I don't have any magic insight here. Having worked for a large company, I have experienced bankruptcies of small companies and creditors seem to only get pennies on the dollars after the dust settles. If you are right about their being a lot of assets that can get liquidated at good prices and distributed to the creditors for a significant percentage of what creditors are owed, then I agree this would be a very simple solution with little risk. I just don't have faith that that will happen. There is typically a big difference in the value of inventory versus what the inventory can be sold quickly for.
Listening on the call happening now. Amazed that only one person is asking questions.
July 22 at 10AM PST/1PM EST, so that you can ask any questions or register any complaints directly with the Chief Executive Officer and Chief Strategy Officer of Liquidbits.
(Conference #: (712) 432-1500, Participant Access Code: 700281#).
Isn't it as simple as Liquid Bits is the only offer on the table other than chapter 7 liquidation, where you would probably get pennies on the dollar. The lb proposal has the potential to get back a double digit percentage of your cash outlay. Seems like a reasonable risk to a terrible alternative. My bigger concern is that the longer this takes to get to conclusion the less that HF chips will be worth.
Had previously scheduled meetings and LB's did not answer even my simplest question here. I guess because it is true their post here is deceptive and does not match what they filed in court.
Interesting, you have a brand new account and think it is a GREAT deal and that in liquidation we could only get "pennies on the dollar". Why don't you share the math behind that statement. LB refused to detail out their valuation of the the inventory, so where are you getting this BS from?
There are 29,000 chips plus A LOT MORE ASSETS.
There is likely $10,000,000 owed to creditors (many claims are likely overstated) and the $2,000,000 is already IN THE CREDITORS' CLAIMS.
Just selling the inventory to bidders will net $7 to 9 Million. That is 60 to 80 cents on the dollar (because lawyers etc. need to be paid).
Then every shareholder likely owes all the money they took from the company BACK to the estate. This is substantially more than $2,000,000 which gets you to all of us being repaid fully.
This is before we sell the IP etc.
That sounds a LOT better, than maybe, perhaps, possibly getting somewhere between 0 cents and 100 cents from a company that is unknown to you and still lists their primary place of business as a residential condo worth $275,000 in a building that does not allow you to run a business out of it.