lol looks like one of my three stooges that I like to bash (for very good reasons) went down in flames. Can't wait to see what happens on the other two stooges MKI and SCT. I see this happening in July with MKI where they may have to sell all their assets to greedy creditors and roll up all of the equity into one share and make that worth one buck...Don't worry requiemeterna your 1/1000th of a penny will be mailed to you....PS a continuing sign of strength on a stock is when 2 guys come on here just for the fun of ragging on a poor long who is obvious down a lot, and all that poor long can do is throw out some lame insults with his big mouth. He can't come up with one defensible argument for MKI to make us go away in shame for being so wrong. You would think that one of the blindest and most active longs on a board could list every positive event and possibility for his stock.
At least members of the SCT board know they've been duped. Not one long on there is happy with that state of affairs. But oh no on the MKI board we have people perfectly happy with a company that has millions in debt coming due in 5-6 months, with the latest of those millions being secured against the assets of the company. The company is losing millions while quarterly revenue growth is mediocre and the absolute $ number in revenue per quarter is battling it out to try to make 6-digits from 5 consistently every quarter.
And here's a look at MKI's possible future, PPS, the company listed here, Futura, had revenue more than 4 times greater than MKI's revenue with lower net losses yet it still went under.
TORONTO, ONTARIO--(Marketwire - Jan. 23, 2013) -
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION TO U.S. NEWS WIRE SERVICES
Further to its press release of January 21, 2013, The Futura Loyalty Group Inc. (TSX VENTURE:FUT) ("Futura" or the "Company") announces that it has entered into agreements for the sale of Futura.
The transactions are subject to Court approval in respect of Futura's proceeding under the Companies' Creditors Arrangement Act(Canada) (the "CCAA Proceeding"), which approval will be sought prior to January 31, 2013. Subject to the approval of the Court and the other closing conditions provided in the agreements, Futura anticipates that the sale transactions will be completed on January 31, 2013.
In connection with the CCAA Proceeding, Futura proposes to file Articles of Reorganization under the Canada Business Corporations Act providing for, among other things: (i) the consolidation and redesignation of all of the issued and outstanding common shares of the Company into one redeemable share which share will be redeemed by the Company for $1.00 to be paid to the Court-appointed monitor in respect of the CCAA Proceeding (the "Monitor"); and (ii) the creation and issuance of a new class of common shares. In connection with the foregoing, the current shareholders of Futura will not receive any consideration for their Futura shares and such shareholders are not being asked to vote on any matter relating to the CCAA Proceeding. Following the completion of the transactions, the third party subscriber will own all of the issued and outstanding new common shares in the capital of Futura.
The proceeds from the transactions will be deposited with the Monitor for distribution to Futura's creditors as may be approved by the Court. It is not anticipated that the proceeds from the transactions will be sufficient to satisfy the claims of all secured creditors of the Company. Accordingly, Futura does not expect that any cash distributions will be made to its unsecured creditors or shareholders in connection with the CCAA Proceeding.
The common shares of Futura are currently halted from trading and trading is expected to remain halted pending completion of the transactions described above, following which the Company anticipates that Futura will formally be delisted from trading on the TSX Venture Exchange. During the currency of the CCAA Proceeding, the Company continues to operate its business in the normal course.