OTCPK:PGMFF - Post by User
Comment by
roberto146on Jan 06, 2023 12:00pm
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Post# 35207056
RE:RE:RE:RE:RE:Posts
RE:RE:RE:RE:RE:PostsJake: "My agenda is to try and get informed and it's difficult on here."
It's difficult because nobody knows or can know until news comes out of a sale or if no sale it proceeds to possible restructuring or liquidation . It's a speculation. In any case, the order of priority for the assets is the Crown for taxes or anything owing to the Crown including taxes withheld from employees, then employee wages, then certain employee deductions withheld such as pension, then I think agent and administrator fees, then secured creditors pro-rata ~$170MM, then unsecured creditors. There don't seem to be preferred shares or bonds which would be ahead of unsecured creditors.
Common shareholders are at the bottom of the list. If the company is restructured, typically there is a consolidation of shares - it could be 1 for 100 or any other number chosen, then a money raise to get started again. If the company is liquidated and if there is a buyer the assets are renamed and the old common shares are worthless because the company no longer exists.
In the end, it's up to you - either you take 1.5 cents a share (that's the bid) or you don't, it's your guess and anybody's until or if a solid offer is made for the company under CCAA or if a radical restructuring takes place.
Discl: no longer a shareholder. Sold in the teens taking a small loss.