RE: Making a deal I hope one day some of these CEOs be held accountable to their shareholders just as the Madoff and the Stanford were held accountable. Yes we can say Poynt is valued $20M CAD but what are bidders willing to pay for its assets. I suffered the bad faith in the 90's with Tecomm Electronics going bankrupt but escaped PYN :) The markets are slowly deteriorating and turning into a poker game.
Based on current regulations and SOP in place...if $2.5M CAD is the best offer how could DL be held responsible. The Trustee would deal with that matter related to the priority of payments. The public was made aware through the appointed Trustee of the open bid process. The time to hammer out a deal was prior to being bankrupt.
https://www.pwc.com/ca/en/car/bankruptcy-faqs.jhtml
Will creditors get paid for amounts owing by the Bankrupt prior to the Bankruptcy?
It depends on the proceeds realized from the sale of the assets. After selling the assets, the Trustee will need to consider the claims of secured lenders, prior ranking claims, deemed trusts, statutory liens, and the costs of administrating the Bankruptcy prior to repaying other creditors. Accordingly, an unsecured creditor will only be paid if there are any proceeds remaining.
GLTA...