Regulators and OpinionsI have no idea what is happening in this crazy mixed up story that is Core Gold. Which seems to put me in the same place as everyone writing here. I am sure no one has ever seen anything like it. The judge hadn't seen anything like it in his 20 years on the bench.
I am not reading too much into it at this point that the regulators haven't stepped in. One thing you need to remember about regulators is that we all want less taxes and small government. So they don't have major resourses. And the TSX is a money maker not a regulator. The TMX Group which operates the TSX has seen it's share price more than double since 2016. They wouldn't get great profits if they 'wasted' alot on regulating. And Canada does not have a federal level securities regulator, though there is a newly formed group , The CSA which is an umbrella group of provincial regulators. So regulation is left to the TSX as a self regulator, and to provincial regulators like the BC Securities Commisson.
In the USA they have the SEC which is a federal organization, and it is powerful and strikes fear into everyones hearts. Canada has no organization like that. The provincial organizations are most likely underfunded and rely on the TSX to self regulate. The TSX just wants to make money. The BC government recently announced more money for the BCSC, which is a step in the right direction, but it will never be like the SEC.
One thing I am certain about is that the BCSC (Core is a BC registered company) , is very cautious. For one thing, if they come out with a public announcement that a company is facing serious regulatory scrutiny, typically the share price of that company would tank. And they would want to uphold the laws, but also protect the interests of the shareholders, which a tanking share price does not do. And for them to step in and remove a board, as an extreme example, would most certainly be very bad for a company. Their first choice, I would think, would be to work with the board, to clear up the issues.
Basically it is all a big unknown. For sure the regulators are looking carefully at things, if for no other reason than to cover their xsses , given all the complaints and info they have received.
And we can't forget that we wouldn't be here (Core would be long since dead, our money gone, this forum gone, etc.) without Mr. Piggott and his lawyers. So my guess would be that Mr. Piggott and his lawyers are part of the conversations that are going on.
So I think it best to stay calm, don't jump to unfounded conclusions, but stay vigilant. And I think all the complaints that have gone in, and all the info and analysis that shareholders have provided to the regulators is very important. Has to put some fear into the regulators hearts: they ignore us at their peril.