GREY:LBEFF - Post by User
Comment by
JohnEStromJron Jul 21, 2010 11:06pm
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Post# 17287068
RE: RE: RE: Going-Private Transactions
RE: RE: RE: Going-Private Transactionslegend7,
"Even a private corporation that has shareholders has regulations that have to be followed?"
Oh? Could you explain for us then why we never voted on the Jilin Jien sale? That is a requirement of the law or regulations yet we never did get that vote. You say others bring no value to the board but who are you to judge? I thought we should have had a vote - that's the process. Gary Nash did a shortcut around the rules and now we have a foreign company that owns this. Yes, I think I would rather it crashed and burned since it was due to over promising and under performing. Is Nash totally at fault for the collapse? No, but he was the CEO and he IS responsible for the demise of this company. The only winner is Jilin Jien and insiders. None of us will win as Jilin Jien couldn't care less if this company makes a dime. They want the nickel and we are paying them for it. Better we ALL went down rather than the shareholders being sold down the river to protect the insiders. No, I see no chance for an upside. If they were able to break the rules of the exchange once they can surely break them again and I'm sure Canada wants to keep on the good side of the Chinese as they sell us out. Can I prove any of this? Well, management DID sell the company without a vote. Call it a loan but they're sitting on 51% of the common shares and this stock has done nothing but go down with all the good news. So, legend7, before you call others out you had best look at the facts. Those are the facts.