RE:I'VE BEEN AWAY FOR AWHILE ...Well said Melida, great post and completely agree.
This is pulled directly from the findings on the initial proceedings of the AMF trial. Here is the conclusion ruling: FOR THESE REASONS, the Administrative Tribunal for Financial Markets, under Articles 93, 97 al. 1.97 al. 2 (2° and 7°) and 115.6 of the Financial Sector Regulation Act [39] and article 11 of the Administrative Justice Act [40] : GRANTS the request for annulment of the Summons to appear in respect of the respondent Photis Peter Pascali; CANCELS the Summons addressed to Photis Peter Pascali and dated December 5, 2023. The cancellation of quash a summons to appear and produce documents is a huge blow to the AMF. The AMF is off to a very bad start. Some great posts from ceo: @helloween So it's a win for PPP, the subpoena duces tecum was cancelled. The AMF tried to trick PPP. First the AMF asked that PPP and PYR don't be represented by the same attorney because of a conflict of interest, so PPP asked another attorney to represent him. Since PYR are still represented by PPP's old attorney, the AMF asked PYR to change its attorney because of his duty of loyalty for his old client PPP that could lead or a conflict of interest, so PPP waived the duty of loyalty of his old attorney by an affidavit. Then they tried to use the waiver to force PPP to produce documents protected by the client lawyer attorney privilege and it didn't work. @Sabbath Alleged . If tribunal finds no fault/ no wrong, you best cease & desist calling the CEO a fraudster, fast. The only fraudsters around are you and your sad fantasy island clan. Melida wrote: ... and I come back to this board flooded with posters who are trying to show how the AMF hearing and eventual decision will be a knife to the heart of Pyro's business. Months ago I posted on the effects that the AMF hearing will have on Pyro. As a brief refresher here are a few important points:
-minimal possible fine for Pyro and it has already been capped
-even if the AMF orders Pascali to step down as CEO, he will still control the board of directors due to his majority share interest. Note that only the shareholders vote on who becomes a director. In essence, Pascali, no matter what happens with the AMF, will continue to control the board of directors. As well, in the last few years the board has been strengthened by solid independent directors,
-Form a practical point of view, Pascali will have the ear of all major officers and executives of Pyro. Think of it like this: Many years ago the Baltimore Orioles baseball team was managed (coached) by a bombastic manager by the name of Earl Weaver. Earl was always getting kicked out of games for yelling at the umpires. Earl didn't care. He just lit a cigarette, walked down the stairs from the dugout to the clubhouse and managed the game from there by relaying instructions to his assistant who was standing at the top of the stairs. Earl couldn't sit in the dugout, but he effectively continued to manage the game. If Pascali is forced to resign as CEO, he can simply pull an Earl Weaver and because he will continue to be the majority shareholder you can bet everybody will follow his instructions.
One final and important comment. You can bet that after a decision has been rendered by the AMF, the share price will go UP. The uncertainty of the case will no longer exist. The markets hate uncertainty. Since the possible sanctions against Pyro have already been capped, I think it's a given that Pyro's share price will go up. Furthermore, Pyro will have no legal impediments to raising funds by way of an equity offering.
Stay long and strong!