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CANEXUS CORP 6.5 PCT DEBS > The only reason this didn't close

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Comment by Khersonon Sep 15, 2016 9:33pm

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Post# 25243155

RE:RE:RE:RE:The only reason this didn't close

Kherson wrote:

noble13 wrote: Well, at this point I can only give you 25 million reasons why Doug is going after the breakup fee. I'm sure in the Kherson good management world,he would pass on the possible $25 million. By the way, I guess I am a paid poster as I am a Canexus retiree. The company (chemicals division) has always made money in the 36 years I was with them and aside from the Bruderheim fiasco, will continue to do so for many more years to come.

So, why don't you find something positive in your life and move on. You'll be glad you did.

I always suspected that you were connected with the company and my hunch has been proven correct.
Noble you are correct in your assessment of Blunderheim being a fiasco! But the problems with Canexus go deeper than that. The BOD should have pulled the plug on that misadventure long before they did and more importantly immediately gotten rid of the CEO and CFO once the overspending became obvious, which they didn't!
Canexus now has fallen into the trap on not being honest with the Market, nor with it's shareholders. A couple of years ago before I sold my position in the company, I had a wonderful talk with someone in IR and I expressed my opinion as a shareholder that I felt that the company was not being honest. The funny thing is that the IR person agreed and more importantly admitted that the Market was having a hard time to believe the Canexus story! I told her that Canexus could start by being honest, which they never did!
So, here we are today, a failed merger, more lawsuits coming down the pipe, no more dividend for the shareholders, the Credit Facility will be tightened and the company will soon be facing CCAA protection!
So what has the management team at Canexus accomplished? In my opinion they have totally destroyed this company by lying to the Market and more importantly to themselves! A BV of Zero speaks volumes!
Kherson