The clearest showing of how manifestly unfair the SALP desig The clearest showing of how manifestly unfair the SALP designed restructure was to the original shareholders, and conversely ho very overly generous they were with what they gave themselves – many multiples of what they needed to protect their $100 million and the new money from both SALP and Consonance. So at 1.5 cents the market cap of the nearly 21 BILLION shares they now own is approximately $320,000,000. Overnight the have more than doubled their money just by virtue of the restructure. This is way more than they should have received to protect their investment. There was absolutely no reason to give them a penny more without a vote of the shareholders.
On the other hand the original investors where downsized from value from before the restructure say 30 to 60 cents (to be conservative I will use 30 cents). Unlike SALP, they LOST about 28.5/30 = 0.95 or 95% of their investment.
Bottom line the score is: SALP get a double, Investors get the shaft with a loss of 95%.
So even if you grant SALP the hardship application (which of course I do not) the terms they set up for the restructure were crazily unfair and totally lacked any rhyme or reason or justice or sense of fair play.
THIS MUST BE OVERTURNED OR THERE IS NO JUSTICE.