Lightstream Resources Ltd. LSTMF

What's the hold up?

[reefsandals4eva]

Pancho2 , if we're right and Oldfart is wrong, what's the hold up?  Why are we still looking at lightstream shares and how long will that last?  45 days from closing?

[BluSky23]

They will last until the last board meeting when they decide to file bankruptcy. LTS is still a company, just it has no cash and unsecured debt tied to it. Wind down will be handled by monitor. Still hope something happens, but Pancho, you make , sense. I don't think you have read the documents.

[reefsandals4eva]

Well, BluSky23 , I never thought of it like that. You're saying they're ditching lightstream with the unsecured debt and the shareholders, taking the assets and leaving lightstream to declare bankruptcy? I assumed the debt would have to be settled to continue as a going concern. I don't think business is that easy. It's an interesting perspective.

[Pancho2]

BlueSky23, I guess I have not read the documents you are referring to, about bankruptcy Will appreciate if you post a link and passages. What I read on the Dec 8 postings by LTS, was Rideback  has secured a new $400 million borrowing base bank facility with a syndicate of lenders comprising the five large Canadian banks and is is planning to commence a new operated drilling program in

[BluSky23]

I am not sure what you guys have been reading, but the document online are clear. Ridgeback through CCAA stripped out the assets with value, and left LTS dry. That is the process. Dec 8 pro-rata share offering is for secured debt holders, and part of the purchase agreement states the support agreement is in full force...meaning if SH's didn't approve, will not replicate. The only sliver of

[Pancho2]

LTS the Company is still winding up, but will be emerging  as a new restructured Company, Ridgeback Resources. The old Secured Bonds( Ad Hoc) of LTS will own 97.75% shares of this new Company ( they have settled with the Unsecured Bondholders) The old Shareholders will get the remaining 2.25% Only my understanding.

[BluSky23]

Your understanding and you have not read the purchase agreement that says support agreement in full force, or the support agreement. You seem very definitive for someone who has not read all the documents. Good luck to you.

[martir0]

This post has been removed in accordance with Community Policy

[yu20]

 LTS might be next to follow Bre-X Hollywood's take on the Bre-X gold mining scandal hits the big screen.