RE:we owed salp about 120 million but these arrogant peopleNote two important points on this. First, I have been looking for the details of how they accelerated the interest and whatever those terms were so far as I know they were never disclosed to public (investor) scrutiny. that would have made clear, how serious they were intent on stting there hooks into the company and were not benign actors in support of PLI just in support of their greed.
Furthermore if there was (probably buried in the legalese only known to the lawyers) just what triggered the accelertion That is the importance of the decalaration I saw (probably around the 15th or just before( ?) by the board (or was it management or both??) that declared PLI unable to make payments on the interest to SALP! Such a declaration would only have been made if they were already well under the influence of SALP and acting AGAINST THE INTEREST OF THE SHAREHOLDERS TO WHOM THEY OWED A FIDUCIARY DUTY AS THIS WOULD HAVE PROBABLY TRIGGERED THE ACCELERATION CLAUSE FOR THE DEVIOUS USE THAT WAS PREVIOUSLY PLANNED FOR IT. aNY BOARD THAT WAS STILL TRULY WORKING FOR THE SHAREHOLDERS INTEREST WOULD HAVE MARCHED DIRECTLY TO A COURTHOUSE AND REQUESTED A REORGANIZATION JUDGE TAKE CONTROL OF THE SITUATION UNDER THE LAWS OF CANADA AND NOT PLAYED DIRECTLY INTO THE HANDS OF SALP!!!
ONE MORE POINT, IS THAT THE AMOUNT THEY ARTIFICIALLY HIKED THE LOAN AMOUNT WAS TO $239 MIL NOT JUST $229 MIL AS THAT AMOUNT STILL LEFT $10 MIL STILL OUTSTANDING ACCORDING TO SALP;s SELF SERVING CALCULATIONS.
WHAT IS CLEAR IS THAT THE BOARD AND MANAGEMENT WERE WORKING FOR SALP, NOT THE SHAREHOLDERS INTEREST. THEY WERE WILLING TO HAND OVER ALL THE LOCKED UP UNDERLYING HUGE VALUE TO SALP, RATHER THAN PROTECTING IT AND UNLOCKING IT UNDER A FAIR AND NEUTRAL JUDGE UNDER REORGANIZATION SO THE SHAREHOLDERS COULD RETAIN THE RESIDUAL VALUE AFTER PAYMENT OF THE LOAN ($120 MIL) FOR THE RIGHTFUL OWNERS. - THE SHAREHOLDERS.
FURTHERMORE, THE BOARD WENT ALONG WITH THE OUTRAGEOUS PRICE - 91% BELOW THE VERY ALREADY VERY ARTIFICIALLY DEPRESSED MARKET PRICE). THEY DID NOT PROTEST THAT THIS WAS NOT FAIR TO INVESTORS AND A SHAM. THEY WENT ALONG AND RUBBER STAMPED THE BOUGHT AND PAID FOR INVESTMENT OPINIONS FROM ECHELON AND THE LIKE. THEY PROTECTED THEIR JOBS AND SELF INTEREST AT THE COST OF THEIR FIDUCIARY DUTY TO SHAREHOLDERS TO KEEP THEIR PERKS, JOBS AND FUTURE OPTIONS AND BONUSES! ANY PRONOUNCEMENTS OF THHIS BOARD AND MANAGEMENT CAN NOT BE TAKEN AS REPRESENTING PLI BUT ONLY THAT OF SALP IN FURTHERANCE OF THEIR FRAUDULENT INTENT TO STEAL THIS COMPANY WITHOUT A SHAREHOLDER VOTE OR VALUATION MANDATED BY LAW.
THE HARDSHIP APPLICATION WAS THE WORST MANIFESTATION OF THIS DECEITFUL ACTION BY THE BOARD AND MANAGEMENT, WITHOUT WHICH IT WOULD HAVE BEEN IMMPOSSIBLE TO GRANT THE HARDSHIP APPLICATION, TO DENY THE VOTE AND VALUATION AND WITHOUT WHICH THE WHOLE PLOT TO TAKE OVER THE COMPANY FOR A MERE $120 WOULD HAVE FAILED AND FALLEN LIKE A HOUSE OF CARDS.