.3M
Amounts owing are:
Salaries $.7M form 2010 report estimate
Filing fees $1M estimate
Severance packages $.5M report states more severances were issued and more to come
Redemption of Debentures $1M
Equity for Skookum project @40% of $80M is $32M
Additional debt paydown to meet 1.3 DSCR $1M
Plant has never been able to generate money so no income.
Value of company is $8.5M @ 100M shares at 8.5 cents
How can they raise more money if it is just going into the company to keep it afloat? Who eles will be terminated because they can no longer pay the salraries and rents? How much will the additional severance packages be? How much to get out of the current leases? Any company looking at partnering or buying out the existing shareholders will see the predicament they are in and probably wait to buy at bankruptcy auction.
The worst is that a director's company is billing $20,782.00 in consultants fees as well as collecting directors fees. Is this not a conflict of interest?