TSXV:LRT.UN - Post by User
Post by
merriamon Feb 11, 2022 4:57pm
133 Views
Post# 34422000
February 15th
February 15thWoodland Park, our property under receivership, is scheduled to be sold on February 15th, if I undersand the timeline correctly. I believe that it is no coincidence that our latest meeting date was scheduled two business days prior to that. In the receiver's November 15th report to the court, they recommend sealing (keeping confidential) the details of the sale until it closes (p. 18). So, on the 15th, we (or at least management) should learn the details of the sale. The details might prove to be materially significant (for better or worse) to Lanesborough's future. If they are material, I would expect management to issue a press release.
Personally, I do not expect management to allow Lanesborough to go into receivership as a result of the passing of the debenture maturity date, although it might work to their advantage to allow us to think that they will, if that belief resulted in our accepting a subpar deal.
In my opinion, there is plenty of time to arrange an extension of the debenture maturity date, or in the event that the debentures did mature unpaid, the debenture holders have the power, under the trust indenture, to waive that event of default.
Disclaimer: As usual, all of the above should be taken only as an expression of my opinion. I do not intend any of the above to be taken as fact. I am not an expert on any of this. Seek out your own expert advice before acting on any of the above.