RE: Good news That unlimited ask at .005 sure makes it look like the market thinks it's good news too.
This is what is most likely going to happen, based on my knowledge of other companies going through the process lately (SBS, LDI, RDA). The debtholders (who are mostly insiders) will offer to "buy out" the rest of the debtholders. Since it's very unlikely that a superior bid will come along, the courts will allow it and the shareholders are wiped out as the company is taken private. Why do you think the directors are so willing to put up even more money to get through the restructuring process? Because they know it will pay off for them and them alone. They are no longer working for shareholders and don't really care about their shares because they will be able to get 100% of the company's equity anyways.
It's similar to the OPC saga where after years of operational losses and mounting debt, the debtholders were more than happy to loan them even more cash until they finally reached their breaking point and they sent out an "awesome white knight" offer of an incredible 10 cents per share to take over the whole thing.
I know BayWall and others don't want to here this stuff, but people here need a reality check before they waste more money in an attempt to average down. The 70K shares filled today was basically a $350 gift from one anonymous person trading on the stock market to another. I expect a cease trade order to happen before the end of the year then an eventual delisting once the CCAA runs its course. The TSX should bring zero bids in so people can at least close their position and accept the tax loss because there is some value is getting the tax loss for 2012 instead of 2013. I'd be willing to pay $7 commission to get millions of free shares in the very, very unlikely event that these are worth more than $0 when all is said and done.
Regarding the processing division being worth $8M. I believe that was just some number picked out of the blue when they made the loan transaction from one related party to another. There's no way that just a small piece of this company is actually worth $8M when total revenues are just $2M or so a year and not really growing.