treehill wrote: You raise a good question. As I couldn't answer it, when XBC went into the CCAA I decided to stop buying shares in Canadian companies. If Canadian investors aren't protected from incompetence, and the BOD's are useless and get money for nothing, then I'll slowly move my money into American companies. That might not be much better, but I think their legal system provides more downside for those in management who act irresponsibly.

WildlyBullish wrote: so hypothetically if XBC shareholders end up with zero after all is said and done. What's to stop other small Canadian publicly listed companies from repeating this same process of deliberately running a company into the ground and leaving shareholders as bagholders? I thought part of the role of the BOD's is to watch for scenarios of this nature? Shouldn't they be also held accountable to some extent?

You are right there. I have been party to numerous class action lawsuits against U.S. listed comanies and can't remember how many cheques i have received because of these.