RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:15 million sale of assets coming Sprott Lending and Gary will control the outcome of the vote
Gary Lewis is owed $2M
Sprott Lending is owed $10.7M including SISP/DIP
Gary Lewis has 17.4M shares
Eric Sprott has 34.0M shares
Sprott Lending and Eric Sprott are two different entities.
Sprott Lending works together with other Sprott entities.
Both Lewis and Sprott have incentives for shares to have some value.
Lewis' shares are worth $1M at 5.7c
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$18.2M was invested between June 2016 and June 2018 at 14c
Sprott's $4M stake is an average of 15c
George Young's stake is at 13c
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The shares control the tax credits.
Gary Lewis owes 10% of the RCG shares.
Eric Sprott owes 20% of the shares.
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Leigh wrote ...
From what I have been told it doesn't matter much how many creditors there are - if you consider each dollar owed as a share for the purposes of the proposal vote, then think of the proposal vote as being 1 vote per share. Sprott Lending and Gary will control the outcome of the vote based on what I was told regarding how this works - at least according to Jack's response.
I asked Jack the question point blank whether there was a 2 stage vote (unsecured and secured creditors voting separately and on separate proposals) and was told NO, that there is a single vote on a single proposal for a path forward and that the court would vet the proposal first and clear it for submission. If this is not the case, Jack does not have his facts straight, but this is what I was told after asking quite a clear and concise question.
https://stockhouse.com/companies/bullboard?symbol=v.rcg.h&postid=29359710
https://stockhouse.com/companies/bullboard?symbol=v.rcg.h&postid=29360214