They got a deal quite alright but I can see why they keep extending because they know there is no way shareholders would approve the amount the Purchaser was offering!

Since they require 66% of shareholder and debenture holder vote to pass, yes, I am on board that we kill the deal by ensuring they don't get the required 66% of the vote! The company is worth more than they are offering and I think the Management knows it. However, since the Purchaser has agreed for them to keep running the company along with the staff in place, they went along and threw shareholders and debenture holders under the bus! The pressure from the Lenders might have contributed but those guys don't care and only want their money.

Since we own the company through our shares, we can collectively stop this deal in its track and the company would survive since oil price is set to increase in 2H 2016. I don't think it can get worse even with CCAA protection so let kill this deal by voting NO and let see if Management would file CCAA bankruptcy protection with oil price improving! They are in a fix and they know it, and I am sure they expect the reaction on the board with all the extensions they gotten in the past week.

Welcome to Shareholder Activism and hold the faith since they have set the deal date to August subject to 90 days extension with a caveat that they might consider a superior alternative deal! The Lenders must be in a real hurry to get their money!