Great Lakes Graphite Inc GLKIF

New Filings on Sedar

[Ramore1]

"On Friday August 2, 2019, then CEO and Chairman Paul Ferguson ("Ferguson") convened a Board meeting to inform the Board of Directors of the impossibility of achieving the Company's objectives in its present condition. All other Officers and Directors including CFO Rob Sutttie thereupon resigned.(See press release of August 8 correcting the erroneous release filed by the former CFO dated August 6.) On Saturday August 3, Ferguson commenced discussions with company doctor James A. ("Jay") Richardson ("JR"), retired partner of KPMG (UK) and E&Y (Canada and Singapore), retired Chairman of the Argus Corporation (parent of Hollinger Inc.) and Interim CEO of half a dozen other listed public companies. JR was retained as a consultant on that date. Together, Ferguson and JR have formulated a plan to deal with the crushing realities of the present situation, and made a commitment to the Marelli firm (provider of Mr. Suttie's services) to pay them COD or in advance plus a small clawback of past indebtedness to provide ongoing accounting services, which was summarily refused by the Marelli firm.

5 JR has now agreed as of Friday September 13 to serve in the capacity of Interim CEO and CFO (see press release of September 16, 2019).

The plan is anticipated to result in the recovery of the HST recoverable which is presently frozen as a result of the failure to file Corporate Income Tax returns in Canada, and then a plan for dealing with the Company's debt load, probably by way of a Proposal under Part III of the Bankruptcy and Insolvency Act of Canada, a practical and effective cleansing process, requiring the approval of at least a majority of the Company's creditors. Thereafter, a plan may be formulated for how to redirect the Company's business and restore its trading privileges on the TSX Venture Exchange." From MD and A. see all financial filings on Sedar

[Luckierjack2]

I am wondering who at the company looked at the financial statement and md&a prior to filing.  They forgot to include a cover page, a statement of management responsibility for the financial statements, a statement of financial position, a statement of loss and a statement of changes in equity.   Also note the numerous typos and references to the six months ended April 30, 2019, the

[bullmoose1984]

So ramore your understanding is bankruptcy and share holders lose then company cleans slate and issues new shares and gets retisted is that what is going down ??

[Luckierjack2]

If the company declares bankruptcy the preferred creditors will get first dibs on any assets. Unsecured are next and then the equity shareholders are last.   The conpanu says bankruptcy is the likely course of action so of that happens it is over for the common shareholders.  LJ

[bullmoose1984]

Ramour1 all your stuff is cut and paste but then you say how they will deal with dept load and you use your version of what’s going to go down ,using the word probably by way of bankruptcy ,that’s not what was said and further more I believe you have an agenda of  bashing Great Lakes for personal reasons of your own ,if you are correct they would not have gone through the process of putting

[Ramore1]

Bull: 100 percent of the previous post is cut and paste, including the discussion on bankruptcy. Please read the sedar filing, and you will see this. It is the company that wrote the previous post.

[bullmoose1984]

No my man ramore1 I actually believe Paul.

[Luckierjack2]

I read the same f/s as Ramore and they do say bankruptcy. They also discuss getting the HST back, but that won't happen until the flow through penalty taxes are paid.