RE:Re:: XTR Noncomm..... your thoughts are hugely disrespectful to Rhodes and Mackenzie and the recent work they have put into trying to restructure these businesses. Likewise to the historic work done by the Nov 2019 restructuring group, especially Lubow who you seem to single out for attention (no idea why).
let me put you straight on several points.
1/ Rhodes was insistent that his and MacKensie's work was independant of the Nov 2019 work, he did not want it to be a complete rehash. These two gentlemen spoke with 40+ stakeholders or potential financiers, including most of the top 30 shareholders. They spoke with at least four people who could either finance or bring finance to the restructuring.
2/ The 'deal' announced by Medical and published on sedar was so egregious as to make it totally unfundable The whole point of restructuring a business is that it is then able to stand on its own two feet. The deal would have led to fund raising at 5c and massive dilution to the Medical shareholders, nobody in their right mind would have invested. With the proposed deal Rhodes and MacKensie were hopeful, having discussed with existing SH's, of raising the majority of the funds at closer to 35c this would have benfited the Global shareholders as well.
3/ Most of the people who have been involved in the restructuring over the last 2 or so years have given their time for free in the expectation of stock options of they succeed. It is unfair to pick out Lubow for not owning shares when he has put in so much time for free, like many of the others .
4/ You make observations about the IP and the CSS development, both of which were the responsibility of Global. Medical paid Global C$25m+ for the ongoing development. Many Medical shareholders had no idea that when they invested in Medical, Medical itself had no control over the IP or the process to market. Peter kept this very quiet. In fact in several submissions to the TSX and the markets Peter announced that 'CVR Medical is proud to announce that.......' when in fact it was CVR Global that had made the submission and these statements were materially misleading...... had Peter not mislead the markets I suspect the funding would have dried up earlier..... for that alone Peter should be behind bars.
Which ever way you look at it, it is a sh** show. You say Peter told you that all is not lost yet..... he has been saying that for 2 years. Trust me when I say that no external investor will get beyond the necessary due diligence needed to move this forward (unless there is catastrophic dilution). Global just torpedoed the best chance we had. 8 experienced execs can't all be wrong. Sure, the Medical board (ex Global directors) can do a new egregious deal with Bakema but that would be voted down by the Medical SH's.
Stalemate.....