Those unsecured creditors (insiders-management) who did not get paid were:
Mark Farrell $251,000
Michael Berger $241,000
Graham Farrell $85,000
David Beutel $50,200
David Campbell $31,000
Jon Gill $43,000
Ted Dzialowski $29,000
Terry Run=msey $156,000
PJ Pets $33,000
Total unsecured creditors who did ot get paid $2,281,000
So don't feel bad as shareholders. Management believed in the company and put their money on the table. Business circumstances did them in. Interesting to note there were bids for the company even after the bid deadline, but the courts had to refuse these. Probably would have made little difference anyway.
From a sarcastic shareholder viewpoint (ie:stock prices), a near worthless company (1/2cent bid) bought out a worthless company not bids at all at any price). Embarassing to say the least. Not worth publishing the news in any paper.
Aeroplan-auto sector won't add anything to the bottom line for ADX in my opinion. Debt incurred to buy the company, interest charges probably 12%+, admin fees, Aeroplan's cut, dealerships leaving the fold (I think Futura lost 10-12 dealers).
Management tried their best under difficult loyalty market circumstances. I have to stop venting and can't be in denial forever. What I lost I made up already by converting some apartments into executive suites and the rent doubles. In turn, this increases the value of a building.
The best in the real estate business Mark Farrell. That's the way to go after this.
Graham Farrell is a consultant to Advantex. Maybe new insights and marketing strategies can still be attained. The auto industry category may still be a success. There wasn't enough time for Futura to fully guage the success of Aeroplan with auto dealers.