RE: Where were the regulators?Stick 2 - you don't need regulators to do what was done.
It was smooth as silk and you have to hand it to Wallster for being smooth. He, through Mulgravian, financed Shoreham, and thereby garnered 14% of the stock of the company, or control of a vote. When running a pubco this is risky to let an outsider do that as this is the outcome 99% of the time.
I hear that Bending and the Board did not know this was coming until late the night before and is the reason that Bending was not armed with a pocket full of proxies. I was also told that Bending was very meek in the meeting and that it appeared that he was only able to cut himself a deal at the last moment to remain as the CEO. Under new policy of the TSX the CEO cannot be a member of the Board so in essence he has been silenced, or I like to refer it to - he is working for Wallster now and will not be getting that high salary.
This is a good move for Shoreham and is shown in todays movement of the stock. Do not ever underestimate how Dale Wallster works as he has proven himself time and again and can get it done. I like it and I recommend you all to like what has happened.
Next up I believe will be a financing with possibly news of a significant player or company coming on board.
CEO's - you will see news about this shortly because there is a new group in place. I certainly am interested in who takes on what roles in the company.