RE:RE:RE:RE:RE:RE:What Law allows the companies to over-ride the Contract TermSimple question. Will Husky still continue its affairs AS HUSKY? Yes or No.
As I understand, the business will continue as Cenovus. As I understand, Husky commons will be cancelled. As such, effectively Husky will be winding up its affairs. Preferreds don't vote on company matters. Without Husky commons, there is no Husky.
Terms of Preferreds state:
"In the event of the liquidation, dissolution or winding-up of Husky
or any other distribution of assets of Husky among its shareholders for the
purpose of winding up its affairs, the holders of the Series 7 Preferred Shares shall be
entitled to receive $25.00 per Series 7 Preferred Share plus all accrued and unpaid dividends thereon (less any tax required to be deducted and withheld by Husky)
before any amount shall be paid or any property or assets of Husky shall be distributed to the holders of Husky’s common shares or to the holders of any other shares ranking junior to the Series 7 Preferred Shares in any respect. After payment to the holders of the Series 7 Preferred Shares of the amount so payable to them, they shall not, as such, be entitled to share in any further distribution of the property or assets of Husky"
"Merger".... has no bering. The question is, is Husky effectively winding-up it's affairs?
NO, Husky will not be continuing its affairs as Husky. The continuing company is Cenovus.
Even if you say Cenovus will hold "Husky" in a wholy owned subsidary, I believe Husky commons will be cancelled and only the Preferreds left.
How does Cenovus own a subsidary that only has Husky Preferreds, IF THEY DON'T BUY THE PREFERREDS!!! I own the shares, not Cenovus !!! LOL
How crazy can you get.
All just my opinion and view... could be wrong but don't think so. Please correct me, help me understand. It's just seems so very crazy. My english is very poor, but oh man.... How far does everyone want to bend words, meaning, the truth????
Again, all just my opinion.
Husky4000 wrote: That would be general contractual civil law. But then again you will a definitions problem. Definitions could be in the business act or in the jurisprudence. I'm thinking about "winding up affairs", 'merger' etc.
for jurisprupence you can go to canlii.org