Urthecast Corp LFDEF

Shareholder equity (There is hope!)

[Bazvest]

In the stalking horse bid there is mention that UR (and I assume it's shareholders) would recieve 35% of the eventual newly formed entity. They use the terme BIDCO which means a wholly-owned Subsidiary of Borrower formed for the purpose of acquiring all or a portion of the Target shares as set forth in the Offer Document.

The paragraph is on page 35. https://syntheticapertureradar.com/wp-content/uploads/2020/10/Order-Made-after-Application-re-SISP-15-Oct-2020-4244-KB.pdf

As consideration for the purchase of the Secured Debt (as defined below) Bidco will issue to UrtheCast, for the benefit of the Secured Lenders (as defined below), 35% of Bidco's non-voting equity as of the date of Closing (the "Closing Date"), which would be governed by a shareholders and/or limited partnership agreement (in any case, a "Shareholders Agreement"), providing for governance and minority approval rights, pre-emptive rights, mandatory dilution for any non-participation in the equity component of the project financing raised to develop and launch the Project (Antarctica to finance a material portion of the costs for completing the Project) and other customary provisions. If and to the extent that UrtheCast determines to distribute any Bidco equity to its securityholders, such distribution will be conditional upon each recipient signing a joinder to the Shareholders Agreement, in form satisfactory to Antarctica

[OlYale]

I'm assuming this company will also be financing the new Urthedaily constellation? If my shares can transfer over to the new company, I'm completely fine with that. 

[onxy10122012]

Thanks Bazvest for posting your thoughts and information, much appreciated, yes it sounds like we might end up with something after all  which would be better than nil !!!!

[aushucks]

well here's a crazy question, perhaps I can get answered by someone; if my shares have been deleted [removed] from my trading account as a result of delisting, just how does one fiqure we would get ours shares or any money back? thanks in advance.

[Bazvest]

That's strange, my shares  still appear on my broker account but under a different symbole. LFDEF ilisted on the Grey Market,US.If you don't see them call your broker.

[onxy10122012]

Same here.

[Razbo1]

"...Bidco will issue to UrtheCast, for the benefit of the Secured Lenders (as defined below), 35% of Bidco's non-voting equity" I'd love to believe it, but I dont think us bagholders are in any way "secured" Lenders

[onxy10122012]

This last paragraph is what gives me a little hope. If and to the extent that UrtheCast determines to distribute any Bidco equity to its securityholders, such distribution will be conditional upon each recipient signing a joinder to the Shareholders Agreement, in form satisfactory to Antarctica

[OlYale]

They better distribute or they will have law suits on hand. I personally know 4 nvestors who are going to file if this is the case. I will be doing so as well.