Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Yukon Nevada Gold Corp T.YNG



TSX:YNG - Post by User

Comment by goodtoreadthison Aug 27, 2010 11:53pm
331 Views
Post# 17392210

RE: RE: Asset ownership

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.
<< Previous
Bullboard Posts
Next >>