RE:Countdown to increasing lossesPLItheone, there are more sections of interest, in addition to the impairment revelation in the 2020 annual report.
The section on Related transactions, reveals a debt forgiveness to P. Laurin the former pres of PLI of $400,000 less the $137,000 paid which was secured by his shares in PLI which lien was extinguished. Looks like he got ouot while the stock still had some value. I wonder why he was silent all this time after having been treated so shabbily by SALP.
the section on Compensation of key management personnel, has eye opening disclosure on the huge compensation that was granted during 2019 and 2020 (the envy of most execs in Canada especially for a company doing so poorly with huge losses and faiures and NO successes). I wonder why they were able to secure such huge compensation Also take note of the sale to LMNL of a small co named Fairhaven to LMNL with no apparent value to LMNL. This company was owned by Galbraith - more compensation somewhat hidden to LMNL mqanagement personell? is hush money is very expensive?
Finally, on the elast page of the anual repor page 116, LMNL writes about a Subsequent event. This is the official acknowlodgement by LMNL that they were served on March2m 2021 for the lawsuit filed against LMNL and directors/management for some $700,000,000. They write that even though the claims have no merit, the defense and SETTLEMENT costs of such lawsuits and claims can be very substantial.