RE:RE:RE:I'VE BEEN AWAY FOR AWHILE ... Thank you BCONT so much for reposting Melisa’s post , I would’ve missed this one.
Let me repost it here as well, just so we can get the full glory of it
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Post by Melidaon May 12, 2024 2:31pm
161 Views Post# 36035979
I'VE BEEN AWAY FOR AWHILE ...
“... and I come back to this board flooded with posters who are trying to show how the AMF hearing and eventual decision will be a knife to the heart of Pyro's business. Months ago I posted on the effects that the AMF hearing will have on Pyro. As a brief refresher here are a few important points:
-minimal possible fine for Pyro and it has already been capped
-even if the AMF orders Pascali to step down as CEO, he will still control the board of directors due to his majority share interest. Note that only the shareholders vote on who becomes a director. In essence, Pascali, no matter what happens with the AMF, will continue to control the board of directors. As well, in the last few years the board has been strengthened by solid independent directors,
-Form a practical point of view, Pascali will have the ear of all major officers and executives of Pyro. Think of it like this: Many years ago the Baltimore Orioles baseball team was managed (coached) by a bombastic manager by the name of Earl Weaver. Earl was always getting kicked out of games for yelling at the umpires. Earl didn't care. He just lit a cigarette, walked down the stairs from the dugout to the clubhouse and managed the game from there by relaying instructions to his assistant who was standing at the top of the stairs. Earl couldn't sit in the dugout, but he effectively continued to manage the game. If Pascali is forced to resign as CEO, he can simply pull an Earl Weaver and because he will continue to be the majority shareholder you can bet everybody will follow his instructions.
One final and important comment. You can bet that after a decision has been rendered by the AMF, the share price will go UP. The uncertainty of the case will no longer exist. The markets hate uncertainty. Since the possible sanctions against Pyro have already been capped, I think it's a given that Pyro's share price will go up. Furthermore, Pyro will have no legal impediments to raising funds by way of an equity offering.
Stay long and strong! ‘
Yeah Melinda-I have not been here much either but I am Not sure I’m following your post. So you are suggesting that the AMF would rule that the current CEO conducted fraud in the manner that has been alleged, and that then everything will go back to normal, and the current CEO will continue to direct the company from the “dugout”so to speak.?
Can you provide evidence where a Canadians regulator that removed a CEO from thier position because of fraud, and the CEO continues to direct the company from the shadows? What would be the legal/civil ramifications of such an arrangement?
I’m also not sure that it’s appropriate to draw a comparison, even if metaphorically speaking, of a coach that yells at an umpire versus the allegations of fraud that are being made here, nor of a coach giving directions for being thrown out of a game.
Your ability here, to minimize and deflect the significance of these potential findings, reminds me of the poster curiously that suggested that this entire process would be solved “over a cheese sandwich”.
Curious and curiouser.
I also don’t know how you can predict the share price with go up simply because of this would be resolved,.
At the end of the day, this company needs to make a profit and it never has. It’s been continually a loser and now there are allegations of fraud, liquidity crunch, growing accounts receivable,insider sales, need for additional financing, delisting….cant make that stuff up
Yet the shares are down over 90%
And above all, your comment here really doesn’t make sense. That is, you’re trying to reassure people that the CEO alleged for fraud, who, if I understand you correctly, you’re saying they would be prosecuted and found guilty, that all is OK, because the now removed CEO from the company by the regulators because of fraud could still manage to run the company from the back room, and have control of the board.
Is that what shareholders would really want? If the allegations of fraud are proven would shareholders still want to have that CEO running the company? Did you even read the allegations that were published including the ones from the Globe and Mail ?
“The AMF alleges, however, there were some problems with the changes. One is that the PyroGenesis board allegedly didn’t learn of the amendments to the deal, which would leave PyroGenesis on the hook for much more money than intended, until 2018. And, the AMF notes, shareholders were not told. But, most startlingly, the AMF is using an opinion from VeriScript, a Quebec expert in signature analysis, to allege that the elder Mr. Pascali did not sign the amendments to the agreement on behalf of Phoenix. The AMF says that during its questioning of his son, the company’s CEO, he “never answered the precise question as to whether he was the author of the signature.” But he did say that if he signed it, it’s because he received verbal instructions from his father. (Mr. Pascali the elder, who resided in Cyprus, died July 28, 2021, as the AMF was investigating.)
“It appears in all probability that the author of the signature said to be that of Pascali Senior is Pascali Junior,” the AMF said in its statement of allegations. And that means, the AMF says, that Mr. Pascali the CEO is in a “blatant conflict of interest” because he was negotiating with himself. (These are translations, as the AMF case documents are solely in French.)”
https://www.theglobeandmail.com/business/commentary/article-pyrogenesis-quebec-regulator-fraud-allegations/?cmpid=rss
Did you get that?
‘the PyroGenesis board allegedly didn’t learn of the amendments to the deal, which would leave PyroGenesis on the hook for much more money than intended, until 2018. And, the AMF notes, shareholders were not told.’
So an action is taken which directly affects shareholders in a negative way, they aren’t advised and this is good that he would remain a director?
So you think -if as you state that PPP is found guilty “ and even if the AMF orders Pascali to step down as CEO, he will still control the board of directors due to his majority share interest. Note that only the shareholders vote on who becomes a director. In essence, Pascali, no matter what happens with the AMF, will continue to control the board of directors.”
Yikes.
That’s all in my opinion, based on data I have reviewed. It’s all IMO, take it for what it’s worth, always do your own due diligence and speak to a financial advisor before buying. And if you do speak to a financial advisor, and they advise buying a company that the ceo is being investigated for fraud, and has never had a profit, maybe a second opinion might be reasonable?
And for disclosure-I do not own any of this stock-long, short, options, calls or in any form. never had and never will if the story remains the same. Here because Science first promoted this on another board, and chased him here, and now where is he?