Sedona Financials

Here are the notes I took at the Sedona bankruptcy meeting:

High Level View:

Money goes to:

  1. Secured creditors (Banks)
  2. Preferred creditors (first $2K of vacation pay, landlord, Revenue Canada, receivers)
  3. Unsecured creditors
  4. Shareholders (not likely!)
Expectations on Asset Sales

Maybe $1.5 million?

Secured Creditors - Fleet Bank

   $US 3,432 k Owed
- $US 2,768 k in Sedona US bank account
---------------
            664 k owed
 -         177 k in trust
 --------------
 $US   487 k  owed

which is:
  $CAN 755k
- $CAN 483k in Canadian banks
----------------
  $CAN 262k owed to Fleet bank

Employees & Preferred Creditors

I guesstimate that about 100 people at $2K means about $200K owed to employees as perferred creditors.

$200 K is owed to employees
$150 K is owed to the landlord (TBD)
 ???? K is owed to the receivers

Unsecured Creditors

See the list of creditors.