posted
The Equity Committee has file a motion with the Bankruptcy Court seeking to remove the Fitzpatrick Group as managers of the assets of AIPC. A hearing on the motion will be held on 6/13/06.
The hearing will be on 6/13/06, at 11 AM, at the Bankruptcy7 Court in Lafayette LA. Members of the Equity Committee will be present at the hearing.
At the same hearing the court will hear a motion by the Equity Committee to employ Haynes and Boone, with offices in TX, NY and Russia, to investigate and confirm the status of License 953.
1) The Fitzpatrick Group will receive a 33% finders fee on any asset sold for over $16 million
2) 15% of license 1551 was just sold for $16 million
3) 85% of license 1551 was sold just for $5 million in a fraudulent transaction
4) The Equity Committee is trying to get back the 85% - if that happens, AIPN will gain around $90,000,000 (do the reverse math; if 15% sells for $16 million, and each 1% is the same value, the 85% is worth over $90 million)
5) Removing the Fitzpatrick group will save the 33% finders fee as well
6) AIPN is trying to hire Haynes and Boone, with offices in TX, NY and Russia, to investigate and confirm the status of License 953.
Trust me and research this one
Posts: 817 | From: Florida | Registered: Feb 2006
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posted
I've been waiting for this for a while looking forward to the 13th
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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One of the more intresting claims is for the reduction of close to 50% of the shares outstanding. There was a fraudulent shareholder vote that increased the a/s from 200 to 300 million.
The Equity Committee has proof that the vote was fraudulent, and is looking to retun the a/s count to 200 million, and have the o/s count reduced to 100 million.
Looking forward, if AIPN gains the 85% control of license 1551, on top of 100% of license 953, and the value of 1551 alone is worth close to $90 million, what do you think will happen to the share price? The hiring of an outside lawfirm such as Haynes and Boone to research the title and value of license 953 is only to validate the corruption that took place from 1997 until now. AIPN was a $7 stock before the insiders tried to get away with murder.
Posts: 817 | From: Florida | Registered: Feb 2006
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posted
Sorry about the thread - JUICE had started a thread a while ago, but it got lost in the mix.
AIPN is an Oil play
If you read the RB board, please read posts by ffi5 and chuckecheese as they are memebers of the Equity Committee.
Posts: 817 | From: Florida | Registered: Feb 2006
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posted
I have to establish something here - it is very complex to research this company. The bad guys are AIPN. The good guys are the Equity Committee. The Equity Committee is made up of past/present shareholders of AIPN that are fighting the mass corruption in Bankruptcy Court and winning tremendous battles. A major battle was won in June 2005 when a judge ruled that the common stockholders are NOT to be wiped out. So this isn't the typical BK stock. Common shareholders are going to survive the BK.
Recent Timetable: May 19th: AIPN hands in their amended asset disclosure per BK judge's ruling on May 1st to include all outstanding claims brought up by the Equity Committee
June 5th: Equity Committee had 10 business days from May 19th to see if the amended asset disclosure handed in by AIPN is satisfactory to go into the Liquidation phase. If there is a disagreement, there will be a hearing on June 13th
June 13th: BK hearing to remove the Fitzpatrick Group from overseeing the assets and then to hire Haynes and Boone to research licencse 953
July 2006: Equity Committe will be replaced by Liquidation Committe
Please review posts on RB by ffi5 and chuckecheese since they sit on the Equity Committee and have the inside track on all this information. Do not 100% rely on my interpretation of their posts, altough I believe it to be right on.
Posts: 817 | From: Florida | Registered: Feb 2006
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posted
roiresearch Thanks for the update can't wait to hear the results.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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This is just a link to the judge's calendar to show you that the case did happen yesterday. The Equity Committee only mentioned 2 motions that they would argue in court, which I have previously listed.
Just waiting on an update... tick, tick, tick, tick, tick, tick, tick.....
Posts: 817 | From: Florida | Registered: Feb 2006
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