KGIC Inc LGLTF

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[BearishBull01]

Ok first and foremost this entire thing is competely unreasonable.. 

Im not sure why people arent reading the news release as it is.. Its all there..

Nothing is done till Feb 7th..  but lets take a step back and understand this situation ..

CIBT comes in and BUYS a SENIOR DEBT of worth 12mill plus from bmo for about 3 mill.. OK.. 

Im not sure people understand this but if LRN decided "F-U" we declare chapter 11 as its in the right of the company to due so.. CIBT LOSES 3mill dollar just like that.. YEH WE ALL LOSE but them as well.. 

Iv seen companies hold major debt and declare chapter 11.. everyone loses.. 

In this case.. CIBT intends to inforce Chapter 7 in which case it takes the property (liens)  in which LRN owns as its own.. but that rarely if ever gets through by the courts because Chapter 11 is a get out of jail card for people / companies in major debt and it gets enforced 9/10 times when requested by law..

Lets go a little further back.. The debt holders ( not including bmo ) decided no deal on restructure plan ( greedy pricks )..  that day 11 mill shares traded hands at .005 and at the last min a by pass trade closed it at .01.. and every day since then certian amount of people picked up shares at .005 while others couldnt ( me being of them and i tried a lot )..
that being sad.. Cibt silently comes along .. does a backdoor deal with bmo and highly likely Mcgregor (debt holder) strike a deal with CIBT
to make them take over the SENIOR debt which goes from 15 mill to now 12mill.. so 3 mill gets cut.. Day letter.. they send a press release suggesting they bought debt at 930pm.. next morning 3 mill buyers picked up more .005 shares ( i played an order for 100k shares at .005 at 10 am.. NOT A SINGLE FILLING ) which pissed me off and the moment but also make me question the fk?! 3 mill fills and i cant get in..
hours later a very questionable halt *Failure to disclose* then CIBT release of ALL INTENTIONS .. not actual action being done..

Keep in mind all this going on and BIDS AT .005 are only building..


My final thought that i can only gather is this.. This deal is done for the purpose of squeezing the greedy debt holders out.. I think in this complex deal.. CIBT will absorb LRN common shares for .005 because CIBT does not want LRN to go and declare a CHAPTER 11 cause they would be stuck in court for months and highly likey lose that 3mill just to dissolve the company into a court apointed trustee..

This is all theory.. i could be batshit crazy.. but i think we will see some sort of value in our common shares.. i dont know in which way but it sounds very likely ..

too many unanswered questions.. Not like the halt was a Cease order trade... that would of been truly end of it.. u dont trade again after that.. 

We are in float till feb 7th.. Could the company muster up 13mill.. perhaps.. the greedy debtholders dont want CIBT to squeeze them out and they do not want LRN to declare chapter 11..

So.. we will wait and see.
 

[60606060]

How does this get to the courts-Shan Padda or shareholders?Who contacts the SEC on behave of all others getting burned here.

[60606060]

Is Feb. 7 the end of the 10 day cooling off period- Snooze and we lose? If Shan is now in-charge can he sign for Chapter 11 thus eliminating CIBT's chapter 7? From where I sit it seems CIBT owns the debt at this point not the company. Who among the shareholders can launch an immediate inquiry to end all proceedings?  

[bluebird123]

Do you actually think Toby would put up 3- million up if there is a remote chance of loosing it? lol

[60606060]

Toby is doing a fast attack in a 10 day bet that no one will legally challenge him. 

[60606060]

I'm surprised Internal Audit has disappeared after he and his wife have lost thousands on their PLC and TFSA. Am I the one of few concerned about my money? What the F788k

[InternalAudit68]

This post has been removed in accordance with Community Policy

[bluebird123]

If i was you , I would be more concerned with the money you lost than what Toby is doing  lol.

[Dadsman1]

Chapter 11 is an American law. American laws don't apply to a Canadian company.

[blhawk]

You can, lol. i guess cause you lost, might as well have CIBT lose right, lol. Yes the debt went from $8 mil to $12.3 so can someone please rescue us shareholders, really.

[EddySantana]

What do you expect when the value of the equity is worth 0? Under KGIC control the assets are not worth more than the outstanding debts, leaving the equity worthless. That's part of the risk of owning a 1 cent company, it was basically worthless to begin with for a reason.