Lydian International Ltd T.LYD

court hearing

[Stonewaller]

I sent an email to the judge this morning. I will post if I receive a reply, but it appears the order has been granted which means he may have lost his jurisdiction. The email reads in part as follows:

Having listened to the proceedings, these are my comments and submissions:
 
 1. The process is fundamentally flawed because nobody represents the interests of the shareholders. Theoretically, the shareholders could have gathered together and hired a lawyer, but they're an amorphous group without leadership. This submssion is especially germane in this case where the shareholders live in many countries and, as one could tell at the hearing, many are not fluent in English and are unfamiliar with Canadian process. It would seem appropriate for the court to order the applicant to fund representation for the shareholders, given that they intend to effectively extinguish their rights.  
 
2. Why should the court absolve officers and former officers of liability to shareholders for their negligence?  If the shareholders were represented, they could have filed material detailing the alleged negligence. In any event, there is no justification for absolving directors and former directors of any potential civil liability. Reorganization is a separate matter.
 
3. The class action in Armenia seems to me unlikely to succeed and should not be taken into account. I would think any cause of action resides with the company, not the shareholders.