Great Lakes Graphite Inc GLKIF

RE:NovoCarbon US -sedar filings

[Floridas2000]

smallcap1967 wrote:

The recent sedar filings clearly state that all officers and directors have resigned. The exchange only requires resignations in the case of criminal conduct and there are no pending charges. Consequently, the company could not approve any deal as there is no governance. What is interesting about this is that NovoCarbon US shares (the subsidiary) are held in trust by Paul Ferguson “ until the appropriate time”. Also the Freguson family has secured debentures which are in default. I believe that GLK is bankrupt, but the subsidiary NovoCarbon US ( the only asset) will be owned by the Ferguson family, as  it was  security for their loans. So sir, yes, Paul Ferguson is working - for his family, and no longer for GLK, as he has resigned.

 

Thank you, this is very helpful.  Note:  Mike didn't resign so he can still work for Novocarbon.  They are definitely in default but that's not new, they have stated that before and Luckierjack has also mentioned it many, many times before.  We can only assume they're bankrupt.  Looking at Sedar it is not stated once that they are.  Almost all graphite JVs are technically bankrupt.  Their structure is what makes it interesting because they Novocarbon US is a sub to GLK Canada (the name change never went through).  The exchange will look GLK Canada.  You need a corporate lawyer but there is a difference there.  Also a deal can no longer be made by the board AFTER they resign.  I read that up today.  However Mike can make a deal.  And if someone on the board engaged in 'unethical' conduct that wasn't Mike he can represent.  Apparently a board will be appointed if everyone quits.  How this process work I do not know but they can make a decision.

Still too many holes to get a complete picture.