Argex Titanium Inc. ARGEF

Mininggeneral

[Menace46]

Just to set you straight, we are not "in bankruptcy proceedings" or have we "filed for bankruptcy" as you suggest. We have filed a proposal to restructure. If that proposal is not approved & we can't come to terms with creditors bankruptcy would be the next step yes, but that is probably at least 3 months out in reality.

[Mininggeneral]

Menace, this is first step in bankruptcy, unless I'm reading it wrong, so let's not kid ourselves. https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-notice-of-intention-proposal.html

[Mininggeneral]

Creditors come first and they are owed 5-6 million, so where is money coming from to satisfy creditors first. After creditors are satisfied, then shareholders. Do you think even possible shareholders will see anything?

[Menace46]

Who said we need to come up with 5m? Am I missing something? Might only be 50k for all we really know. Definitly some questionable things going on here but we cant just jump to conclusions without facts.

[Mininggeneral]

Menace, you are correct Mazen will offer a proposal to the creditors, maybe 5-20 cents on the dollar owed. It will be the creditors choice to take it or not. Once creditors take the deal, old shares are worthless. Mazen has to provide the new funding himself. I want to ask you, if Mazen offered new shares of new company will you buy in?

[Moonlightsearch]

Mazen is just pushing for some time to make the China deal happen. He could pay off the creditors himself if he so choose or receive other funding I'm sure he's capable of doing without much effort. Flushing the company down the toilet for 5-20 on the dollar just ain't going to happen and is nothing but fear mongering. 

[Astrosmith]

If the prospects of the company get creditors to agree to an all share debt-purchase, we will remain a publicly traded company. 200-300 million shares (for example) offered will result in a huge stake in a clean balance sheet development agreement signed industrial company. If I was owed by RGX and I knew development was so close, I would take a 30+% stake of the corp! Especially because this

[Mininggeneral]

Astro, if Mazen wants to benefit himself the most, wouldn't he just restructure and work a deal with creditors and wipe out the shareholders. Why would he even care about the shareholders, when he gains the most by doing this.

[Viosimiri]

Some people have principles they live by. Some prople believe in karma, some prople believe in their religion God, plus I think he has enough money, and he will do way more even just by keeping his shares and warrants so why screwup a lot of lives? just because he can

[Viosimiri]

I missed the last question mark:  ?

[Mininggeneral]

Vio, I pray your right and Mazen does the right thing

[TomKCam]

Minninggeneral, Can you explain with more details how this would benefit Alnaimi the most (restructure and work a deal with creditors and wipe out the shareholders)? Alnaimi is not the owner of the tech, it is Argex. The only way it would benefit him the most, would be if he was a creditor. Is he? And even if he is, this is why the NOI process is under a Proposal Trustee and the court. The NOI

[Mininggeneral]

Tom, Argex is 5-6 million in debt and the creditors want their money as in all re-structure cases. Mazen proposes $500,000-$1 million to pay them in new shares or cash and the creditors choose to accept. Mazen will own more chunks of the company than now. Motley fool what happens when companies re-structure. Now, the story doesn't always have a completely sad ending. There have been cases

[Mininggeneral]

Reality, is Mazen holds all the cards and what the creditors are willing to accept. Unless all the shareholders are willing to band together and dump more money to compete with Manzen's proposal, shareholders are probably done. I have lost so much, so won't be putting even another penny in this thing, that's why bankruptcy is not fair to the little guys.

[Astrosmith]

General - This is from your link. It is a last chance before bankruptcy, not a first step. The goal of the proposal is to avoid bankruptcy, which must be accepted by creditors and the court. Of course, RGX can sandbag the process and make an unacceptable proposal and go into default. If they didn't intend to get creditors satisfied, they simply would have saved the money and court costs and

[Mininggeneral]

Astro, I hope your right, something can come out which is good, but seen too many bankruptcy proceedings and they are never good.

[Astrosmith]

Me too.  And thank you for your insights. The board has been very civil trying to get a handle on this.  Hope springs eternal, but faith is for the blind. ;)

[TomKCam]

Astro, I concur to your comment : 'If they didn't intend to get creditors satisfied, they simply would have saved the money and court costs and filed for bankruptcy directly.'. If Argex cannot fullfill its debt obligation, why make the NOI? To do some (political) damage control? I do not think so. AlNaimi is a business man, not known in Quebec. If Argex fails, he will just leave. If