I have been on the phone trying to make sense of the PR, to me it looks like another Scam-Sham like the one at the end of 2013 beggining 2014,biggest orgy of trading with lots of beneficiaries and lots of hurt..
Why now?.
The scare mongering is not even that clear.
Today (at 1 pm) is the last day to register a Tax Loss Sale,playing right into the game.
Yesterday there were only three houses that sold over 1 million shares, if Bruce unloaded his 1.200.000 it only leaves two.
RBC at over 4.000.000 and ANON at over 2.000.000 were the only ones really buying besides a hodge podge of others.
"So far" today it`s well balanced.
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Notice that Eric Choqute makes the announcement:
Mr. Eric Choquette reports
SENSIO FILES FOR CREDITOR PROTECTION, OBTAINS INTERIM FINANCING AND SEEKS COURT APPROVAL FOR PARTIAL SALE OF ASSETS
Sensio Technologies Inc. has filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada).
Why without any rumblings and why make a big fuss of a no brainer loan? +++++++++++++++++++++++++++++++++++++++++++++++++++++
Sensio also announced that it entered into a binding letter of intent with Wi-Lan Inc. and an affiliate providing for the sale to Wi-LAN of the patents and patent applications underlying the existing exclusive licence agreement among the parties. The sale to Wi-LAN is subject to approval of the Superior Court of Quebec and is expected to close in January, 2016.
Noticed "entered", this was done or worked out before, who knows for how long. I`m trying to find out what kind of information they send to the Judge and what are the requisites for a decision if you are to take into consideration best value for the shareholders, this is a fire slae without tender and ignoring a possible competition. +++++++++++++++++++++++++++++++++++++++++++++++++++++
Sensio also announced that it obtained a $100,000 secured bridge loan from its president and chief executive officer which is repayable upon the receipt of the proceeds from the sale to Wi-LAN. The bridge loan will be secured by all of the assets of the company and will bear an interest rate of 18 per cent per annum. The secured bridge loan was approved by all of the disinterested directors of the company and is exempt from the requirement to obtain minority shareholder approval under the related party transaction rules of applicable securities legislation.
How convinient and the rate of return.. Notice how many times the BOD has been mentioned as a disinterested but powerful tool for main decisions. ++++++++++++++++++++++++++++++++++++++++++++++++++++
The transactions follow a review of Sensio's strategic alternatives by a committee of its board of directors formed of all non-management directors and advised by Deloitte Restructuring Inc. It was determined by the board of directors, at the recommendation of the independent committee, that, as a result of the company's current financial situation, seeking creditor protection would be in the best interests of the company and all of its stakeholders. While under protection, the company will continue with its efforts to pursue strategic alternatives, including pursuing the sale of its remaining assets. The net proceeds from the sale to Wi-LAN will be directed toward that strategic process. There can be no assurance that the strategic process will result in the consummation of any specific transaction or agreement. The company does not plan to make future comments about the status of this strategic process unless there are material developments.
Again the BOD and now with Deloitte will supervise the process, can they be fair and trusted?, they also have underperformed and ignore value to the Share Holders for almost one year since restructured themselves. THE COMPANY DOES NOT PLAN TO MAKE FUTURE COMMENTS ABOUT THE STATUS OF THIS STRATEGIC PROCESS UNLESS THEY ARE MATERIAL DEVELOPMENTS. Who would determine that and what will be the trigger. STINKS. ++++++++++++++++++++++++++++++++++++++++++++++++++++++
Under the protection, it is expected that the company's 3DGO! operations will continue uninterrupted in the ordinary course of business. While under protection, Sensio's board of directors maintains its usual role and its management remains responsible for the day-to-day operations of Sensio under the supervision of Deloitte acting as trustee under the NOI. Deloitte will also continue to act as financial adviser with respect to the strategic process.
So now nothing changes and we have a Financial Advisor with respect to startegic process, neat !! +++++++++++++++++++++++++++++++++++++++++++++++++++
Sensio's board of director wishes to thank Richard Laberge, co-founder of Sensio, for his years of service to the corporation. Mr. Laberge will not be replaced and Sensio's chief executive officer will be assuming his corporate secretary function
This one sure stinks and like I mentioned there has to be a severance compensation coming from ?? ++++++++++++++++++++++++++++++++++++++++++++++++++++++
Can we be as bad if only $100.000 will solve things till we receive money from WiLan?
Something really stinks badly.