Post by
reefsandals4eva on Jan 23, 2017 12:34am
@wizthewiz go to Reports ,third monitor report pg10&11
https://cfcanada.fticonsulting.com/Lightstream/default.htm
Comment by
reefsandals4eva on Jan 23, 2017 12:34am
The unsecured have been bought out. not coming with the new company.
Comment by
reefsandals4eva on Jan 23, 2017 9:07am
dissenting shareholders don't get "nothing" they get what they were offered for their shares. the secured are "out of the money" quoted from the third monitors report , the end of pg 10 and the beginning of pg 11
Comment by
Oldfart74 on Jan 23, 2017 8:57am
Read the documents. How can shareholders be beneficial owners of secured debt? They are shareholders.
Comment by
BluSky23 on Jan 23, 2017 9:39am
The court through the negotiations can do anything they wish. All I am saying is that this is the only way I see benefit coming to the SH's. Other than that, the way I read it SH's are SOL.
Comment by
reefsandals4eva on Jan 23, 2017 9:52am
I don't think so. The company is still a going concern. with everything I've read it's restored a bit of confidence in it. The steps they took back in July is why it moved so quickly, in my opinion. The news release in july was the reason the asset purchase agreement didn't have to have a shareholder vote.
Comment by
BluSky23 on Jan 23, 2017 9:58am
Sorry Reefs, but you keep going back to July. In the purchase agreement, one condition was that the support agreement was maintained and in full effect. Meaning unsecured and SHs are cut out due to fact of not supporting at special meetings. I agree it BS that shareholders got no opportunity. The SHs don't need to approve purchase in CCAA, court acts on their behalf.
Comment by
reefsandals4eva on Jan 23, 2017 10:21am
What special meetings? there was no meeting. There was no vote.
Comment by
Oldfart74 on Jan 23, 2017 9:15am
The July document has no relevance. When there unable to get unsecured note holders onside, it died. This entire process is now being managed by the September 26 initial court order. That is the actual date this restructuring started. Go to FTI website. Nothing before September 26
Comment by
reefsandals4eva on Jan 23, 2017 9:18am
The secured and unsecured can not stop the restructuring once it's in CCAA, it did not die. That was a new bill that passed recently, as soon as it went to CCAA secured didn't need anyone's vote, that's why there was no meeting.