Victoria Gold Corp T.VGCX

John McConnell has been terminated by Victoria Gold

[GoldenPolarBear]

"... The agency managing the assets of mining company Victoria Gold has fired the company's chief executive officer.

In an email Sunday, CEO John McConnell said Monday would be his last day.

He said he learned during a weekend meeting with PricewaterhouseCoopers, the court-appointed receiver for Victoria Gold, that he was being terminated..."

https://www.msn.com/en-ca/news/canada/agency-managing-victoria-golds-assets-fires-mining-companys-ceo/ar-AA1p4jnh
 

".... The move by PricewaterhouseCoopers came several days after the Ontario Superior Court of Justice appointed it to oversee Victoria Gold's assets, including the Eagle mine site near Mayo, Yukon, where a heap leach pad failed on June 24 and shut down the mine...."

https://www.cbc.ca/news/canada/north/agency-managing-victoria-gold-s-assets-fires-mining-company-s-ceo-1.7298736

What a mess! & a financial mess!

[GoldenPolarBear]

"...  Victoria Gold CEO McConnell axed..." "... PricewaterhouseCoopers, the firm handling Victoria’s Eagle mine in Canada’s Yukon Territory after it was forced into receivership last week, fired McConnell, the broadcaster said. It cited an email from the CEO saying Monday would be his last day at the helm...." "... The Yukon has said the mine 

[Zibo510]

He's proud of wiping out 500 jobs and all shareholders equity??? The past 15 years have been a blast and I'm very proud of what our team accomplished," McConnell wrote. "Stay tuned for my next adventure!"

[mdjbrown]

Zibo, not sure its fair to suggest JM wiped out shareholder value when it was the YTG that forced VG into receivership. If the $150 million get back to mining number is accurate, VG likely could have made it work with their cash on hand and bond with YTG.     Not ideal, but much better than the hostile takeover that occured in record time. Interesting how prior to the receivership

[Zibo510]

Nobody's accepting responsibility for the slide, maybe the Russians are responsible. 

[givemeabreak1]

mdjBrown What you are saying is mere speculation.  If YTG did not act any number of creditors could have forced them into receivership.  Yes I know your arguement will be but they didn't!  If you look back my old post stated the obvious VT should have put themselves into creditor protection.  Did they nope but they sure wanted to after they were forced into receivership

[mdjbrown]

givemeabreak you must be a politician as your numbers in my opinion are grossly over inflated. As I stated in the comment - not the ideal situation but if there is a will between all parties, there would have been a way. I can only assume there was a growing conflict between JM, YTG, and the FNNN in how the mitigation efforts were being handled, and it came to a head once the "berm"

[SWHusky]

jbrown, 50m$ overnight PWC overnight award - Not even a tender. Parsons - In like Flinn Parsons - we expect another 20 year and 2B$ for Faro. https://www.parsons.com/2022/02/parsons-awarded-significant-contract-to-continue-managing-faro-mine-remediation/ Just wait till Parsons number comes out for Eagle .... imo

[mdjbrown]

Nice gig if you know the right people, Husky "She said that based on their experience with these kinds of projects, those hired to assist with the work — PwC and Parsons Inc. — are the people for the job. According to Haney, PwC has already been on the mine site dealing with Victoria Gold and has also taken action at its offices in Vancouver and Toronto. PwC is handling the

[SWHusky]

jbrown, I'm Thunderstruck by the whole proceeding.  The 50m$ that just magically arrived is breathtaking. PwC's new hit! Yeah, it's alright We're doing fine Yeah, it's alright We're doing fine, so fine You've been - thunderstruck, thunderstruck Yeah-yeah-yeah, thunderstruck Oh, thunderstruck Yeah :)

[givemeabreak1]

Brownie How are my numbers grossly over stated?  I used your numbers and simply added in debt from their finanials and creditor claims and other payables?  So these are not my numbers.  The only other number I used was the fact that if the bond gets used for clean-up of the mess it will need to be replaced otherwise there would be no bond for future reclamation.