Should be a.. ...news release today?
I'm still mystified why give up so easy and sell off the company, when David Campbell still thought the company could be profitable, even to the brochures handed out to potential bidders.
The buyer will have a profitable operation now or very soon. Otherwise why purchase Futura? This after Futura had built up the business at a large cost. Robust systems, great potential, next level of success, look forward to acheiving profitability. These words are at odds with the situation at hand. Miscalculation by managment? or merely speculation? I would not have this group running any company.
Also that some creditors were willing to do a debt for share swap. Could sell off the non-capital tax losses and at least pay off Aeroplan and other key accounts. I don't think it's necessary to pay everyone off even after the CCAA process if a deal can be worked out with creditors.
The surprise is the number of creditors and various account payable. I was shocked. But so too was the interest owing on the debt. I think that was the final blow. All the unsecured creditors will loss and some secured creditors also.
I can vent forever. Things won't change. For now however, I would like to know the selling price and the purchaser of the assets.