RE:RE:Lind Partners Scumbags!!I'm in the same boat, PB!
By my calculation, the face value of the convertible securities awarded to Lind is over 9M USD. So, more than the market cap of the company at this point. 9M USD at 0.03 USD per share is 300M shares. That would immediately provide Lind with over 66% ownership.
Deep pockets? The "buy back right" that Else has includes a 5% premium (so would cost about 9.8M USD) and Lind would still get 33.3% of the outstanding face value, so about 100M shares (just under 40% ownership).
At this point, I think the smart money has determined that Else has crossed the point of no return and that's why they're bailing. I wish I had sooner.
Else has now cancelled the special meeting... maybe they have accepted their fate.
I would love to see a class action lawsuit by shareholders of all of the Canadian small cap companies that have been financed by Lind.