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Message: News from Streetinsider

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jdmeenach

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Court hearing July 8th

in response to News from Streetinsider by Yacknl

posted on Jun 24, 09 09:37AM

I guess my first reaction here is to send a letter, as a shareholder, to the court listed below. At least I can go on record as having a stake in the matter. And if the judge finds in favor of the lender- that there has been wrongdoing on the part of Firstgold, then I/WE as shareholders should be allowed to get in line ahead of the lenders for whatever there is to get.

I'll call the court this afternoon to find the correct address to send to.

Item 8.01 Other Events

On June 17, 2009 one of Firstgold Corp’s two primary lenders, Platinum Partners Long Term Growth, LLC, filed a Complaint and Applications in the Second Judicial District Court in the County of Washoe, Nevada seeking, among other things, to have a receiver appointed to oversee the Company’s operations and assets. A hearing on the matter is scheduled for July 8, 2009 at which time a receiver could be appointed unless the matter is resolved in some other manner which could include the Company filing for bankruptcy protection.

Firstgold Corp. has received letters from its two primary lenders, Platinum Partners Long Term Growth, LLC and Lakewood Group, LLC, asserting various claims against Firstgold and certain of its officers and employees. Among the asserted claims were claims of fraud, misrepresentation, breach of fiduciary duty and breach of contract. The letters provided no facts to support the allegations nor did the letters state the nature or extent of damages being sought. Firstgold and its management categorically deny these allegations and maintain that they are without merit. Firstgold and its management will vigorously defend any action which may be filed by these lenders based on the above referenced allegations.

http://www.washoecourts.com/

http://www.ccwashoe.com/public/ck_public_qry_cpty.cp_personcase_details_idx

http://www.bing.com/search?FORM=MSN8A&srch=105&Lang=enus&q=Second+Judicial+District+Court+in+the+County+of+Washoe%2C+Nevada

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