Stockhouse-News wrote: Andrew Ryu has resigned as a director of the Company. The Company notes that because Mr. Ryu is also no longer an officer of the Company, his resignation as a director automatically terminates the lock-up agreement that was signed by Mr. Ryu as part of the Company's March 2015 common share offering. Mr. Ryu has offered to assist the Company as and when requested in order to facilitate the transition of the Company's operations to its new management team.
Not sure how this influences the company or the shareholders.
I still feel that LOY needs a lot to steer the ship in the right direction.
Most importantly, LOY has to avoid all litigations while achieving a positive cashflow. On that topic, during the audit, BMO had already known about the negative cashflow; that's the whole point of the audit. The major shareholders also knew. As of the previous weeks in June, these parties have most likely been contacted and briefed on the situation.
I'm not claiming that no legal harm will come, it may. However, these shareholders, underwriters, and creditors could have pulled the plug on LOY weeks ago if they had wanted to do so. Again, I acknowledge that LOY is weak right now. It is vulnerable. It needs to try and survive until financially viable. I don't know when that will be, but I hope that it will come without more pain.