LAIG financing brings an additional $850,857 to CWV!!!LAIG offers a Superior Financing additional $850,857 to CWV!!! The Current board and management's attempts to mislead (LAIG's letter dated Feb. 18, 2015)
In light of the board and management's continuous misleading statements, including with respect to LAIG's ability to finance any transaction it proposes, LAIG assures shareholders that not only would it have been able to finance its alternative proposal had it not been rejected by management and the board, but it has never failed to finance any transaction to which it was bound. Such statements are nothing more than the board and management's desperate attempt to disparage LAIG's reputation as an investor.
In particular, management and the board have made numerous references to LAIG's court action against Medanito S.A., as if the existence of that claim somehow impugns LAIG. Shareholders should be aware that nothing could be farther from the truth. In the dispute with Medanito, LAIG is the plaintiff, and only pursued the claim when it suffered damages due to the actions of third parties. Management and the board failed to fully inform the shareholders, despite their numerous press releases, that the criminal legal process in Argentina against the directors of Medanito and the commercial legal process in New York against Medanito itself have resulted in the offices of Medanito and its lawyers being searched by the authorities and a New York court granting a restraining order in favour of LAIG. LAIG's ability to finance a transaction was never at issue in its claim against Medanito despite management and the board's misleading statements to the contrary.
In addition, as management and the board know, it would be highly unusual for any first offer to include the kind of financial verification they claim they would have required to consider LAIG's alternative proposal. Shareholders should question whether management and the board sought such verification from the new investors at a similar stage of discussions or at all. It is baffling to read management and the board's claim that LAIG has no financial ability to finance a potential equity financing when the company refused to even enter into discussions with LAIG to prove that was the case. LAIG would have been willing to provide sufficient proof had the company not rejected its offer outright.
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