Directors threw in the towelThe unexpected, rapid reversal by the Board of Directors troubles me. Why did they do it? No financial statements disclosed for 2Q. No vote by shareholders. It makes it impossible for shareholders to analyse. Why did the Directors give up after doing so much work on the arbitration process which was within weeks of being finished.
I can only conclude that they lost the will to fight on. They may have looked at the 59% of shares which decided to stop fighting at 95 cents and concluded the majority of shareholders did not want to fight to the finish. So why should the directors continue? There wasn't anything in it for them to continue. (I would be appalled if the Directors are paid a severance.)
Now all public shareholders are facing an uncertain future. Will Kramer run the company without prejudice to their interests? Will he continue to list the company on the TMX? If NHC continues to exist but is not listed on any exchange, how do you crystalize your capital loss for tax purposes?