RE:Actos corruptos eran un hábito en los directivos de pacific
That is an excellent indictment of Pacific E & P bankruptcy protection set-up...However, it is like too late to close the barn door after the horse had bolted. Colombian Superintendent should have contested the CCAA proceedings from the get-go invoking the Law of Comity since all operations are grounded in that country despite the fact that the Company is domiciled in Canada, its Corporate Office is just a "mail drop". It is now impossible to unwind the process since Columbia and SEC had both consented to the Ontario Court in handling the CCAA proceedings...Some other points noted: Even though the Company had over USD$350 million to pay for the $50 million in interest payments due on the bonds, the Company was facing default on its debts because of the over US$5 billion in bonds that would have become "all due" as a result of the impairment. The Company couldn't have been able to "cure" the default by paying the interest...I agree that the final result stinks to high heaven for shareholders. The Columbian people said they don't want to force the Company into liquidation because of the jobs entailed, but seek dome redress...As the case law in Canada is clear, bad management without fraud is not actionable. Would anyone want to make $5 million by blowing the whistle & coming forward with tips of fraudulent conduct under the Ontario Whistleblowing Program?