RE: RE: Good news Good response. Actually I look at both sides. Like I have said before on this forum, the debtholders now run the company. I don't know if I mentioned about making taking the company private, I will have to check back.
Like others, I too think the $8 million is a high value for the processing division. I would like to know how the independent appraisal company arrived at that value.
It's the revenue side which concerns me. If they didn't do anything in the past 6 months, maybe it's unlikely they will do much in the near future.
3 strikes and they are out.
1. Trying to compete with Air Miles and Aeroplan (no go)
2. Hub/spoke idea (no go)
3. Reseller of Aeroplan, etc (not going good)
The first two were just impossible to execute. Drained a lot of money. The third, being a reseller was a step down, but they thought significant revenues were possible according to their news releases. Well not so.
Through the past 5 years, and despite annual losses sometimes over $3 million, the debt holders kept giving money to the company. Why continue to give money if large losses are occurring each year and very little progress is being made?
When management files the second report to the CCAA maybe later in November, there must be a news release as to the status of shareholders and the restructuring plans for Futura.