GREY:STPJF - Post by User
Comment by
dbinvestoron Feb 26, 2015 3:26pm
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Post# 23469248
RE:RE:RE:RE:RE:Affidavit: "...McKay and Senlac ...grossly mismanaged"
RE:RE:RE:RE:RE:Affidavit: "...McKay and Senlac ...grossly mismanaged"My post is about getting some of the facts out that are buried in the affidavit/court docs. Seems many people woldl rather read these posts then the source documents :)
I wouldnt expect a sucessful challenge to the Queen's bench on their decisionsso far Although the bid deadline was extended to April 27 from end of March so I wonder if the complaint from the Holders about a very short timeframe was considered by the judge.
The fact the monitor dismissed the suggestions does not mean that they are not valid.
I dont think the monitor is motivated to entertain corrective action suggestions. Being a monitor does not make you an expert on operations or even finance matters. Their job now is to follow the process of CCAA. They will rely on management's direction for other operational imputs and we know how management has responded in the past to investor suggestions from the affidavit...
From my reading through the affidavit it appears to me that they are trying to document a history of inaction that has caused this decline. This can setup for court action later. Who knows whether that will ever happen however.
Time to wait and see how things transpire on this one. Is it an asset sale which guts the company (I see this a high probability) , a finance/investment that retires the 1st lien holders and lets the company continue or a combination of both..