Post by
aussyspitz on Apr 01, 2020 7:56pm
I wonder what a judge would make of this?
This is a cleaned up summation of an awesome post found on a Seeking Alpha that lays it out pretty well:
"SALP/(Consanance) debt at the time of the TSX hardship and restructure was shown as $229 million, It was previously $120 Million due in 2019 so how did they go from $120 Million to $229 Million in debt? They had recently extended the loan to 2024 which at the time was taken as a relief which would resolve the balance sheet issue until revenue would start to flow from their pipeline. Looking back it was a move on the part of SALP (Consanance) to claim all of the unearned interest at the time of the restructure to be able to double the outstanding loan by taking another $109 million which means they received approximately 7.23 Billion shares for interest that was never earned. By extending the loan period out to 2024 for the planned pretext of claiming 5 years of interest at 10% per year for a period that the loan never existed for, and with the intent of using this as a pretext in order to collect about another 7.23 Billion shares resulting in an ownership grab of about 30% of the company. Additionally, they intentionally capped the rights offering to the retail investors at $75 Mil (about 4 Bil shares) while they themselves virtually took an extra 7.23 Billion shares and 30% control for non-earned interest. However, the cherry on top is their strategic application to the TSX for a "hardship" case in order to put this through without allowing the shareholders a vote as they knew would have lost that vote."
IMO Thomvest and SALP(Consanance) and their legal team literally fed retail investors to the wood chipper
Comment by
StockReddy on Apr 02, 2020 3:36pm
Exactly! They robbed us (retail investers) and we buy back our own shares at $ 15.24 and again lost almost half of it. What a pathetic story. I don't know how the regulators can't understand this simole logic (unearned interest matter).
Comment by
StockReddy on Apr 02, 2020 3:45pm
Exactly! They robbed us (retail investers) and we buy back our own shares at $ 15.24 and again lost almost half of it. What a pathetic story. I don't know how the regulators can't understand this simple logic (unearned interest matter).