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QUEST RARE MINERALS LTD V.QRM


Primary Symbol: QRMLF

Quest Rare Minerals Ltd is a Canadian exploration company developing Strange Lake rare earth deposit in northeastern Quebec, Canada. The Strange Lake REE deposit contains quantities of all the rare earth metals used in permanent magnets. The company is to become a supplier of rare earth oxides for the permanent magnet industry to be used in variety of industrial and consumer applications including wind turbines, automobiles, consumer electronics and medical equipment. Its project portfolio includes Strange Lake Rare Earth project, and Strange Lake Preliminary Economic Assessment.


EXPM:QRMLF - Post by User

Comment by STXinvestigatoron Jan 16, 2018 11:26pm
463 Views
Post# 27373986

RE:Bankruptcy

RE:Bankruptcy

There is not much you can do, unless a deep pocket investor and/or the Quebec government steps forward and decides to launch the class action.  At that point, you can join the action as a harmed party.

What you can do is monitor the Strange Lake asset, and if you should learn of a specific debtholder, corporation, or individual stepping forward to seize control of the asset, then you should determine if that entity has had any direct or indirect association with Pierre Lortie and the Quest Board of Directors, along with the company that supervised the corporate bankruptcy.  Most importantly, if you can discover any benefits received by Lortie/QRM BOD from the entity intending to exploit Strange Lake, then that will be "the smoking gun" that allows you to serve process upon Lortie and his entire BOD.

Let me underscore this point:  should you discover any pre-existing/ensuing relationship(s) between the entity seizing control of Strange Lake, and the QRM BOD, then in the absence of a deep pocket stepping forward, you should alert the Province du Quebec government of potential fraud.  Given the many millions that the Quebec Province poured into Quest, monies now down the drain, then that provincial government might be inspired to launch class litigation against the new developer of Strange Lake, on behalf of both the shareholders and the Quebec gov't. itself.

MOST IMPORTANTLY, THE QUEBEC GOVERNMENT CAN INTERVENE TO PREVENT ANY FURTHER DEVELOPMENT OF STRANGE LAKE UPON ANY ALLEGATIONS/PROOF OF FRAUD, PERPETRATED BETWEEN THE ORIGINAL QRM AND THE NEW DEVELOPER, UNTIL SUCH NEW DEVELOPER MAKES THE SHAREHOLDERS WHOLE AGAIN AND, OF COURSE, THE QUEBEC GOVERNMENT ITSELF!    In that case, a proposed remedy likely would allow for the new developer to proceed, provided it sets aside a large slice of equity to the QRM shareholders of record, on Jan 5, 2018, along with the government du Quebec.

Finally, if the QRM BOD members still reside in Quebec, the province can move to expropriate the personal assets (e.g., residences) of the BOD until proper remedy is effected on behalf of all harmed parties.

That's about all you can do...stay vigilant, because if you can prove any form of self-dealing on the part of Lortie and the QRM BOD, then, to reiterate, in the absence of  a deep pocket stepping forward, you might be able to motivate the Quebec goverment to take remedial action.

Good luck to all!!

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