FormerXBC Inc XEBEQ

Stay Period & Judgement Urgent Ex Parte appl

[dalesio_98]

Reasons for Extending the Stay Period and Judgment on the Urgent Ex Parte Application for Investigation dated November 29, 2022

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https://www.insolvencies.deloitte.ca/en-ca/Documents/Xebec/Order_2022-11-29.pdf

[Hesiod07]

The jig is up. "As a result of the Monitor's review of the phase 1 bids, it is highly unlikely that there will be sufficient funds to address the secured and unsecured debtors' claims."

[savyinvestor333]

Care to share with us where you see this? I don't see it on todays document.

[Ottery]

You can find that statement towads the end of today's doc. I think there is now zero hope left. 

[dalesio_98]

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[savyinvestor333]

Got it Thanks!

[dalesio_98]

[ferret_ca]

[ferret_ca]

[ferret_ca]

I give up on gifs, lol, it's supposed to the fat lady singing.  no surprise to me. 

[LongoGlueStick]

It's done.  A total Wipeout. Doesn't sound like the creditors are going to get much either.

[GolfMania1968]

I don't think that we need to assume that. There are only 22.5M$ of secured debtors (BNC and EDC). Xebec subsidiaries (Tiger, Hygear, System network, UEC and Inmatec) are worth much more than that.  The Monitor/NBF should and must get much more money than 22M$ for  2 of these assets (if they are allowed the time to negotiate with multiple bidders). These assets were purchased for

[dalesio_98]

Have you been through CCAA before or followed any CCAA files?  The money Xebec spent to acquire assets is of no consequence under CCAA. The bidders submit the dollar amount they are willing to spend; the company is only worth what a buyer is willing to pay. Listening to the Deloitte Monitor's comments during the Nov. 28, 2022 court hearing, it was clear the bids are insufficient for a

[EndGame11]

I don't know why but I have a feeling that Kurt & Marinus are better off and it was all planned. 

[EndGame11]

Van Driel says that he's still an employee and decided to be a passive investor?  You lose so many millions and you are passive?  Kurt stated he was somewhat surprised by Arnsby's request to the judge and the confidence Arnsby put in him to be able to help the situation? His lawyers are in contact with xebec and the Monitor for personal stuff?  Just proves how selfish he

[dalesio_98]

Recall that Kurt Sorschak is a respondent in the class action application filed against Xebec on March 15, 2021 by LEX GROUP INC. Time Will Tell All https://www.lexgroup.ca/classaction/xebec-adsorption-inc-securities-class-action/ https://www.lexgroup.ca/wp-content/uploads/Application-for-Authorization_Redacted.pdf Kurt stated he was somewhat surprised by Arnsby's request to the judge

[tamaracktop]

This whole shennanigan is beyond explanation. Despite everything I've looked at, it doesn't make a tiny shred of sense to me. None of it.

[WildlyBullish]

Agreed~ This whole hurried attempt to crash and burn XBC imo appears very orchestrated.

[ferret_ca]

no it is not, if you knew how to read and follow the balance sheet destruction over the last many quarters it was pretty clear to some that this is where it was headed without a clear cut reversal on working capital and other metrics. the secured creditors simply decided enough was enough and with the nation bank financing expired these people decided the soon this happens the more money they'

[Hesiod07]

They don't want shareholders. Isn't that the point? 

[dalesio_98]

The gif worked, you had to accept cookies or refuse them to view the opera singer.

[savyinvestor333]

Looks like it is coming soon to another company near you soon.   Are you still in Anaergia?

[Kipperly]

5i recommended selling anrg, I decided to keep it as a long term hold.  5i likely knows something the rest of the market doesnt know about. It was the same situation with xbc, all the insiders knew the bank was going to push them to bankruptcy.  What is it that makes you think anrg is heading for bankruptcy?

[savyinvestor333]

if your asking me I was just replying to Ferret's comment on XBC and reminding him that down 80% (ANRG) on the year is not much better than down 100%.(XBC)

[LongoGlueStick]

The point here is that these green companies have a long way to go before they start making money. Oil and gas is the future for now.

[ferret_ca]

 I have a miniscule amount, 2k shares about 1/4 of a % of my equity portfolios, I need some wall paper for my wine cellar, lol. they have a fair amount of debt and the new govt in italy may not be as friendly towards the green energy sector as the last one was, anrg have a few boo projects there, some finished, some not quite but close. the debt is more of an issue imho but they still have

[savyinvestor333]

Hello ferret Good for you and EGLX is a name I did not follow but have now put on the watchlist. I am fully Invested right now and have had a pretty good run as of late. Nudging on a breakeven year at the moment which I consider not bad all things considered. That includes a 2% haircut as of last trading day for XBC. Actually more than that if using full year loss. Trying to hold off selling

[babedinkleman]

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