LZG International, Inc. has issued a Shareholder Update dated November 9, 2026, pursuant to a settlement approved by a Florida court. The update details the company's decision to wind down its affairs, stating that the company has no operations and no revenue. The Board determined that the company's liabilities substantially exceed its assets and that its remaining funds are limited.
In evaluating alternatives to maximize recovery for creditors, the Board considered dissolution, the appointment of a custodian or receiver, and a petition under Chapter 7 or Chapter 11 of the Bankruptcy Code. The Board concluded that an assignment for the benefit of creditors under Florida Statutes Chapter 727 is the most cost-effective and orderly means of maximizing the recovery available to creditors. The Board recommends that LZG make an assignment of all of its assets for the benefit of its creditors.
The update also addresses the company's securities registration. The Board has determined that LZG will consent to the revocation of the registration of its common stock. This decision was made because the company has not filed a periodic report with the Securities and Exchange Commission since its Form 10-Q for the period ended February 28, 2023, and bringing its filings current would require audited financial statements for several years, a cost the company cannot fund without diverting money otherwise available to its creditors.
