RE:RE:why have some posters disappearedScottie99 wrote: bojangle, there is nothing much to say except to be patient and wait it out but yes I do agree there wasn't much fight in court for shareholders. The receivership order has been granted and so we wait for the next step. Like I stated previously, Rob and his crew need to be held accountable for how they abandon their fudiciary duties to shareholders and hope the Regulators would go after them with the complaint made against them!
Some indicated they are going to launch a class-action lawsuit against the former Board members and I am all for it. I just find it intriguing that the Councel for the Adhoc Committee would be paid from the sale proceed like the Receiver. If the shareholders had gotten its own Council, they would entered the fight and be paid from the sale proceed I guess! But it is all well and we just have to see what happens from here since we don't know the purchase price and don't know what anyone would get aside from the secured Lenders.
bojangle3 wrote: Haven't heard from scotty or lightscam since the court date. Were they both shills or only one of them ?
I think the two of them were shills along with oldfart. What do you think ?
Council for Ad Hoc is not getting paid out of sales proceeds, like the Receiver. They would like to get paid out of the distribution that is paid to Debenture Holders, spread evenly throughout.
I see one chance of blocking the deal, if enough shareholders whine to Industry Canada, that they are selling to a foreign company. It could be claimed that improper business practices were followed, and the whole thing should have gone to CCAA, to get a stay from the Banks, then to properly see what arrangements could be made with the Debenture Holders, to see if shareholders could get some residual value, through a rights offering.
The present deal looks like shareholders that built the company with their investments, are losing everything to a foreign company, with no chance of ever recovering their investments, as there could be if some sort of deal was made in CCAA. But TBE management improperly gave up the keys to the bank.
So if shareholders don't like the deal, they'd better plead their case to Industry Canada. But since nobody filed anything in Court, I don't know how much amtition there is, to try and complain.