Plans of Arrangementhttps://harrisreceivers.com/ESW/Files/Application_Record_%5BPart_1_of_4%5D.PDF
Paragraphs 35-38
They have $31 million of tax losses which can be transferred to another company wishing to use it. Don;t know what the value received would be.
They have to work out a new deal with Aeroplan, either Futura or successor to Futura.
They are also going to see how much the company could be sold for. There was no mentioned of the treu market value of the processing division. We will know soon. Book value is $1.35 million (receivables, cash on hand, etc)
5 employees left. The company explained why Aeroplan revenues fell in the 2nd quarter.
Mark Farrell is owed $251,806.
PJ Pets on of Futura's success stories is owed $33,140
Points.com with whom Futura sign a partnership for the US expansion is owed nearly $17,000.
Doesn't look good when strategic business partners are owed money.
How were they allowed to get this far into the hole is beyond me. Board of Directors where were you to guide the company on behalf of the shareholders?
Even if they sell everything only the creditors will be paid and nothing left for shareholders. And to think the stock reached 6 cents last year based on hype only.