Again, caution, I am quoting from someone elses post on another site, who says he/she has PACER access, so I have no way to confirm or deny information.

Essentially Platinum made a motion to have FG go from Cpt 11 to 7. Which is no suprise. Terry L, stated previous management gave a too optimistic outlook on production and costs, which now, new management has created more credible estimates. And Sprott Asset Managment has at least visited the facility, though unknown if they made an offer.

Below is what the person on the other site listed as a direct quote:

“Secured creditors Platinum Long Term Growth LLC and Lakewood Group LLC (known together as “Secured Creditors”) hereby file the following errata regarsding their reply to the opposition by Firstgold Corp. (The Debtor) the Secured Creditors motion for an order converting this case from Chapter 11 to Chapter 7 of the bankruptcy code for relief from the automatic stay under 11 USC 362(d) (the “reply”):

In the Reply at page 15, line 4-11, the Secured Creditors cite the following quote from the deposition transcript of Terry Lynch, volume II, annexed to Exhibit “B” to the opposition:

“I guess I, you know, that I think that earlier forecasts that the company, previous company had made had projected much higher throughput rates at the mine in terms of number of ounces produced per month and costs and, you know, upon reflection after the Sprott (Asset management) visit and sitting down and going through with the guys, I believe that, yeah, that the previous projections that the company had, previous management had made were overly optomistic and the needed to be ratcheted down to more credible number, which we, basically have done.”