The Court will hear joint submissions from ASIC and MGRE as to the appropriate penalty amount.
MGRE is a wholly-owned subsidiary of MG and the responsible entity of the MG Unit Trust.
For the MgRE
alloys, one Mg atom is substituted by a rare earth metal in the 4th, 5th, 6th, 7th, 8th, 9th, and 10th layers, respectively.
According to James Goldstick, Vice President of MGRE
, "The entire MGRE
organization is enthusiastic to have joined forces with one of the most prestigious management firms in NYC to create a combined dynamic new team that will capitalize on the best practices of the two firms which will benefit our existing clients and prospective new clients throughout the New York Metropolitan area.
Lou Heyman, MGRE
's vice president of warehousing, adds, "Obviously MGRE
has made a tremendous investment here, but this is how we justify it: time lost shipping a product is time lost selling a product.
Isaac Kaufman, MGRE's long-time Chief Financial Officer, concurred, saying, "Tom and Jim have put in motion all of the necessary but difficult decisions for MGRE to turn the corner financially, and everyone at the Company is thrilled that we now have the framework of a plan in place which will take us out from under the cloud of Chapter 11 sooner rather than later.
Under the proposal, current shareholders would receive 25% of the new shares in reorganized MGRE.
Shull continued, "Furthermore, it is extremely encouraging to us that we have the full support of not only our stakeholders but the entire MGRE management team as well, which is why Jim and I were joined in the court hearing today by the senior management team.