Supreme Cannabis Company Inc. (The) T.FIRE

Supreme will face legal action for debenture bungle

[puppymonkeybaby]

Previous news release to debenture holders dated Sept 2:

In order for eligible Debentureholders to receive freely-trading Consideration Shares, such Debentureholders are reminded to instruct their CDS participants to make the appropriate election with respect to jurisdiction of residency through CDS before the election deadline (the "Election Deadline"), which is expected to be on or around September 8, 2020. Any eligible Debentureholder that fails to elect prior to the Election Deadline will receive 100% of the Consideration Shares subject to a four-month restricted period.


CDS representatives are instructing debenture holders that the companies election had to be made by Sept 4th 2020. 

Thus, any debenture holder electing to action debentures from Sept 4 - Sept 8th will not be able to exercise their option to hold 50% of the consideration shares to be freely trading. 

Was this a screw up by the Supreme Cannabis Company to only allow the debenture holders to exercise their right to recieve free trading shares on Sept 2-4th... Or was this a sneaky way for certain debt holders whom were in the know to get their election submitted on this early date deadline. 

By Supreme not giving a deadline date, they have opened themselves up to legal recourse. 

Not a good way for Beena to start her tenure. 

[Method]

I don't think anyone owns enough to bother with legal action. That being said, the broker deadline is usually a few business days before the CDS deadline. It's more of an issue of retail owning in street name and not realizing that is usually the case.  Less pressure on the stock potentially if those free trading shares were going to be sold.   

[puppymonkeybaby]

Method, may I ask if you elected to recieve the free trading shares? Or are you going to enjoy that fat coupon for as long as you can?

[Method]

What does the second question have to do with the first?

[puppymonkeybaby]

Wondering if your experience in finance let you off the hook here... or perhaps you are a representative of the hedge fund whom holds most of the debt. Either way, I hope you got those 12 cent free trading shares.  Even though it'll probably gap down to 12 cents upon these shares being liquid. 

[Method]

What hook are you talking about? I'm trying to answer your questions but I don't understand them. I don't work for a hedge fund. 

[puppymonkeybaby]

What about my first question to you did you not understand? 

[Method]

I don't understand how electing for the the freely trading shares relates to the "fat coupon"?

[puppymonkeybaby]

Well how would you get your interest if you liquidated your shares?

[Method]

The interest is paid on the bonds, not on the shares.

[puppymonkeybaby]

exactly, so if you elect to take the shares, would you not lose your interest?