RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Chip and a Chair I am interested in Management DIscussion and Analysis. Below is an excert from the last quarters
“On Friday August 2, 2019, then CEO and Chairman Paul Ferguson ("Ferguson") convened a Board meeting to inform the Board of Directors of the impossibility of achieving the Company's objectives in its present condition. All other Officers and Directors including CFO Rob Sutttie thereupon resigned.(See press release of August 8 correcting the erroneous release filed by the former CFO dated August 6.) On Saturday August 3, Ferguson commenced discussions with company doctor James A. ("Jay") Richardson ("JR"), retired partner of KPMG (UK) and E&Y (Canada and Singapore), retired Chairman of the Argus Corporation (parent of Hollinger Inc.) and Interim CEO of half a dozen other listed public companies. JR was retained as a consultant on that date. Together, Ferguson and JR have formulated a plan to deal with the crushing realities of the present situation, and made a commitment to the Marelli firm (provider of Mr. Suttie's services) to pay them COD or in advance plus a small clawback of past indebtedness to provide ongoing accounting services, which was summarily refused by the Marelli firm. 5 JR has now agreed as of Friday September 13 to serve in the capacity of Interim CEO and CFO (see press release of September 16, 2019). The plan is anticipated to result in the recovery of the HST recoverable which is presently frozen as a result of the failure to file Corporate Income Tax returns in Canada, and then a plan for dealing with the Company's debt load, probably by way of a Proposal under Part III of the Bankruptcy and Insolvency Act of Canada, a practical and effective cleansing process, requiring the approval of at least a majority of the Company's creditors. Thereafter, a plan may be formulated for how to redirect the Company's business and restore its trading privileges on the TSX Venture Exchange.”
September 30, 2019 Management Discussion and Analysis
I am very interested if they are allowed to a) recover the taxes, and b) file for bankruptcy considering the misuse of the flow thru fund. I have not seen a bankruptcy filing to date for them, although apparently the CEO is an expert in this.