RE:RE:RE:RE:RE:RE:RE:RE:RE:*** RCG DAMIAN PREACHING HOPE*** Damian wrote:
someone can make a proposal to offer secured creditors ( sprott) 1 million. ( they should take it as they already got all the properties and wrote off the project). They can offer unsecured 1 million ( they would take it as well because at this point they have 0) and offer is 2 or 3 cents a share or shares in their company ( we would take as we have 0) .
They can pay installments for Cra. if sprott lending says no to a million that would be very fishy because that means they have something up their sleeves and want to screw us. If this doesnt happen I have a friend at cra and will make sure he starts coming after rcg directors and jack for what they did to us. We have 25 million credits. That is a lot for a producing company paying taxes.
summary
(1) offer secured creditors (sprott) 1 million
(2) offer unsecured creditors 1 million
(3) 2c per share offer. Equivalent to $3.5M
Interesting ideas.
Needs a few tweaks so all the numbers add up.
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Below is an estimate of the RCG value.
Off balance items are marked with a star "*".
"ASSETS" incl off balance sheet items
Cash equivalent 2,200,000 paid for properties
Cash 10,559
Receivables 44,254
Prepaid expenses 63,401
Net fixed assets (RCG) 19,910
tax credits 7,508,876 *
shell 0 *
Total Assets 9,847,000
LIABILITIES
Insolvency payable 2,200,000 owed to PwC, Jack, etc
Accounts payable 1,000,000 (2)
Credit facility 1,000,000 (1)
Deferred tax liab. 2,147,000
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6,347,000
Shareholder value 3,500,000 (3)
Total Liabilities 9,847,000
Bottom line.
A buyer would get $25M of tax credits plus a shell for $9.8M in a mix of cash and shares.