RE:CVR In The Past
Amber hasn't reported any sales in over a month so not sure that they're still shuffling the deck. On the topic of the Tenor deal though, a few people have speculated that the Board was so quick to call the shareholder meeting because they wanted to get ahead of the court ruling on the CVR petition. By my calculations Amber, Paulson, Tenor/Trex and the Board control roughly 41-43% of the outstanding share minimum. That doesn't include any other shareholders that may be aligned with the board and had participated in the deal. We also don't know with absolute certainty, where the roughly 4 million shares that Amber did sell landed or the IFC shares for that matter. I would say as it stands right now, the vote would be razor thin. What are the odds that the Board won't try and pull another rabbit out of the hat before the record date next week, and convert those oh so convenient secured promissory notes that came along with the second tranche to stack the deck for the vote? Obviously the optics would look horrible but clearly the board is all in at this point and they don't appear to be the least bit concerned about optics... BH