Lightstream Resources Ltd. LSTMF

RE:RE:RE:@wizthewiz go to Reports ,third monitor report pg10&11

[Oldfart74]

Pancho2 wrote: Thanks Reefs, I have not read that report, but they mentioned in the Q3 2016
Balance Sheet report  that the Liabilities subject to compromise was $1,337,015.

Showing the Secured and Unsecured Noteholders as one total, meant that 
the Secured was offering to buy out the Unsecured.

So the old Shareholders will get 2.25 % of the 100M shares in the new 
restructured Company (Ridgeback) and the Unsecured got the other 97.75%.

Yes in addition to the 2.25% of shares, we will get 7.75% in warrants also.


It was reported on Dec 8, 2016.

"Ridgeback is a new private company established for the purposes of completing a credit bid for the assets and business of Lightstream on behalf of holders of the Secured Notes
On the Closing Date, holders of the Secured Notes will be issued a pro rata number of common shares of Ridgeback based on the principal amount of Secured Notes held by them and the Secured Notes will be automatically cancelled."

Remember the Secured Notes (Ad Hoc Comittee) will be issued a pro rata number of shares,but not all the shares.


Good Luck !!

You haven't read the latest report of the Receiver but you have no trouble in spouting nonsense from old reports.  If you take the time to read the court order approving sale of assets and the motion materials, you would know that the only shareholders of Ridgeback will be the holders of the secured notes.  The pr rata comment means that if you own 10% of the secured notes, you will receive 10% of the common shares.
With regards to the secured buying out the unsecured, there is a court decision on the matter (the Oppression lawsuit).  The decision said the unsecured get nothing.  I previously posted a link.  The unsecured applied to be granted leave to appeal.  Permission denied.  Next day the sale to Ridgeback was approved by the court.