fliptwo re 25%fliptwo, support your claim. Please indicate in the contract where GBK gets "25% payback"
If you can clearly show that to be true, I will post and commend you for your efforts and excellent DD. If you can't do that then I suggest that you stop posting that untruth, giving shareholders a false impression of what they are actually invested in. Why don't you call the company and ask them outright? What exactly was the profit sharing agreement between GBK and JJ? Post what they say here.
Another thing that bugs me...
I was wondering why the company set-up was a 25%-75% split. Why not 23-77? why not 49-51?
For those still holding please read read the entire page 54 of the contract. It seems to me that GBK's 25% "ownership" was key for JJ and/or CZZ to avoid having to claim disposition of shares and debentures as taxable Canadian property.
This deal has a foul odor to it, don't you think? Even though GBK only has 2% of the shares of the company, is it legal to say that you own 25% of the company if you have 25% of the voting shares? As far as I know, one "share" of a company entitles you to one share of the value of that company, and one share of any distribution of profits. Otherwise what what would be the point of owning shares? So although GBK is only entitled to 2% of the profits for their 2% ownership of shares, they can claim 25% of ownership of the joint venture for tax purposes? I wonder how often that loophole is used to avoid paying Canadian taxes?