The Great Stock RobberyI was the first one to predict that the stock trading above $1 would file for CCAA protection.
Pacific E & P is still a going concern paying salaries and its trade creditors. The Court has authorized a meeting by the affected creditors to be held in Toronto on Aug. 17, 2016 to vote on the finalization of the CCAA Plan, inter alia, to proceed with a DIP financing by Catalyst for $500 million and L/C by banks for $134 million. There is no intervening or a variation order by the court to provide for shareholders' compensation.
Don't get your hopes high & perceive anything to the death twitches at the OTC market for the shares. There are still almost 4 million shares shorted on the OTC market today. Some short sellers could swing the prices when they decide to unwind their short positions before the "old" Company becoming defunct. Take for instance, Nortel shares (NRTLQ) - dead for many years -last traded in Oct. 2015 at $0.0005/share. If you can, dump your shares at the OTC market - 10 cents is better than nothing.
www.shortsqueeze.com | PACIFIC EXPLORATION & PRODUCTION | $ 0.12 | | PEGFQ | 0.04 | |
| | view | | | view | | | view | | Short Interest (Shares Short) | 3,940,600 | | Short Interest Ratio (Days To Cover) | 11.6 | | Short Percent of Float | % | | Short % Increase / Decrease | -46 % | | Short Interest (Shares Short) - Prior | 7,242,400 | |