Lightstream Resources Ltd. LSTMF

RE:RE:Zero equity value

[Truthwarrior]

I think the "ad-hoc committee" and lighstream management called the unsecured noteholders bluff in this case.  The unsecured guys had a chance to take a deal however terrible it was for them and they decided to litigate instead.

In the end, the secured guys and the bank lenders held all the power here and really had no incentive to bring the unsecured guys to the table.  Now the secured/lenders both get what they want...the secured guys get 100% of the company and the bank lenders don't lose their pants since  the "new credit facility" will now become the credit facility of the new lightstream.

It's all a terrible reminder how important it is to invest in good management teams...