Looks like the last nail is in the coffin for this one.

http://www.sec.gov/litigation/admin/2013/34-68914.pdf

I will still be keeping my eyes open in case there is a class action suit (there was an insurance policy for the FG's directors for that) or the PGLC/RG law suit gives any insight as to what really happen at FG. Will post if I learn anything.

-Y

I would really like to know the whole story, but I don't think we really will ever know. I read a lot of speculation from other posters though.

Personally, in hindsight, it is odd that SD decided to go after the heaps first, though that is difficult to make profit. Unless it was a good selling point since it has a lower start up price, so they could get funding easier. Actually that sold me as well. Since than I learned a bit about processing and an experience geolist should know better. But an experienced obtainer of financing probably knows it the knowlege of Platinum and sold the idea. And it seems like they knew for sometime they would not have a profitable yield, but they contiuned on. TL said to the court that they continued on just to prove they had a working mine/plant. But at the same time why release that "independent" report saying how profitable they will be.

Then the China NW funding was odd as well.

Then why so few bids for the mine during BK and the real lowball bid ($11m) bailed. Something they knew?

Then SAGE bought the mine at the $20m value price, also odd. And have been slow to start production.

I wish one day we could have someone answer these questions, but will probably never know.

-Y

I don't know if a request to change back to Chpt11 is possible and who besides Terry Lynch is capable of doing that.

I don't think it actually stops trading, though it is worthless.

http://www.sec.gov/investor/pubs/bankrupt.htm

-Y

Does anyone have any background in civil class action suits?

There was an insurance policy, held by the former directors of FG, that Platinum sued against and they settled out of court. I was wondering if FG share holders have any basis in civil suit.

This "independent" report they published, alone looks criminal. They published this right before Plaitinum pulled the plug and the stock took a nose dive.

https://viewer.zoho.com/docs/ccccac8

They made the author a director shortly afterwards he wrote it. And from what I read they knew the mine would not produce, even close, of what they published in the doc.

-Y

I think I see way TL let FG go into chpt7.

I am reading the remaining docs in PACER and I think this is what happen.

- TL is sueing GAC in NY
-GAC is retaliating by asking the court to bring TL in for examination for breaking the BK rules.
-TL then let the IRS put FG into chpt7 and then resigns as CEO.
-GAC has no grounds to ask the court to bring TL in for "examination" since he is no longer the debtor in question.

This gets TL off the hook and is the final blow to the SH.

-Y

FG is now listed in Chapter7 in PACER.

There will be a meeting at the court house for the creditors on May 17. Essentially liquidation starts. What I can't figure out is there is nothing to liquidate. A few tiny assetes that GAC really own, and may be a few thousand left over from the Eric K days. The only real chance for the creditors to get anything was to reorg with the NOLs as a shell company. And though the effort to negotiate with the IRS was completed the first step (monthly statements) were not completed.

But this stock was always about odd decisions that the SH will never know why.

-Y