Here's your explanationOkay, I will help you guys out.
I am, by any standard, very experienced and knowledgeable about these things, both from the legal standpoint and as a finance professional. My purpose has never been to influence what retail investors do with the stock, buy, sell, hold or otherwise. Rather, my original purpose in posting on this board was to communicate to management and to the regulatory authorities, both of whom, despite what they may tell you, do monitor the content on stock bulletin boards. The Ontario Securities Commission even publishes the fact that it does.
With respect to management, my goal was to assist them with some of the less obvious aspects of their strategy. For example, they should not be presupposing that the unsecured bondholders are in any better position than the common equity holders. Their negotiation stance should proceed on the basis that they are both in the same boat. Because, if the company were to fall to the secured debtholders, they both drown. It doesn’t matter that the unsecured debtholders may be a little farther, technically, from the point of impact. They die just the same.
With respect to the regulatory authorities, my goal was to record publicly what I think was some serious malfeasance on the part of Mark Laurence Thompson. If what he did is not illegal, it certainly should be. I am talking about privately, with no disclosure, moving his shares off-shore and then margining them, while he could not legally trade them without public disclosure.
Both of these purposes were exhausted some time ago. If the intended recipients of the messages got them, great. If they did not, well, there is not much that I can do. Similarly, there is not much that I can do if they got the messages but have chosen not to act on them.
Since that time, my only purpose has been to rankle rad10, who seems unable to handle or address my missives in a detached, thoughtful way. To wit:
· He has on occasion referred to me variously as a “fool”, an “a$$”, “puerile”, to name just a few;
· With no actual knowledge of my background, he makes fun of it, assuming that it must have been privileged in some way, and thus divorced from the reality of the common man’s every day life;
· Similarly, with no actual knowledge, he surmises that I have lost a lot of money in my investing activities, in the market or, presumably, otherwise;
· While you guys may question why I am here, at least I will acknowledge a long position in the stock from which I hope to benefit. Rad10, on the other hand, professes to have no position in the stock, so the question applies even more to him;
· Rad10 opines that because a financial restructuring deal has not be “FINALIZED” (upper case emphasis his, not mine), that there must be no deal at all. He further opines that the only conclusion to be drawn from the silence is that the parties must be “deadlocked” or “at loggerheads”, again, his terminology. While he seems otherwise to be an intelligent fellow, his emotional reaction to my missives is so great that it disturbs his ability to think rationally. Thus, he can see no other possible explanation for the current silence, such as, to provide just two examples, they are waiting for completion of the year-end audited statements, or they are waiting for completion of the independent fairness opinion which, of necessity, must be submitted to the Court and the Companies Director as part of the presentation of the deal;
· There are other possible explanations for the long silence regarding the restructuring, particularly if one understands, as I do, the full extent of the administration involved in formalizing a deal and solemnizing the approvals of the respective parties, who span political jurisdictions. But for rad10, there is no other possibility. It must be that the parties are fighting vociferously and it is all going to come to naught; the company is going to go bankrupt, and all you longs are going to lose 100% of your money. So you better sell now.
· Even if my position that there is already a deal is wrong – and I maintain it is not – it does not necessarily mean that the parties are locked in a battle to the death. They may be negotiating in good faith towards a deal, and all interested parties may be satisfied, from what they have seen thus far, that a deal will ultimately emerge. This speaks to why, perhaps, no party has brought the matter back to court when any can do so on 7 days notice, thus bringing the proceedings to an end. That no one has elected to do so is something that rad10 cannot explain and thus he refuses to address it. But if it were the case that the parties were truly “deadlocked” or “at loggerheads”, that most certainly would have happened by now.
Again, it is not and has never been my purpose to try to persuade any person to do anything with CXR/CXRX stock, whether it be buy, sell or hold. I hold a substantial long position at an average price not much above the today’s trading range, and I am very comfortable in that position, and I believe that I will benefit handsomely as a result of the restructuring. I openly admit that I could be wrong. But, even if it turns out that I am, I still do not believe that rad10’s position represents how this thing is going to play out and his opinions, if indeed they are sincerely his opinions and he has no ulterior motive, have not influenced my behaviour even one iota.
There’s your explanation.