RE: RE: Asset ownershipHI
Thanks for that.
Under US law a security interest in mineral rights is perfected by enforcement through the court when the underlying secured loan is not paid. Paragraph 25 of the Petition for protection from creditors says that YSM has NOT perfected it's interest in the mineral rights that it has acquired from Mac Quarrie. YSM has been in "forebearance" even though they have not formally notified TLG that they were forebearing. So YSM like all creditors are "frozen" from acting against Tagish assets until and unless the court allows them to do that.
All of the above is based on US law. How US Bankruptcy law differs from Canadian law I do not know; but paragraph 25
tells me that YSM delayed too long and YSM does NOT have ownership of the TLG mineral rights beyond a claim for payment of the debt owed.
YSM is PROBABLY gonna have to bid for those assets since NUX has already made a bid for them. that's my view based on those docs. Thanks for providing them.