Eagle Energy Inc EGRGF

Unsecured Fund after A nil value for shares

[JAYDEE16]

23CAN_DMS: \133372329\4a.Redeemingor cancellingall existing and outstanding common shares of the company for nil value and removingall holders of the existing shares from the register;b.Issuing new shares to White Oak (or its designee),in exchange for White Oak releasing $21 million of its secured claim. The remainder of White Oak’s secured claim would be converted to an unsecured claim (“White Oak Unsecured Claim”) to be dealt with in the Division 1 Proposal;c.Eagle Energy takingall required actions and do all things necessary to implement the Division 1 Proposal; and d.The Receiver, in its capacity as proposal trustee, callinga creditor’s meeting for unsecured creditors affected by the Division 1 Proposal to vote.59.The proposed Division 1 Proposalcontemplates the following:Purpose60.The purpose of the Division 1 Proposal is to affecta compromise of the unsecuredindebtedness of Eagle Energy. Based on the results of the SSP,the Receiver is of the viewthat the unsecured creditors of Eagle Energy would receive a nil return in a bankruptcy or receivership asset sale. Accordingly,the Division 1 Proposal wouldrepresent a greater benefit to unsecured creditors of Eagle Energy.

[JAYDEE16]

so they are basically going to void our shares and then open a fund in which we can prove we had shares and based on the cash on hand they would issue us a dividend. I think that makes sense.. And this is supposed to be a better deal then us getting 0 for our shares. Still complete BS

[JAYDEE16]

nevermind .. shareholders are even less paid then an unsecured creditor.. I guess we get nothing

[jericho88]

This post has been removed in accordance with Community Policy