Argex Titanium Inc. ARGEF

Reports of the Trustee

[TomKCam]

There is new documents at PwC (Reports of the Trustee) : https://www.pwc.com/ca/en/services/insolvency-assignments/argex-titane-inc--argex-titanium-inc/reports-of-the-trustee.html.

It is written that : 14. 'As at the date of this report, the Trustee has solicited 35 Potential Bidders, located in Australia, Belgium, Canada, Cayman Islands, France, Germany, Hong Kong, Japan, Netherlands, Switzerland and United Kingdom.'
 
AND  16. 'Given the timing of the launch of the ISP and that of the issuance of this report, as of the date hereof, Potential Bidders had yet to execute any NDAs.'

GLTA,

Tom

[grandpa67]

Looks like maybe Alnaimi will have some competition. Who wouldn't want to pick up this " gamechanging, environmentally green technology that will also bring in revenue from their by products, with costs low to zero. Major Ti02 producers would be chomping at the bit for this technology. Would be a shame to let the big producers steal this away, but Alnaimi would deserve it for choosing

[turr]

Thanks Grandpa, you're doing a great job. Guess we will find out what this company and the technology process is worth. 36 bidders from all over the world interested and that was on July 15....I suspect more by August 13. At least we have a trustee to handle this and not the BOD. I guess that's the way it works but it's more of a learning process for me. I do still hold 'someone

[lenumero66]

Guys the company has had negative working capital for years. From Q1 March 2018 financial statements: current assets 506k, total current liabilities (due in 1 year) 4.7M. How can anyone say "before bankrupcy became an issue"? It's been on the edge for years. From "Note 2" of the March 31st financial statements on sedar: There can be no assurance that the Corporation will

[Menace46]

I agree grandpa, nice to see the massive interest in our tech all the sudden! But, please correct me if I’m wrong, is the tech going up for auction not worst case scenario for everyone?? We lose everything & Mazen and other note holders will get there initial investment back?? 

[Viosimiri]

The tech is ours too based on the number of shares each of us have, so if any sell takes place we will have our part - that’s the way I see it .

[Menace46]

As of now, yes, the tech is “ours”. But if we do end up going into bankruptcy & our assets go up for auction the creditors & the note holders would be paid out first. So our assets would have to bring $5m minimum for we’d have a hope at seeing anything. I could be wrong but I don’t think so. 

[Napoleon001]

Does this make sense to everyone? How is that management claims they can no longer obtain financing yet there are 35 potential bidders globally for our assets which as far as I know is the LacBrule property and an unapproved patent. What am I missing?

[Mininggeneral]

Nap, the devil got Mazen, should have made it work with shareholders instead of trying to steal the company.

[Napoleon001]

If it is the case that the plan was to "steal the company" how does the fact that there is already global bidder interest impact the attempted fraud of investors (if that is the case). It seems likely that the regulatory authorities will be asking the same or similar questions to what we are asking (like how are we supposed to believe that management made a sincere effort to obtain

[TomKCam]

'As at the date of this report, the Trustee has solicited 35 Potential Bidders, located in Australia, Belgium, Canada, Cayman Islands, France, Germany, Hong Kong, Japan, Netherlands, Switzerland and United Kingdom.'. It is the Trustee that solicited them. It does not mean they are interested... Tom

[Horn1369]

My guess is some one or entity had a lot of the shares and was making money by shorting the stock and getting their shares back cheaper. If the company did not halt the stock this action was going to go on for a long while. It looks like that person or entity is caught with their pants down and if we get a bid for around $50 Million the short is in deep trouble. GLTL

[Napoleon001]

If it looked  like Mazen was going to be outbid what would his options be? Would he be able to withdraw the proposal he filed with PWC? And is the bidding going to be sealed bids or an open auction?

[Menace46]

I would think if he felt like he was going to be outbid he/they would restructure the debt and not put the company into bankruptcy. Or I’m sure they could actually try and raise the necessary funds via PP(like they should have done in the first place). In reality we probably only need $2m and for our board of directors to convert their 2016 notes into shares and we’d have a perfectly clean balance

[Napoleon001]

You would think the regulatory authorities would be all too familiar with this type of attempted investor fraud if that is what we are witnessing. Still hard for me to believe that if the regulatory authorities do what they are paid to do and investigate the complaints this will not be allowed to happen on a TSX listed stock.

[Mininggeneral]

So many companies go under, can't remember when these stupid regulators gave a sht. Not sure why they are even paid to do nothing.

[Mininggeneral]

Nap, highest bidder wins, so Mazen won't be able to withdraw proposal. I guess we will find out when they set the terms of the bidding process if sealed or open.

[Mininggeneral]

Unless the bids are too low and the creditors won't agree and then company goes into bankruptcy.

[Napoleon001]

The trading history suggests that this had been occurring for at least months. In all that time did management contact IIROC to investigate? And it doesn't appear that when they halted the stock it was due to the highly suspicious trading that investors have recently reported to the regulatory authorities but rather to file the restructuring proposal with PWC the result of which appears to be

[footloose]

i'm not an expert at all,but couldn't this be a good thing if mazen is scared and not in bed with another bidder that he will make a better effort to finance this mess and not put company in bankrupcy,so its a win for us,any thoughts would be apreciated,like others i have alot to lose

[Mininggeneral]

Foot, when it goes to auction, the highest bidder takes it as long, as creditors agree and new company is formed. The only way this will benefit shareholders if the bid goes way over 4.8 mill. Currently, Mazen's bid is way less than 1.5 mill because in his filing part of that is operating expenses. Since it has gone to bankruptcy proceeding, don't think it will reverse now. Mazen probably

[footloose]

so this isn't good for us and what you're saying is there's no chance of keeping our shares and unless the bid is over the 4.8, we lost our investment

[Ontario1]

If a major with a cheaper and greener technology can make millions of dollars more profit, what is $ 4.8 million? Would not a reeler price be set at $ 20 million? The evaluation in the books concerns the old patent and not the newly requested one about which we are not informed !! And you're right, even Lac Brule has a much higher value !! And the contract with ECEC, where is the value?

[Ontario1]

https://www.macrotrends.net/stocks/charts/TROX/tronox/ebitda 406 million Ebidta, what the hell are 20 millions??

[Ontario1]

I hope this looks better now? If a Major with a greener and cheaper technology can make a million of dollars more profit, what is $ 4,8million? Would not a reeler price be set at $ 20 million? The evaluation in the books concerns the old patent and not the newly requested one about which we are not informed !!  And you're right, even Lac Brule has a much higher value !! And the contract

[turr]

If we have 36 bidders on July 15, from all over the world and probably more by now. then we are going to get a good idea of what this company is worth. Whether this company and it's assets are worth what we think they are that's another story? A company is only worth what someone wants to pay for it at any point in time. Right now sh would be glad to get a lot less then what we think it

[Mininggeneral]

Yes