Well the creditors are being mailed today about the IRS's intent to have FG be disolved. So if they don't know yet, they will soon.
You would think reorg would be likely. Platinum received 20.6 million for the mine and more in a civil suit, so they have been paid off. When you remove that debt the last monthly report states a remaining debt of 12 million, though the court claims registry only states 8 million in debt remaining. I don't know about coporate tax but assuming a low estimate of 30 million NOL and a 30% tax relief, the NOLs are worth 9 million. Assuming the worse, 12 million in debt and paying creditors 20 cents on the dollar, that gives a net of 6.6 million to a company having a revenue to use the NOLs.
Terry Lynch has listed that FG owes him ~580k and he has two companies that he would like to take public. Also, there are comments in the lawyer fees about TL reorg'ing. So one would think he would be highly motivated to reorg.
Scott Dockter showed interests originally to merge his old company, Durarock, with FG. He know has gone public with the company SELR, but he still may have an ineterst to use FG as a shell company.
Also, there is a creditor left, stating FG owes them 2 million. You would think it worth while for them to rerorg.
But, there may be some liability issues that makes the reorg difficult. Like a law suit that may scare merging companies. Or a creditor that won't settle, like the IRS, Nevada state, Deleware state or local tax. Since FG owes ~2.5 million in tax. And they won't take stock.
We will see soon since there is a 1/4/11 deadline.
-Y
