RE:RE:RE:Eco Oro Provides Update to Shareholders
Couldn't agree with you more Sailor. It seems unfathomable at times how obvious and deliberate Anna and crew have been and that someone would even attempt something like this..... unfortunately these types of backdoor hostile takeover attempts happen far too often and they get away with it most of the time. Sure they get contested by concerned shareholder groups, taken to court, have complaints filed against them with regulators and the beat goes on....but in the end, these well strategized plans slither their way through the court and regulatory systems and succeed in robbing the shareholders blind. Let's just hope our case is one of the few where the shareholders succeed in fending off the hostile attempt. These guys are so transparent in their lack of transparency that every play they make gets called out on Stockhouse before they do it. Yet they keep marching on. I've said from the beginning that their plan was well thought out and loaded with contingency plans. so while we wait on the latest court decision, why not speculate on the next layer of their strategy.... the pending default, they're now throwing around, on the deal that the shareholders never authorized. I mentioned they might try to leverage this angle a while back. I believe they will leverage the default and use it as an opportunity to force EOM into insolvency/bankruptcy. Once they do that, they'll leverage the security of the convertible notes, issued under that very same asinine deal we didn't authorize, to force a restructuring under bankruptcy. I believe they will then, under a restructuring, transfer all of the valuable property and rights held by EOM over to a new entity, with the secured note holders' interest being converted into ownership of the new entity. Effectively taking it private. The common shares would of course be rendered worthless. Their actions will hopefully continue to be contested along the way by the CS group, and they may or may not continue to successfully slither their way through the process. Either way we're lucky to have the CS group in our corner. Think about the cases where the shareholders don't have the resources to pick up a fight this costly and time consuming. Those poor suckers just get steam rolled by guys like this. Hopefully the courts and regulators can get their acts together and come to their senses. The bottom line is a meeting was schedule to vote on reconstituting the board. Both sides campaigned hard. Both tallied votes. One side disclosed their results and demanded the meeting be held for the official count...the other did not. The OSC ruled certain shares were to be excluded from the vote. The results of the vote are obvious and a new board should already be in place. The court ruled nothing really but adjourned the shareholder meeting, giving them time to execute another contingency plan. The court needs to make the right call this time and force the meeting/vote count asap. Before any further action is taken, money squandered, or time lost. The court is effectively forcing the company into default by simply stalling the meeting without intervening in any other way. What's the point in delaying the meeting? Particularly when the OSC already ruled on it. That decision is about as loose and stanky as it gets! If they fail us again in the appeal, the OSC and BCSC need to step up with some influence here. All so obvious yet baffling. Sorry for yet another long long very long post. Have to admit though, it's a pretty good story. ;o) Now let's watch it all become reality and hope for a happy ending. BH