Andover Mining Corp. V.AOX

unusual bankruptcy

[rragg]

According to court documents, Andover has $42 mil in assets and $9 mil in liabilities (to Enirgi).  Also, it is in question if $6.5 mil of those liabilities are actually due at this time, that's part of Andover's defense in the court documents.  How does a company go bankrupt with 5x more assets than liabilities?

Things just don't add up.

[blankspace]

Maybe the courts and bankrupsey lawyers will see something too that does not add up. If a credible buyer showed up realizing the potential here, bringing a CEO that has mining experience, this thing could have a life. Potentially that 6.5 million could be set aside (temporarily) making Andover a very viable operation. Just grabing at straws.

[ooofeeeeskc]

6 months worth of Legal Fees on top of everything most likely put the icing on this cake = property poor. It is possible to have $300Million worth of real estate and not have enough cashflow to patch the leaks or pay the taxes to service it. Another major blemish for Gordon Blankstein & co perhaps his last. Investors? Maybe an empty shell and a serious reverse split if anything - typical after