strelioff wrote: Incest is illegal everywhere but the financial markets...............
Appears the only way left for them to profit is Special Committee incestuous protection cash burn
Special Committee retained the services of Norton Rose Canada LLP as its legal counsel- Last resort left to hide behind Attorney–client privilege which makes those planning to profit from lawsuits SOL
Norton Rose Canada LLP as its legal counsel retained Ernst & Young Inc.- CCRA restructure game plan before Line of credit pull
Special committees’ lawyers hire their own accountants and they have already figured out a way to hide those pesky Minimum commitments master service agreement based on their “primarily short-term "live-tank" rentals” and The Company is also focused on implementing plans to reduce operating costs through continued improvements to its setup and tear-down processes (Removed from their Master Service Agreements)
Step 2a. breach of one of these covenants which is normally an immediate event of default regardless of the amounts outstanding at the time. If an event of default occurs, all of the lenders (term and revolving lenders voting as a single class) by majority vote can exercise available rights and remedies.
If step 2a does not work 2b.But if the revolving credit lenders do not agree to a waiver of the breach within 45 - 90 days the lenders will declare a default and begin exercising their remedies for the breach
3. Demand for Payment from Secured Creditors and Delay in Filing Financial Statements
4. Announces CCAA Filing, and Director Resignations
When the only people left on the BOD to make up your Special Committee is Sprott Toscana and a lawyer you:
- Expect a press release like this
- You know who needs to cover their short position
- You know who financed those certain unidentified customers
What you do not know is how are those investor bankers who left their CFO positions and BOD planning to next.
They already made money
- Spinning out
- Capital Raise
- Selling part of the spin out
The only way left is
- Pulling the last dividend which will pay for a strategic review and then their buyout bonus
- Getting their line of credit pulled and then getting their refinancing bonus
- Filling up their new BOD with other investment bankers who plan to clean this up only to collect their next bonus before their leverage out their new businesses.
Expect they better hit the TSX non-compliance BOD before seasonal ramp up.