Lightstream Resources Ltd. LSTMF

confused about the 88 to 1 split

[reefsandals4eva]

The recapitalization plan had an 88 to 1 reverse split of the share,  I'm thinking that was squashed but then it goes back to saying that it will offer whatever was in the recapitalization plan in CCAA.  I seriously hope that huge consolidation is out the window, it would just be better.  Pancho2, what is your opinion on the consolidation?

[Pancho2]

Lightstream presently has 199M shares In the new Company this equates to 2.25M  199m / 2.35 = 88 approx. ---------------------------------------------------------------------------------- OldFart, please stop beating around the bush, and tell us where did you get the information that Shareholders will get nothing?

[Oldfart74]

I read the sale agreement between Lightstream and the secured note holders.  This agreement was approved by the court on Dec 8.  It provided that all the assets of Lightstream would be purchased by Ridgeback in exchange for the secured notes.  With regards to a rollback of Lightstream shares, this was based on an agreement which is no longer in effect.  The Monitor is

[Pancho2]

From the article posted on Dec 8, 2016, that you quoted "Ridgeback is a new private company established for the purposes of completing a credit bid for the assets and business of Lightstream on behalf of holders of the Secured Notes. On the Closing Date, holders of the Secured Notes will be issued a pro rata number of common shares of Ridgeback based on the principal amount of Secured Notes

[Oldfart74]

Pancho, if a secured note holder has 5% of secured debt, they will receive 5% of the shares.   I'm finished with this discussion.  The sale has closed and the sale agreement posted on the FTI website contained no words about shares in Ridgeback to be issued to,existing Lightstream shareholders.  As I posted before, you feel that as an existing shareholder of Lightstream, you are

[reefsandals4eva]

The worst part about Oldfart is that he doesn't understand what he's talking about but as long as those shares aren't worth anything, he's still right.  I wish he'd give better answers.