Ooh we have a big CV from you....
My thoughts are hypothetical and are to correct your beliefs.
Note: the lawyers and accountants handle the paperwork only..
here's how it actually goes in the real world.
Assuming company Y goes into VA and holds 400 shares in a company at market price of $10 and some of your widgets worth $10.
It also has $40 in liabilities.
Company Y is ostensibly worth ($20) ie negative $20.
I offer $1 for the whole the thing.
The CREDITORS (not the Adminstrator Mr 15 experience in law finance accounting and photocopying) have to decided whether THEY take my offer.
Assuming there are no other offers, if the CREDITORS do not take my offer, Company Y goes under and its shares are cancelled. AND THEY GET NOTHING.
If they take my offer, at least they get $1.
Oversimplified for you but you should be able to flow given your experience.
Ann: $4.7m Critical Minerals Funding Agreement Signed, page-26
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