Orbite Technologies Inc EORBF

Irony of Irony Shareholders Praying Glenn Kelly Saves Orbite

[Antoninass]

The CEO who for years couldn't keep an HPA production timeline and spent many millions more than promised is the man we shareholders are praying for to save our investment because GLENN KELLY IS FIGHTING TO KEEP HIS FAT SALLARY CHECK FROM TURNING NSF. 

https://www.stockwatch.com/News/Item.aspx?bid=Z-C:*MKTDIAM-2461636&symbol=*MKTDIAM&region=C

Glenn Kelly's suspended Orbite Technologies Inc. (ORT), down to 23.5 cents when it entered creditor protection two weeks ago, will be delisted from the TSX in mid-May. (There is no direct analogy to South Africa's business rescue program and Canadian lawyers do not often equate creditor protection with saving jobs or keeping a stock trading.) The regulators suggest that Orbite has traded its last on the TSX, but Mr. Kelly and his crew say they are working on a plan to emerge from insolvency protection and protect its stakeholders, including shareholders, some of whom now grumpily refer to themselves as "bag holders."

Orbite's woes began four years ago when it missed its first production target and experienced its first cost overrun for its three-tonne-per-day high purity alumina (HPA) plant on Gaspe peninsula. (Several delays and as many overruns later, Orbite's stock is far below its five-year high of nearly $4.) The plant was producing bits of HPA but the company suspended its crawl toward production, saying that months of upgrades are required to make the plant work correctly. Mr. Kelly is still hopeful that his creditors will allow Orbite to pursue its plan and restructure its finances to avoid bankruptcy.