Post by
pennywyse2 on Apr 11, 2014 8:23am
Confirmation Hearing
The Hearing to Confirm the give-away of Tuscany's assets to Credit Suisse will take place on May 19. You don't have to worry about it because as a shareholder you are not permitted to vote. Isn't that neat.
So far the Bankruptcy Judge has: 1) failed to overturn the African asset sale to M&P (on which TID took a $68 million writedown, M&P got the assets at 46 cents on the dollar), 2) approved the Restructuring Support Agreement which rewards incumbent management for screwing up the company, 3) approved retaining GMP Securities (Chairman -Donald Wright, can you spell CONFLICT OF INTEREST) to solicit bids on a fee structure that is laughable, they aren't going to do more than send out a form letter, 4) approved the Asset Sale Agreement selling the business to Credit Suisse (dated April 8) and 5) Approved the Plan of Reorganization and Disclosure Statement WITHOUT EVEN WAITING FOR THE BID PROCESS TO BE COMPLETED.
This gives a whole new meaning to the term "Bought and paid for" doesn't it. What a farce.