1. The trustees office offered to settle the 5.2 million dollar debt with promac at 2 million.
2. The sports complex in hauppague was sold for 3.4 million.
Cosmo having given Promac 5.2 million dollars owned 20% of Promac under the corporate name "esau". So in fact the trustees office and the creditors should have automatically been entitled to 20% of promacs net worth (or gross, - not sure) and/or ownership rights.
Cosmo forced into bankruptcy is now being forced to liquidate all his assets to make creditors whole.
Why liquidate Promac interest? Its not Real Estate that has to be managed, such as the Sports Complex. Its a viable business operated outside of Cosmo, Agape or creditors day to day operations obligations. It runs without any responsiblity on our part.
I'd rather we continue to hold that 20% share as a new "creditors corporation" and be assigned individual shares accordingly.
Once the shares are assigned to us individually, we can chose to hold and receive interest on them or sell them to other parties.
Another upside, we dont loss 3.2 million in a negotiation process and or a percentage to Trustees office as a fee.
- ► 2010 (11)
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- Is BOA next?
- Madoff accountant on fraud charge, how about cosmo...
- CLASS ACTION UPDATE
- COSMOS RELEASE DELAYED
- NYS TAX BREAK
- Lawyers want books opened at Agape-funded restaura...
- Promac settlement of 2 million...
- Check this out... Its important.
- Updates of agape auction and proposal to settle de...
- Another week gone by.
- ▼ June (11)