CGX, FEC and worst Chairman of any company I have followed Simple Moving Avg (10) ——Simple Moving Avg (20) —— Going from a high of just over $4.50 two and a half years ago to .11 yesterday is a pretty good sign of a company going broke. Since FEC owns 76% of the CGX shares, $100's of millions of value have been lost by FEC by doing nothing to support CGX's share price or protect shareholder value which is one of de Alba's main duties as Chairman of the Board.. As Chair, how has he added value to FEC shareholders?. The price is down substantially from its high. What ulterior motive would de Alba have for letting this happen or did he become very rich by being dumber than an idiot?
Yes, the court awarded Prospector $16Mil, thus I think they are CGX's largest creditor. So, could Prospector somehow gain control of CGX and have a side deal with Catalyst? Something is very fishy, and at the very least unethical, if not illegal by allowing an Ultimate Vulture Capitalist to control FEC and break all rules as Chairman of the Board involving having the shareholders best interest as a priority. Then carry that same lack of concern for shareholders forward to a totally controlled subsidiary where he is also Chair and apparently doing nothing to keep them from going broke. CGX has quite a bit of debt in addition to Prospector and no way of generating income. On paper, they are already broke if they can't pay their very large bills. de Alba is sure not going to allow to sell something to raise money. Does he want Catalyst/FEC to do an emergency PP at these prices or just let them go into bankruptcy? Just wondering if he has any plan to save CGX shareholders, which is one of his duties as Chair?
Lastly, Is it normal to have an AGM/Special meeting in a law office on a Friday? A strange place and a strange day with Friday having the reputation of the day you release bad news.
It just seems that shareholders of both companies have lost big $$ because of de Alba, whatever the reason. CGX's remaining shareholders appear very close to losing all of their money unless de Alba has some last minute scheme to bail out a broke company.
Frank, are you still buying CGX at these even better bargain prices, as someone is.