Wondering if you ever heard anything back from anyone, anywhere. I got hammered on this stock too.
Recent News of "Moving Parties" Motion and Citgo...
"Moving Parties" trying to protect themselves...
Motion of the Moving Parties
Don't know how far it can go, but can't blame 'em.
And then there is Fung-Tenor upset about Citgo being cashed out...
Courthouse News Service Citgo Article
Looks like Fung-Tenor got outplayed in their own game.
Would be funny, except little guy shareholders also lose out.
Latest Monitor Report, Lot's o' Redaction...
Latest loan moves 88+% of ICSID award to Tenor.
Fung and Oppie get their cut from Tenor's portion.
Less than 13% left for future loans.
Company claimed Bondies wanted too much (85%).
Look where the percentages are now.
A few saw this coming all along.
Others are just coming around <SIGH>.
Tenor Takes 70% of Possible Arb Pie...
Well, actually 69.817%. Close enough.
Eleventh Monitor Report, Page 7, Pararaph (d).
Then there are all of the fees, loan payback and interest.
Then the Bondie's loan payback plus interest.
Then Management's cut for all of their, "protecting," of commons.
cheap product... now FRA
At a processing rate of 20,000 tonnes per day, gold production is forecast to average 233,000 ounces per year over the 65 year mine life at a cash cost, including royalties, of US$346 per ounce. However, over the first five years of operation, gold production is expected to average 252,000 ounces per year at an average cash cost, including royalties, of US$258 per ounce.
Hard to Say. Company Went Dark for Themselves...
All of those comments from IR have so many interpretations.
But, that's the way dark companies like to do it.
Let everyone else make excuses/rumors, so the company doesn't have to.
Hope it works out for commons, though.
Lots of folks in this for a looooong time.
Still waiting on some release from the top
you know it rolls downhill
the pres says It is a privilege to introduce the Company and welcome you to our Website.
President, Crystallex International Corporation
je suise say -- CRY all u want---we have all your money
Five Bits-o'-Info, Purportedly CRYFQ-IR, Seen On Another Board...
Apparently, Crystallex IR providing info...
1. There is only one class of shares; Canadian, European and USA. Crystallex has made a point in preserving the rights of shareholders for both Canadian and USA shareholders.
2. Although the SEC revoked the shares from trading they are not cancelled shares. No value has changed.
3. If and when an award is received a trustee will be appointed in order to disburse the amounts due to each respective group according to allocations set at that point in time. That can change from the current allocation as the arbitration timeframe and the cash loan position changes.
4. All owners of shares are known by a "transfer agent" as the different brokerage firms have reported. Not by name but account numbers. The transfer agent will notify all shareholders if an award is forthcoming. (Keep contact information current)
5. Some shareholders are requesting paper stock certificates at this time. ( I assume as a backup to electronic)
Unfortunately, Nothing From CRYFQ Confirms Shareholder Support...
Although, CRYFQ site shows oodles of hope and promise.
Hope and rumor that Crystallex will win ICSID.
Very likely and should happen. Solid case.
Definitely takes care of Management, Bondies and Tenor.
Lots of rumors that private trades can happen.
A bit of DD and the truth is revealed...
Revoked shares cannot be issued certs for trading.
SEC, FINRA, DTCC never would not allow certs issued.
Even if one could, cert fees are crazy.
Anyone get their certs since being revoked?
Thought so. So much for that rumor.
Hope and rumor CRYFQ scuttles themselves...,
...then CRYFQ shares proceeds with shareholders.
Doubtful. Too much big bucks involved.
Shareholders don't even get a half glass now.
Only reason a company voluntarily terminates SEC registration...
Certainly not because CRYFQ supports shareholders.
To hide from the prying eyes of the SEC and shareholders.
When all is done and time - a long time - has passed, ...
Unlikely any proceeds to share with bagholders.
Hope. Not the best investment strategy.
You like living on the edge,LOL? Have a good weekend!
Yes, it can happen, and so can the dividend. However, why file under the Securities Act of 1933? I had this conversation with Enforcement in Washington DC, and they asked the same thing, why not an Exchange Act of 1934 registration? The only problem I see is DTCC will want to renew the source of each and every share before they will be cleared for transferability. I think an S-1 will bring 9 months of comments, where are a 10-12g will go through quicker.
I really do not think this ends well for retail but this latest agreement is far and away better than what I expected. Maybe the plan is to dilute the remaining shares until little is left or maybe tenor is actually taking a higher road than what I would expect from a hedge fund. the bond guys keeping their mouth shut for 20% interest is a huge win for CRY although once again it may make no difference. Management bought some time and remained in CCCA, thats as good as this situation could get while the arb process continues.
In CCAA, Company Would Never Show True Motive...
Especially if the true intent is to ultimately go belly-up.
Doubt that would really be their true intention anyway.
It's all for show, and to slowly bleed arb proceeds towards themselves.
Dissolution, liquidation, winding-up, etc. immediately after arb proceeds collection would be the only, at this time, absolute way for commons to benefit from this disaster. But, that cannot be noted outright in CCAA.
And, there is no indication that would ever happen.
Nothing to prevent Crystallex from taking the arb proceeds, start anew.
A company reorg in CCAA easily gets rid of old shareholders.
US commons were finished by the SEC.
Canadians may still receive some benefit.
Crystallex has about $20MM available under the new DIP.
Unknown when they might run out of currently available cash.
Management outlines their MIP. Tenor is covered.
Bondies are secure. All outright and readily noted.
Simple process for the BOD to indicate a special commons distribution upon arb proceeds collection.
Yet, it is not done or considered. Interesting.
I think you may be putting the cart before the horse. Im not sure the company needs to state its intentions to disolve now for commons to recover value. As a practical matter that would be part of exiting CCCA which appears to be on extended stay. We are still miles away from any finish line and facing another dilution as soon as jan 14 from what I can tell so it may be a mute point. As far as the commons having value now, my thinking is if they did not have value this global settlement would have spelled it out. We will see
Does Not Matter Percent Retained if Can't Trade...
The company has to go out of business for commons to benefit (PDF Page 162, Motion Page 154). So, commons cashing out while unable to trade will be difficult, at best. Especially for revoked US holders. There has yet to be any indication from the company of any such plan(s) to scuttle themselves, or the BOD signing off a special distribution for commons upon arbitration proceeds collection, which costs the company nothing. Until that happens, the shares are realistically worthless.
Much better results than I expected. I figured shareholders keeping 25% was a best case scenario. If it drags past 2014 or they need more money then another round of dilution will be at hand.
New Motion by Crystallex Posted by Monitor...
Seems they heard you.
Nothing about ousting shareholders. Hey, better than that 1% prediction.
Stay to Dec. 31, 2014. One year auto-renew afterwards.
Increased compensation to Oppie (Probably a personal favorite).
Tenor increases principle loan another $11 large.
Tenor gets another ~15% of ICSID arb proceeds for the $11 large.
(additional proceeds earned once any additional principle is drawn)
No need for any CCAA Plan of Arrangement/Compromise.
Bondies get increased interest for allowing one-year Stays.
Unsure if Bondies get arb proceeds compensation. Doubt it.
Although, lots of the agreement is considered "confidential."
Nearing 50% arb proceeds for Tenor Cooperatief. For $47 large.
Better than 1% per million loaned. Plus, killer interest rate.
Then there is the MIP, 5% arb proceeds for management before.
Another possible 5% arb proceeds this go-around.
So, a touch over 40-45% left, after loan payouts.
And, lots of time left.
I have no horse in this race, just watching from the stands. Rumor is a deal has been reached with note guys. Its funny how that was only managed after shares were delisted/revoked. And i believe you are are mistaken about tenor not needing old shareholders to retain some value to have a valid claim. 1% should be sufficient for that purpose.
Interesting Theory, Hope it Works Out for Y'all...
Overcoming belief and hope is tough, when married to a stock.
Tenor and Bondies don't want/need shares of Crystallex.
They'll be taking some percentage of the ICSID award.
Just like Management and Tenor have already set it up.
US holders own worthless shares of Crystallex.
SEC Section 12(j) makes that quite clear.
Canadians holders may have a reasonable chance.
Realistically, CCAA regulations and history not on their side.
Once On That Slippery Slope, After AMEX Warnings...
Crystallex hit the Tri-Vecta -- Delisted, Suspended, Revoked.
Always trying to negotiate with Bondies, for more bucks to blow, Crystallex eventually found a willing lender in Tenor. Tenor has their tentacles woven into Crystallex, working out a substantial portion of potential ICSID award. Now it seems Tenor is the new Bondies, a lender ya luv ta hate. Well, maybe not hated by the unwitting advocates of Crystallex.
Now, still spending money like drunken sailors, Crystallex did what any company on the slippery slope to oblivion would... managed to get their US shareholdings revoked. Despite the suspension, it was an SEC "mistake" according to the Crystallex advocates. So, the SEC Suspension Warning went unheeded by many retail, preferring to consume the hopium washed down with KoolAid. Now revoked, advocates talk of being able to trade revoked shares privately. SEC would disagree with that, but the hopium is mighty potent here.
Good to see you pop in Bob.
Stay Extension Posted by Monitor, Link Not Working...
Looks like Order dated, May 28.
Extension was to go to 31st.
Arrived early for their SEC revocation.
Arrived early for another court extension.
I think it all plays out the same regardless if shares were revoked or not. Old shares may be wiped out but I believe old shareholders will get a token of the new company/shares. Between 1-5% of new structure will be given to old bag holders me thinks. I believe new shares will be issued that are non dilutable to tenor, bond folks and management. The rest will be dilutable and given to old bagholders. It keeps them in the game and shuts down any attempt by VZ to say the arb case is void because the debt holders or DIP lenders cannot bring a case against VZ, only the shareholders. Just a hunch as to why old shareholders may keep something.
Dilution of What? Revoked Stock?...
Sure, those revoked shares might be considered, "unregistered."
But, not by the SEC.
The major thing - being REVOKED - means cancelled and worthless.
Know of any revoked shares coming back to benefit holders?
Revoked shares never get, "re-registered," by reorganized companies.
The Crystallex revoked shares are cancelled, gone, worthless.
Sure, there are claims that private trades can happen. But, the claimers will need the physical certificate ($500 plus crazy pass through fees), and then there are the trade fees for manual handling such a purported private trade, which are just as crazy...
"... the clearing of these positions can carry significant pass-through charges to settle the trade. Trades in these securities may carry with them some or all of the following pass-through charges: Execution Fee-$7.50, DTC Fee-$80.00, Deposit Fee-$75.00, and a New York Window Fee of $34.00. Additional pass-through fees from Transfer Agents ranging from $25.00 to $500.00 can also be associated with these securities."
So, the purported private trading of the worthless paper is possible.
Yep, broker/dealers take the money of willing traders, even for worthless paper.
However, claimers have to find a broker/dealer willing to break SEC regulations.
Crystallex will issue new equity in CCAA Plan of Arrangement/Compromise.
The rumors of revoked shares still having any value or worth, is hopium.
One last time for Crystallex to "punk" shareholders.
Those bending of rules may be nothing compared to a scenario where we leave CCCA after a possible deal with bond folks imo. Tenor possibly holding some cash to allow for a quick exit and get wheels greased for new round of dilution with rule bending imo. Is it starting to get clearer why the delisting was necessary and wasnt a SEC mistake? I dunno. Its may be nice for someone when this plan comes together with the possible added bonus of the SEC and CCCA being a distant memory.
Late Monitor Disclosure, Stay Extended to May 31...
Nearly a week-late Monitor disclosure, shows filing was May 8...
May 8 CCAA Order Extending Stay to May 31
CCAA regs require disclosure within two days after filing.
Same ol', same ol' treatment concerning disclosure.
Battered, Beaten, and Burned... Time and again.
Oh, the woes of revoked shareholders.
It Will be Interesting, While Rough on Commons...
Friday ends the Stay, so might hear something.
If not, should be on or before May 22.
CCAA Regs require notice within time limits.
A coming out of CCAA will probably be in the paper.
If commons actually survive on through to collection of an arbitration award, that is when it will be toughest - when Crystallex exits CCAA and goes dark for several years during ICSID and afterwards for collection. It behooves Crystallex to get out of CCAA, so the back-room undisclosed shenanigans of wealth transfer can really get rolling.
The purported talks with Ven for an early settlement... Seems Venezuela hates when shareholders profit off of their country, so lacking commons may be beneficial to an early settlement.
As far as commons being needed for arbitration... Maybe.
Not so sure why commons are actually needed to pursue arbitration.
ICSID does not require the filing party have equity holders.
I understand the judge has much latitude in CCAA. Theoretically, judges take no sides. It would be very unusual for the judge to protect commons, because the CCAA regulations note that equity holders of an illiquid company hold no interest, and have no right to vote on the Plan of Arrangement/Compromise. This has been historically followed in CCAA.
Although, like the "smackdown," anything can happen.
The judge giving the company enough rope theory is likely to me. I was impressed the judge put the smackdown on bond folks out the gate. It was a tremendous victory. The company said all the right things but didnt follow up with the correct actions to make anyone really believe they were trying to save money for the benefit of retail. Im am so happy I walked from this train wreck long ago. Smelled especially bad the day I read about the consulting fee. What on earth is worth 30k a month to consult or a guy making huge bucks to answer a phone when an answering machine referring to CCCA case site would do just fine. And you are correct, Tenor holds all the cards at the moment.
The end game will be tenor and noteholders taking remaining 90-95% of the company me thinks. Retail gets diluted to the max but not totally wiped out as they need them to pursue the arb case. The extra salt in the wound will be the MiP and how it manages to avoid being diluted. Yes i think those share are the only ones important to those in charge.
Tenor KRY Cooperatief U.A. Getting it All...
...with Tenor's DIP "end-around" enabling their own Plan of Arrangement and get board positions, control, etc., etc. The recent ticker being SEC revoked, along with the ninth monitor's report revealing "Events of Default" seems a bit too coincidental. And, was a great setup so that Tenor KRY Cooperatief U.A. could force the company to sign off their rights for seeking loans elsewhere. The mini-draw makes Crystallex illiquid just when the Stay ends. Nice.
The DIP, the "consulting," as well as other frivolous spending business decisions getting through without much question, may have been the judge's way of giving the company enough rope to see if the company would hang itself. Company intentions are now confirmed by the judge. Likely, a big reason the judge has been demanding a Plan in more recent orders. Knowing the history of how CCAA treats equity holders of illiquid CCAA companies, there is high probability of new equity being issued. If the revoked equity stays alive, it will likely be diluted with arbitration proceed give-aways because Crystallex needs funding - available only through Tenor KRY Cooperatief U.A. - to get to ICSID, as well as stay alive to collect.
Tough break for those who held all those years.
I do not expect the judge to do more than he already has to save the commons which has been alot given the fact the bondholders are still locked up as of now. The CCCA does give him a lot of flexibility in the way of steering the boat regardless of what business decisions the management decides. The big red flag was the consulting fee for doing the obvious at 30k a month and it passed review with no issues from the judge. He could have made it an issue along with filing the financials directly or indirectly. So for those retail still thinking he is looking after retail should view things as more he is doing what he thinks is the best way to unwind this company.
You are correct no big players will be leaving much on the bone for the common, it just doesnt work that way.
When It Comes to Running the Business...
Company calls all of the business decision shots in CCAA. Big glaring example is the DIP loan terms agreed upon. Comparatively speaking, other, seemingly better for commons, available terms were through the Bondies. Initially, that business decision was questioned by the judge, but all business decisions go to the company in CCAA. Bondies proposal did have a clause to give commons a guaranteed portion of the arbitration proceeds.
Tenor KRY Cooperatief U.A. (the contractually arranged "Lender of Choice") has become, "Bondies 2.0," like the newer T-1000 Terminator in the Arnold movies. And, who knows, maybe the older T-800 Bondies will come back to "protect" commons for a paltry 15% and end up being a hero of sorts, like in the movies. Bondies, and their needs being met to agree on a Plan of Compromise/Arrangement may be commons only hope at this point. Just speculation on a possible turn-around of who is evil in this story.
Terminator Fantasy aside, it really appears new equity will be issued to replace old equity. My DD shows this to be common in CCAA. Someone (likely the "Lender of Choice") must step forward to inject liquidity into Crystallex, and if not in exchange for "new" equity, then for a piece of the arbitration proceeds. Either way, commons get more take-aways.
Excerpts/Copy&Paste from some DD:
In the eyes of past CCAA decisions and CCAA amendments, once a company becomes insolvent, the shareholders no longer possess any meaningful interest in it. Why should white knight investors be forced to share the equity in a company that they financed?Through the restructuring process, a going concern may emerge and might prove to be profitable. This does not mean pre-existing shareholders should reap any benefit from this “phoenix” entity. Some may view CCAA's treatment of shareholders in restructuring proceedings as oppressive. CCAA courts have ruled that plans, which provide for the elimination of existing shares and the removal of the holders’ voting rights, are fair and reasonable.
Regardless, judges do not take sides. Even if they did, this judge showed no compassion to commons when he Ok'ed cancellation of the AGM. Were Crystalex being forthright, they would have filed 2012 fins, then filed a Form 15 to withdraw their registration, and gone dark. Then the "saving money" excuse would have been reasonable. Being revoked is the worst thing Crystallex could have let happen to shareholders.
It really is over for shareholders unless the judge actually helps their cause a bit more. He could have stepped in and forced the company to actually file their financials on time in exchange for maybe suggesting they terminate the 30k a month fee for consulting whiich of course is the joke of the century. The suggestion that this is strategic and temporary to benefit retail is silly as you put it.
It appears that the retail shareholders will be forced to accept another huge dilution in exchange for more cash. I doubt tenor will be cutting any breaks except possibly making management's MIP undilutable. In the end i see a $200-$250 million dollar settlement. Everyone is happy but retail. Yes i may be wrong but even in victory retail is in a poor position unless things drastically change soon.
CCAA Similar to US Chapter 11...
Settles with creditors through a Plan of Arrangement/Compromise.
Lots of back room optimism that the CRYFQ revoked commons retain rights and benefits. Even though CRYFQ revoked shareholder's biggest right and benefit, liquidity, has been taken away. Currently, the Stay ends May 17. If a CCAA Plan happens, it will likely eliminate revoked shareholders. CCAA considers shares of a currently illiquid company as having no value. There is good reason why CCAA does not allow shareholders to vote on a Plan.
Kodak now going through Chapter 11.
Current shareholders are being ousted...
Excerpt from story: "Kodak's current shareholders would see their shares canceled and wouldn't receive any payment under the Chapter 11 plan, which is subject to the approval of Kodak's creditors and the U.S. Bankruptcy Court in Manhattan."
Should CRYFQ revoked commons survive CCAA, and are included in the Plan of Compromise/Arrangement, there is a virtual guarantee of revoked common share future dilution. Crystallex runs out of money on May 17, or shortly thereafter. The company needs funding to get to the "promised land" of ICSID arbitration, and beyond to await payment. Crystallex recently signed a contract for the current funding (lasting through May 17), making their, "Lender of Choice," Tenor KRY Cooperatief U.A. For the previous DIP Loan, Tenor KRY Cooperatief received about a third of the arbitration proceeds. Very likely future CRystallex funding will give away arbitration proceeds to Tenor KRY Cooperatief.
YEAH-- RIGHT---LIKE FORGOT---ON PURPOSE !!!
All dictators lie and know how to hurt a guy even bush ---- are a devils breed and hugo knows
Yeah no surprise. The only thing going on is the orderly transfer of wealth From shareholders to Tenor, bonds and management. I will be amazed if the shareholders keep more than 10-15 percent of company after tenor gets done with the next loan terms. I will not be surprised if management shares become undilutable as well. It will be ugly. As ownership transfers away from shareholders the amount required to settle will be reduced. $250-300 million will clean this mess up nicely for everyone but real shareholders.