It's not the kind of news you like to hear. My guess is that like a lot of juniors they just didn't find anything economic, spent all shareholders money and disappeared. Nothing new about that and I have worthless paper on a few of them. I'm assuming the money from sale of property was used to payoff accounts payable which could have included management salaries. Sheriden probably lost too since he would have had a lot of shares and options which became worthless.

Pocketing the money from sale of assets is fraud and I expect what was done was perfectly legal and above board even if it hurt a lot of shareholders.