GREY:STPJF - Post by User
Post by
dbinvestoron Feb 19, 2015 10:51am
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Post# 23443375
Accusation that management ignored re-finance prior to CCAA
Accusation that management ignored re-finance prior to CCAAGood link Monzie . I missed that on the Price Waterhouses monitor page.
Reading this has disturbed me enough that I just signed up for stockhouse.
I think I will contact one of the legal teams involved to discuss this more and see what my options are
The boad and exec team has a fudiciary duty to act in the best interest of the shareholders. Ignoring a creditor's offer to refinanc ethe debt for months (I read September in your link) looks to me to be complete incompetance given whats transpired. Especially when the creditor indicates that they wish to be notified, prior to any CCAA filing, to offer a restructuring plan.
And I agree with the 2nd lien holders, how can you get any reasonable price if you have such a short time for bids?? These are oil producing assest with approx 240 mill barrels proven/probable in the ground - why the Firesale?
Notice how there was an extension request to April 27th. I wonder if the complaints fomr the 2nd lien holders forced that.