RE:AGMTradernick wrote: During last year's AGM webcast, Greg stated clearly that the debt was going to be repaid. Some of you may ask him this year to clarify his position as to what he had in mind. At the very least, for those of you who are ready to initiate a classaction, there is even more ammunition for you. GLTA.
Do you think that there will be an AGM this year?
Last year's was held on November 6, 2014, and presumably another wouldn't be due until about the same time this year (about six months away).
On May 4, 2015, the Lenders provided notice of their intention to make a Credit Bid.
Read more at https://www.stockhouse.com/companies/bullboard/t.sgr/san-gold-corporation#qMHUrUvvIkXHIVl3.99
From the looks of it, the DIP will likely get the assets covered by their loan some time around June 15.
That'll leave the assets not hypothecated to the DIP for the trustee sell, and to then spread the proceeds over the unsecured debtors.
The May 12, 2015, sixth report to the trustee (final) mentions holiday pay, and severance pay of about $800,000, other employee-related payroll burden, and about $95.8 million in debt which the trustee will deal with.
With nothing to fund ongoing operations, I'd presume that SGR will no longer have a presence on the Canadian exchanges, there'd be no need for directors or staff and, if no directors or staff, then there'd be no AGM.