TSX:LIQ.DB.B - Post by User
Post by
TsiFallingon May 29, 2017 4:20pm
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Post# 26297403
A look at selected details from the PointNorth package: YMMV
A look at selected details from the PointNorth package: YMMV
Page 41 of the PointNorth Proxy Brochure:
"Mr. Burns was a director and President of Niagra's Best Beer Ltd. ("NBB"), an Ontario corporation involved in the craft brewery business. On October 1, 2010, NBB was placed into receivership..."
Page 42:
"Mr. Burney was a director of Canwest Global Communications Corp. ("Canwest") when it voluntarily entered into proceedings under the Companies' Creditors Arrangement Act ("CCAA")..."
Page 50:
"PointNorth entered into an advisory agreement with... Kenneth G. Barbet and Richard D. Perkins, whereby such individuals... will... receive a specified percentage of the net profits earned by PointNorth..." despite earlier saying that all their nominees are independant of PointNorth. This must be some new definition of independant that I'm unfamiliar with. I sure hope TPTB are making sure no insider trading can happen here.
Not mentioned in that literature, is that PointNorth is run by Mr. Bitove, who lost me a lot of $$$ with PRIZM.
That's five people I don't want involved with LIQ.
Furthermore
Page 48:
"...Kingsdale Advisors will receive a fee of $75,000. In addition, Kingsdale Advisors may be entitled to a success fee..."
PointNorth is spending $$$,$$$ on this takeover bid. You can bet that if they win, they'll take all that $ right back out of LIQ.
Does LIQ have problems? Yes.
Is PointNorth worse? In my opinion, sad to say, yes. The only fix I'd see them doing, is like fixing a cat.
If PointNorth loses this year, it seems likely that the current management will implement as much as is reasonable to avoid going through this again next year. If they don't, I hope someone better than PointNorth tries for them next year.
GLTA