Its official, our POR (Plan of Reorganization) has gone "effective" as of yesterday. I am proud to have been involved in a history making case where the common equity holders did NOT get totally wiped out.. , The current shares are cancelled and the new shares to replace them should be issued in the next 30-60 days.
Previous management (insiders) will not have any of the new shares, the 1% interest in CS Mining is carried on the books of the new company as an asset for all and is actually one of the smallest assets of the reorganized company. There are new projects and financing and around 100 million in NOL carry forwards. Also there will only be a total of just 10 million shares for a period of at least 3 years.