I called the TSXI called the TSX compliance and they would have halted EF a long time ago, but their hands are tied during the CCAA proceeding. As soon as the CCAA is over in July, EF will get halted for many reasons
1) Failing to file 3 successive Financial Statements.
2) Failure to meet listing policies
Once CCAA is over everyone can sue the Board of EF for the many reasons that one may sue them.
In essence EF is living on very borrowed time and the only people buying are the ones who can't read a news release.
Here is a further comment by Scotia Capital:
From Scotia Capital:
“We spoke with EF's CFO over the weekend, who stated that cash after closing of the transaction will be about $24.5 million, comprised of ~$13.2 million from escrow accounts, and ~$11.3 million freed up by LCs being replaced. The $24.5 million will be used to repay unsecured creditors and will not be available to shareholders. EF stated in its press release that, "it is not expected that the proposed sale of the Dokie assets will result in any recovery for EarthFirst's shareholders.”
WG