RE: Why the recap is necessary!!! ... Kittyday - I've got to say I find your incessant pushing for the recap a bit frustrating.
Don't forget the only reason for any private corporation to exist is to serve the interests of its shareholders by paying them a return on their investment. The only way for a corporation to do that is provide something of value to its customers that allows the corporation to generate net income.
Yellow Media has failed to serve the interest of its current owners. The easy way out of this situation is to shaft as many of its shareholders and debt holders as it can and that is exactly what Yellow Media is doing. Yellow Media has never offered a shred of evidence that they could not survive before they pulled out this carefully crafted CBCA proposal.
Yellow Media continues to make money and pay taxes and yet it's only option is CBCA and failing that the option is CCAA... Nonsense. This looks like management failing to do what needs to be done to get refinanced.
Although I acknowledge that the recap will take the pressure of the balance sheet if it passes, it is a betrayal of everything a corporation should stand for - that is, furthering the interests of its owners. I don't think that Yellow Media/the BOD/the Management tried nearly hard enough before they gave up.
Would you really trust Tellier and his accomplices not to do this all over again?