GREY:LSTMF - Post by User
Comment by
bushhog1on Jul 14, 2016 11:21pm
223 Views
Post# 25054715
RE:RE:RE:Blame management!
RE:RE:RE:Blame management!You said
"If they didnt make this deal they would be going into bankruptcy and liquidating the assets"
-----------------------------------------------------------------------------------------------
Last March 4, 2016, the CFO said
"Under our debt indentures, we have the ability to issue up to $750 million of first lien debt and we look at that as one of the options potentially available to us to reduce any liquidity risk we might face the result of the reduction to the borrowing base."
_________________________________________________________
The syndicate of Banks reduced their LOC Limit by $120Mln
and LTS was suddenly facing bankruptcy. Was the CFO not telling the truth then why did he not used this option.
Instead they choose to dilute the Shares into Billions and not only address the
$120Mln shortfall but to pay off all their Bonds (c$1175M) due in 2019
Again this deal was grossly unfair. These Secured Bonds were issued in the latter part
of 2015 and now Management is proposing to give them 95% of the Company.
Only my opinion