Lightstream Resources Ltd. LSTMF

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

[reefsandals4eva]

https://cfcanada.fticonsulting.com/Lightstream/default.htm

[reefsandals4eva]

The unsecured have been bought out. not coming with the new company.

[Pancho2]

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

[Oldfart74]

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

[reefsandals4eva]

dissenting shareholders don't get "nothing" they get what they were offered for their shares. the secured are "out of the money" quoted from the third monitors report , the end of pg 10 and the beginning of pg 11

[BluSky23]

I have read all of the documents, and the way I see it is that the SH's can not receive cash as the unsecured need to be paid in full before a dollar trickles to us SH's....and that is not happening. The only language that gives me hope I that the shares will be distributed to 'beneficial owners' of the secured debt. My hope is that the court made the SH's a beneficial owner

[Oldfart74]

Read the documents.  How can shareholders be beneficial owners of secured debt?  They are shareholders.

[BluSky23]

The court through the negotiations can do anything they wish. All I am saying is that this is the only way I see benefit coming to the SH's. Other than that, the way I read it SH's are SOL.

[reefsandals4eva]

I don't think so. The company is still a going concern. with everything I've read it's restored a bit of confidence in it. The steps they took back in July is why it moved so quickly, in my opinion. The news release in july was the reason the asset purchase agreement didn't have to have a shareholder vote.

[BluSky23]

Sorry Reefs, but you keep going back to July. In the purchase agreement, one condition was that the support agreement was maintained and in full effect. Meaning unsecured and SHs are cut out due to fact of not supporting at special meetings. I agree it BS that shareholders got no opportunity. The SHs don't need to approve purchase in CCAA, court acts on their behalf.

[reefsandals4eva]

that is correct courts can act on their behalf but it's still a going concern. You NEED to read the third monitors report. It clearly says the unsecured are being paid, in my opinion. it says they are "out of the money" that is a term that you should type into Investopedia. Dissenting shareholder are not given "nothing" they are able to opt out of the company for what they

[reefsandals4eva]

What special meetings? there was no meeting. There was no vote.

[reefsandals4eva]

in my opinion you keep making a mistake in your thinking. You seem to think this is a bankruptcy. The company is still a going concern. Shareholders are not last to get paid because it's not a bankruptcy, the 43 page document I posted actually explains why they aren't allowed to stop a restructuring of a company. Air Canada Corp has a very similar case in which shareholders were left out

[Oldfart74]

The July document has no relevance.  When there unable to get unsecured note holders onside, it died.  This entire process is now being managed by the September 26 initial court order.  That is the actual date this restructuring started.  Go to FTI website.  Nothing before September 26

[reefsandals4eva]

The secured and unsecured can not stop the restructuring once it's in CCAA, it did not die. That was a new bill that passed recently, as soon as it went to CCAA secured didn't need anyone's vote, that's why there was no meeting.

[reefsandals4eva]

What I meant to say, The shareholders and unsecured can not stop the restructuring once it is in CCAA, bill C-47 if I remember correct. The minority shareholders can not stop a restructuring of a company once it is in CCAA because in most cases it doesn't benefit anyone, The secured get paid in full in a bankruptcy so if they take a loss the minority shareholders don't have the right to