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Showing posts from May, 2016

Were GBGD's subsidiaries in Armenia declared Bankrupt?

I received a call today from my contact in Armenia confirming that this is actually the case. Not only that a declaration of bankruptcy was issued in  April  against all GBGD subsidiaries, but that a court appointed liquidator has been named too. It is a holiday on Monday in Armenia and I expect to get actual court case numbers and other information by mid week. Nevertheless, in typical Van Krikorian fashion The only reference to this potential bankruptcy was announced in the 10-K, which was filed on May 2, 2016.  No mention of the actual bankruptcy in subsequent events, and no mention of bankruptcy claims ever filed against GBGD's subsidiaries in Armenia, ever. Mr. Krikorian discloses the following in the last 10-K: edgar/data/319671/ 000143774916030518/ gbgd20151231_10k.htm Page 37 " General The Company is subject to various legal proceedings and claims that arise in the ordinary course of business or which constitute nuisance