I encourage others to field this question also. Possibilities going forward:

1) If the company is sold off by the lenders. There will be no shareholder return. Ouch

2) Fg covers its butt, submits for chapt 11. They try to get debtor in possession loan. They go forward with operations and try to dig out of their debt with gold from the heaps. Shareholder value at this point is largely depends on if and how they emerge from chapter 11. If they emerge with all our shares intact then sharholder value as always will depend are market perception. Reputation, business plan and model, POG, upside and downside risk etc... Risk, do we emerge with all our shares? Aside: proxy votes would be needed, a majority of the shares are held by a few, and they will protect their interests. I doubt any reverse splints etc because the float isn't very high. Patience down this road may work out if the heaps put out gold.

3) If the company sells the plant only, then the company is left will its drill rigs and land. That would be VERY hard on the stock price. The potential for this company was as an explorer/producer. They are currently not a prospect generator and have no big companies funding their ops. SP goes no where with a long road to travel. Probably a road to nowhere...

4) If the company sells completely to another company, then the shareholders would usually get x numbers of shares of the new company for y number of shares of firstgold. The value of this purely depends on the deal. Additionally, the deal depends on your cost basis as to whether it makes you money, gets some of it back, or puts a hurt on your portfolio. Its way better than the sell of by the lender regardless.

5) Others option: new financier pays off the old one. Then FG goes forward with a new debtor and releases an overdue 43-101 and hopes to patch up a patchy reputation. With time they could put together JVs, develop their properties etc... The time however really depends on gold. They produce gold, in significant and increasing amounts from the heaps, then they and we get a reprieve. New wave of investors. Likely large ones. Without the heaps producing, their strategy will depend on more cash, more time and getting into the pits for new ore. The sp will languish. Will the current large and long shareholders remain patient? I have no read on that nor contact with them. Gold is key.

I'm sure there are possibilities at this point I may not have imagined. Again, feel free to weigh in. Point it out if my assumptions are incorrect, or my reasoning is faulty. Boot