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CryptoStar Corp V.CSTR

Alternate Symbol(s):  CSTXF

CryptoStar Corp. is a Canada-based self-mining cryptocurrency producer. The Company and its subsidiaries operate in the distributed ledger technology space, utilizing specialized equipment (miners) to perform computationally intensive cryptographic operations to validate transactions on the Blockchain (mining), receiving digital currencies (primarily Bitcoin). The Company operates through three segments: self-mining, hosting and miner sales. The Company is the supplier of graphics processing unit (GPU) and Australian securities and investments commission (ASIC) miners & hosting solutions worldwide. The Company also provides equipment hosting services to customers worldwide, for which services the Company receives hosting fees, as well as sells miners to customers. The Company operates data centers in the United States and Canada. Its wholly owned subsidiaries include CryptoStar Holdings Inc., CryptoStar USA, Inc., and Neuro Digital Inc.


TSXV:CSTR - Post by User

Bullboard Posts
Comment by aldube30on Apr 21, 2017 2:47pm
137 Views
Post# 26150227

RE:RE:New Documents [English Version]

RE:RE:New Documents [English Version]Yes, it is. Everything translated above is accurate. For those who were asking what is hand written, it is only the confirmation that extension is granted, because of the fact and representation done by Trustee.

Just wondering what is «significant» for him. It really looks like we'll get something out of this one! 

sblackiceg wrote: ~ This translation is accurate

My take on it is: Great News about great buyers! will continue to update the board as further DD comes in!

Night Gathers & So My Watch Begins.

User image



sblackiceg wrote: Important Points


7. "Since the filing of the Notice of Intent, the Debtor's activities have been limited to finding a purchaser in a context of continuity, with the purpose of presenting a proposal to its creditors;"

8. "Indeed, the Debtor has worked to identify potential buyers, to contact potential buyers, and then to analyze and review the bids received;"

9. Finally, two (2) of the bids received could allow for a potentially full payment of secured claims and the distribution of a large dividend to unsecured creditors;

 
10. The holidays of the Jewish and Christian Passover in April delayed the processing of these offers and the effective progress of the file; Acceptance of one of the two offers will enable the Debtor to make a proposal to its creditors before the expiry of the additional period to be granted;

Since 9 March 2017, the process to identify potential buyers has continued and several parties have been contacted.

12. In early April 2017, offers were received from various parties, which should be analyzed and clarified. Two of the offers appear to be able to allow full payment of secured claims and a significant dividend for unsecured creditors.

13. However, given certain restrictions caused by religious holidays during the weeks of April 9 and April 16, Passover and Easter, we were not able to move forward effectively.

14. The Debtor submitted an application to the court for an extension of time to submit a proposal. This period is necessary in order to determine which of the tenders can be selected, with a view to making a viable proposal to the debtor's creditors.

15. In view of the fact that the Debtor plans to maintain a positive cash position, as presented in the Statement of Cash Flow Statement covering the period of time requested and referred to as Exhibit B, the requested extension can not cause serious prejudice to One or the other of its creditors.

16. If one of the two offers materializes, the Debtor will be able to make a proposal to its creditors during this extension. However, if the extension was not granted, a bankruptcy would result and it is likely that the value of the asset will be negatively affected.
 
17. In light of the foregoing, the Trustee recommends an extension of time to May 26, 2017.




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