RE: RE: No CCAA "What is plainly obvious however is that the recap is exceptionally beneficial to common shareholders. There is a reason the c/s was trading at 3 cents pre-recap"
Your argument of singling out the commons because it was trading at 3 cents doesn't make any sense. You're saying that the commons are making out like bandits over any one else and the proof is that they were trading at 3 cents? Preferred's were trading at 16 to 18 cents, Debentures were trading at 4-5 cents on the dollar, and MTN's were in the low 50's. Every form of equity and bonds were depressed. This isn't a bankruptcy situation where the rankings would ensure the commons get zero, it is a recap proposal that requires a vote so all stakeholders are getting something. The initial price of YLO back in 2010 was $6 a share and in turn the commons will most likely get roughly 10-15 cents a share if not less, the initial price/ original value of the Preferred's is $25 a share and in turn will get between 1.25 - 2.00 a share, and so on with the bonds and debentures. So please explain to me how the recap is exceptionaly beneficial to the common shareholders when we're getting the least amount in terms of percent loss from the IPO and that this is not a bankruptcy/CCAA? It is a recap and what we're getting is less than 1- 2% of the IPO, Preferred's are getting 5-8% of their IPO, and so on down the chain. And if you don't mind me asking what did you pay for your debentures or bonds? Anywhere close to the book market value? So seeing as the commons are getting so little what is the amount that they should be getting in this recap proposal - keep in mind once again that it is a recap not a bankruptcy thus a vote/approval by the commons is needed.