RE:RE:Sensio - Deloitte Atomicboy, the way I read it:
From the PR we learned that:
We filed for Creditor Protection and filed an MOI with the Quebec Commercial Court.
That we`ll be selling some patents to Wilan or an affiliate.
That Routhier will lend $100.000 till we get some monies from the sale.
That under this protection 3DGo will continue to operate under the supervision and advice of Deliotte with the BOD on it`s usual role and management responsible for day to day operations on this new strategic plan.
That Richard LaBerge was let go or fired.
It means “yes” 3DGo still ongoing but with a new set of rules and the Company does not have to share anything in regards unless there are “Material Changes”, wherever that applies to International launches or streaming devices we don`t know.
Motion:
As expected it was rubber stamped with no problems, time frames and urgency determined that.
Everything was done accordingly and Deloitte put that extra weight.
We also learned:
That there`s a LOI with Wilan or an affiliate and that affiliate for what I see is 3D-LLC (somebody has to correct me if I read it wrong).
On the patents we have 19 patents granted and 10 patents pending with due dates between 2023 and 2029.
We have “9” non unionized employees “7” of which are temporarily laid-off.
The Company`s total payroll obligations (salaried and hourly), were roughly $1.5 million in 2014 and $1 million in 2015.
The Company has no secured creditor and no third party financier,other than Routhier with his $100.000 loan.
Other than it debt to shareholders the Company debts consists of various accounts payables,trade debts and employees obligations, that debt stands at $1,5 million as of December 23-2015.
Since March 2015 the Company “tried” to raise money from it`s largest shareholder (we all know is the Caisee) and by way of a PP, both failed.
There are some other facts and obligations (standard) and the mention of “Key Employyes Contracts” which are strategic and needed for the pursuit of the Company completion and successful sale,by the way there “are sealed”.
So far there are roughly $400.000 to be put aside for Routhier`s loan, insurance, employees Kerp and Profesional fees (Deloitte).
The Court Order.
Agrees pretty well with the Motion.
Orders the Petioner (SIO) and the Trustee shall be authorized to take all the steps to discharge the encumbrances.
Orders that the LOI and cash flow forecast be kept confidential and under seal until further order from the Court.
Orders that for the remaining property (patents) the Petioner (SIO) be entitled to tender for potential buyers or look for a better outcome.
Orders that the Petitioner be authorized to borrow and reborrow from Routhier (the interim lender).
There are some terms and conditions with time frames in regards to the loan.
Orders that the Terms and Conditions of the Key Employees Contract is AUTHORIZED and DECLARES that those contracts contain “sensitive and confidential” and shall be sealed in the court file and not form part of the Public Record.
It must be a DANDY.
Orders under the Key Employees to set aside $111.000 and $150.000 for Deloitte.
Orders the Priority is:
1 Administration Charge.
2 Interim Lender Charge.
3 The Directors Charge.
4 The Kerp Charge.
You can see all the other orders basically approving ,enforcing and a bit of enhancing what was asked in the Motion.
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So now what remains to see is if 3D-LLC is the buyer (in 2012 PR from Starz there were mentioned as part of them), how much will we get for the patents.
If it would have been done way before when we were not against the wall I`m sure it would have been much better, in any case we will not know since it`s sealed.
The monies to be put aside are not that great if the price is right and could afford us some time to put the house in order.
The only problem I see is by way of the loan Routhier assured himself of maintaining his previous role, the same as the disinterested BOD, which makes you wonder that the same people that put us in this position are the ones that will get us out, now under the supervision and advice of Deloitte, are they going to follow the rules?.
Some of us were right, we had no money all along, the fact that ir was disguised as a projectile projection ignoring facts did not make a bit of difference.
The advice we were to get from the BOD was less than minimal but they are still there, we have the answer as to why we did not get any decent Marketing.
But all that is passe now (what a joke), we`ll sart anew..
So Atomicboy, some things changed drastically, we are not the same as last week but we`ll open on Tuesday as 3DGo.
IMHO.
Cheers.