GREY:LSTMF - Post by User
Post by
Truthwarrioron Sep 19, 2016 9:22pm
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Post# 25254269
Zero equity value
Zero equity value Lightstream's secured noteholders will now make a credit bid for the company in the CCAA auction. As previously noted in the q2 md&a, the bid will be for somewhere around $1.3 billion. That $1.3 billion covers the CAD$950 million+ owed to secured noteholders and CAD$350 million owed to the lending syndicate.
there is no chance in hell that a superior bid will arise. With further legal fees and accrued interest, that credit bid will be even higher. For equity holders to get even a whiff of money, a larger bid would have to also cover the amounts owed to unsecured noteholders which is somewhere in the territory of $375 mm including accrued interest etc.
very sorry to all who invested in this company. If management had any honour they would resign and exile themselves to siberia.