GREY:SGLRF - Post by User
Comment by
Khersonon Dec 06, 2015 9:10am
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Post# 24358754
RE:RE:TSX Delists SGL
RE:RE:TSX Delists SGLskygarden wrote: I took a quick glance on Ernst & Young's site and in Williams Kennedy's affidavit I see that Eagle did want to buy out the rest of Dixonville, but the sticking point with the Lenders was that Spyglass wanted to retain some of the proceeds of the sale and not use all the proceeds to pay debt down so the deal ultimately fell apart.
The Southern Alberta properties also had an offer that was withdrawn.
Not sure if it would have made a difference to the survival of the company if either transaction went through as it might of only prolonged Spyglass' existence.
There are two issues that stand out here, SpyGlass did have the opportunity to remain solvent by selling the rest of the Dixonville to Eagle and more importantly, the Zombie Directors failed in their duties to protect the shareholders.
There is now no doubt in my mind that SpyGlass was formed only to enrich the management and the BOD at the expense of the shareholders. Sadly, the ASC has yet again failed to enforce their own rules!
Kherson