posted
Since I can't stand long posts because of A.D.D., I will stick to an outline format
1) Company tried declaring BK saying debts outweighed assets 2) Shareholders ended up forming an Equity Committee to battle BK hearing from wiping out common shares 3) 5/1/2006 sale of 375 shares of Caspian Gas Co. (CGC) for $16,000,000 4) Prior to sale of CGC, debt level was $21,000,000 - post sale of CGC, debt level is $5 million http://www.ragingbull.lycos.com/mboard/boards.cgi?board=AIPN&read=79875 5) Of the $5 million left, $1.2 million is owed to creditors, the balance is owed to insiders 6) Equity committee is battling the balance owed to insiders 7) Liquidation Committee will be formed in June/July 2006 to start liquidating assets 8) June 2005 hearing ruled that common shares will not be wiped out from BK 9) Equity Committee is also stating ""Claims against ADP for permitting and allowing a fraudulent shareholder vote/authorization in connection with the issuance of additional previously unauthorized shares to lenders causing further dilution of the shareholders and a depletion in the company's assets." http://www.ragingbull.lycos.com/mboard/boards.cgi?board=AIPN&read=79810
The links I am providing are from a member that sits on the Equity Committee. I believe some of the PPS action lately is due to short who received fraudulent CD's from the company are now covering stock in the open market. Time will tell, but June/July 2006 is almost here. Might as well be a shareholder since there is only $5 million in debt (of which $4 million may be erased) and then the remaining cash received from asset sales will go to shareholders. They sold one asset so far for $16,000,000.
Posts: 817 | From: Florida | Registered: Feb 2006
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