Lightstream Resources Ltd. LSTMF

RE:RE:RE:Lightstream Provides Update

[boarderex86]

Nothing in this update is news except re affirming their intent to miss the interest payment.  The last PR already made this intention clear so everyone should have been expecting this latest PR.

i suppose the announcement clarified 2 things:
- postponement of meeting
- terms of indenture allowing 30 days to rectify delinquency on interest payment

If anything, the 30 say remedy period is good news.  It wasn't clear to me that they weren't triggering an immediate default event by missing today's payment.

I think we might see CPG come out as a purchaser of distressed assets based in recent comments by the CEO.  If they are still tire kicking LTS then they might be the only hope of avoiding dilution if a sale can be made in the next 30 days.  Murphy may be another option with their new stake in ATH Canadian light oil assets.

In fact, I would almost bet that a bigger light oil player has purchased the debt in order to acquire the company as part of the debt-equity conversion.