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Little Bit o' Downside, Probably Ven Elections...
Still do not understand how an election might hurt/help cryfq.
Both Ven parties are deeply socialist. Nothing would change.
At least not for a very long time.
Bigger, and more immediate, concern is the SEC decision.
GLTA
SEC Decision Still Looms, Monday Pop/Drop Possible...
...depending on who wins the Ven election.
Although unlikely to realistically affect cryfq any time soon.
Socialism is deep in Ven, in all political parties there.
Realistically - next big issue is the SEC decision.
Then, the issue of Bondie's take away from commons.
Then, the issue of another loan needed to survive to ICSID.
ICSID may look good for cryfq - too much uncertainty beforehand.
Without CRYFQ disclosure, only speculation possible...
Best scenario speculation... 1. survive SEC decision.
2. Upcoming Bondie take-aways none to minimal.
3. Dilution until ICSID none to minimal.
Recent "last tranche" indicates more future borrowing.
Last loan led to give-away of shareholder ICSID portion.
Common's reward still unknown, therefore uncertain.
Worst scenario speculation... SEC revokes the ticker.
Shares still fungible. However, history of TSX following suit.
Commons lose out completely, more insider ICSID award to split.
Great opportunity for Management to settle with Bondies.
Larger shares for Tenor, Management, and Bondies.
CRYFQ non-disclosure does not help shareholders.
GLTA
Moving forward: from the sec site
http://www.sec.gov/litigation/admin/2013/34-69207.pdf
1 The proceeding has ended as to Respondents ANTS Software, Inc., and Beauty Brands Group Inc. See Advance Nanotech, Inc., Exchange Act Release Nos. 68968, 69097 (Feb. 22 & Mar. 11, 2013). Respondent e-SIM, Ltd., has not been served with the OIP and remains in the proceeding. Respondents Crystallex International Corp. and EcoReady Corp. appeared at the March 11, 2013, prehearing conference, at which time a briefing schedule for motions for summary disposition was set.
Thank you for your thoughts.
A couple of things. Although the cases are similar, GRZ had a concession vs a contract for CRY. one could argue the merits of each, my view is GRZ is on much stronger ground but I believe both cases are winners. Worst case GRZ loses and many will view it as game over for CRY. Another bad out come is GRZ only recovers what they have spent on mine. That would be ok for GRZ shareholders but would leave CRY in a poor position as recovering $500 million in monies spent will not go far.
I think GRZ management thinks their case is so strong they will not settle unless the offer is very good and yes I think they are still talking to VZ about terms. I think VZ is talking to CRY as well.
a good GRZ win or settlement will boost CRY sp. A caprilles win is a longshot but sp would double. And maybe Maduro who does not have the charm of hugo will have to actually let CiTIC pay off both GRZ and CRY to get mines going.
March 11 Monitor Report, Number Nine...
Link to Monitor Report Number Nine
Highlights:
* Company/Tenor and Noteholders optimistic about resolution;
* Response date for resolution & Stay ends May 17, 2013;
* Tenor considers Crystallex triggered an "Events of Default";
* Tenor has no obligation to continue funding to Crystallex;
* Crystallex apparently out of funds, but will get $3MM from Tenor;
* Projected cash flow of $3MM to last until May 17, 2013;
* Tenor decides to continue funding or not on or about May 17.
No comment or opinion other than this is not good for commons.
GLTA
A settlement offer to GRZ would give us a lift or is their case too far along for that? Are they waiting for the ICSID to rule on their claim or do you think there is a possible settlement offer being talked about?
Considering GRZ really didnt move much on the death its hard to see any lasting upside on the news. Now if bond guys came to a good deal for shareholders then that would be a reason to buy in my view. A settlement and soon is really the only way out of this mess for retail. If this plays out to an actual arb decision retail will be diluted to death imo. Management will hand them an empty victory bag.
Interesting Recent Upside Crystallex Trading Over HC's Demise...
Huge risk for an unknown reward. Risk being a revocation of the ticker shares by the SEC. Of course, the shares are fungible with the Canadian Market, which is currently not trading. So, that is not the risk here.
Cannot imagine what a buyer's thinking might be considering this being a suspended Grey ticker. Upside over someone's death seems a bit morbid, but for an SEC suspended ticker kicked to the greys, and now threatened with being revoked, seems overly risky. Although it is a lotto ticket and anything can happen, and one might typically see this type of upside trading in Pinks. But being in Greys seems way too risky especially with the Grey statistics being what they are.
Plus, keep in mind, the Canadian Market historically has followed whatever the SEC has done to a ticker. So, the likelihood of it being revoked in the Canadian Market becomes very likely if revoked by the SEC. And should an SEC revocation occur while not trading in Canada, holders become, well, stuckholders and cannot salvage anything. Whatever. Maybe those now buying know what they are doing. The whole thing stinks that long-time shareholders were put into this position because it was "forgotten" by Crystallex management to do an SEC filing, when financials had been completed for the Canadian Market all along.
Just seems way over-the-top risky to be buying more or entering at this point.
GLTA
Shocked face again that Hugo is dead. The only ones who didnt see this coming are the VZ people it seems. 75% believed he was cured of cancer, i guess they are now correct in a way.
Where does that leave CRY now that capriles gets another title match? My guess is another loss for capriles. The welfare wagon is a huge draw in VZ politics and hugo spent billions getting reelected. Free washing machines and free homes that never get built, the catch being you have to sign your name to a list. On election day the names on that list get driven to the election booth and watched. Democracy at its best.
Regardless, imo every day without hugo is a better day for everyone. Im not sure where the SP goes but there may be another bump up with hopes of change. I have no horse in the race anymore but imo the main threat to recovery remains with management, tenor and bond folks as CRY should win the arb case hands down.
True
not that the fox had any control of the canadian halt in the trading; the company deliberatly went stagnant until the fox was crispy criters, now there is a slight pumping of the stock to get the interest UP
,,,,,,,LONG LIVE CRYSTALLEX!!!! HUGO IS DEAD--MONEYMADE
what we need is less action and more talk
Battling a new infection, Chavez has breathing problems
http://www.cnn.com/2013/03/04/world/americas/venezuela-chavez/index.html?hpt=hp_t1
Innocents Betrayed The True Story of Gun Control
CRYFQ SP Hanging Well Considering Suspension/Greys...
Might also be Greywolf's disclosure looking like a new position.
Still, a risky lotto ticket with unknown possible reward.
Especially since more debt likely for survival to collect any award.
Additional debt, unfortunately, could mean additional give-aways.
GLTA
Suspended Stock SP Typically Lose 90%+...
So, the way CRYFQ opened makes sense if believable. Fat finger trades happen all the time, and it may actually have been a nickel first trade. Regardless, poking around in the dark without any bid/ask guidance is tough. As the first trade showed, those wanting to liquidate a lot of shares have to take whatever they can. My understanding is that both price and vulume must match for a trade, but those with market orders will get their volume broken up.
Will see lots of volatility with a good size gap for a little while depending on how optimistic the sellers are. Probably will continue through maybe middle of next week. Then volume will drop off over time and it become illiquid. Nothing worse than being a stuckholder.
Small positions do have better luck in being optimistic. Today's upside, on a couple of thousand shares, will give hope and maybe even get more buyers out and buying. There always seems to be an upside moment for a suspended stock, from "value" players.
In the end, where volume goes, shareprice follows.
GLTA
Shocked face here. Im sure the company accidently forgot to deal with financials because they were busy trying to get Canadian shares trading again. I really feel bad for folks that keep wanting to believe. The only thing you can probably count on now is how much more Of any possible award is divided among key players. My guess is this new status will keep the details of the MIP buried. My guess continues to be more pie given to tenor, bondies and management,. Just my opiinion of course.
Still Nothing Disclosed by CRYFQ on Suspension...
Looks like Grey times for shareholders.
GLTA
SEC Investor Bulletin: Trading Suspensions Link...
http://www.sec.gov/investor/alerts/tradingsuspensions.pdf
Appears your question is answered on Page 2. Monday is a US Trading Holiday. Crystallex resumes trading, in the Greys, Feb 21. However, if a broker-dealer for solicitation of a bid/ask takes them on, they could open in OTC/Pink. Just one catch. A Big One...
http://www.sec.gov/litigation/admin/2013/34-68836.pdf
"IT IS HEREBY FURTHER ORDERED that Respondents shall file an Answer to
the allegations contained in this Order within ten (10) days after service of this Order, ... ."
and
"IT IS FURTHER ORDERED that the Administrative Law Judge shall issue an
initial decision no later than 120 days from the date of service of this Order,... ."
Crystallex must file a response to the SEC within 10 days of service. Also, the "Further Ordered" reads like it could be as long as 120 days on Greys, awaiting the initial decision.
Questions raised by the SEC suspension will make Broker/Dealers/MM's run fast and far from this ticker. Crystallex obviously was in arrears of required filings. However, the complaint alleges, "...lack of current and accurate information... ." So, might be more than just being current in filings. SEC does not comment on suspension investigations. Company could, but is already well beyond the four day SEC requirement for a material event. Thumbing their nose at SEC? Actually, going silent is pretty much SOP for suspended companies.
Who knows. Maybe Crystallex can talk its way out of it.
Would think a PR would be out immediately if Crystallex did.
Otherwise, this opens for Grey trading, Thursday, Feb 21.
GLTA
That is Greywolf's Annual Filing of CRYFQ Holdings...
Yes, it happened last year, and year before, etc.
Their filing requirements make it appear as a new position.
Anyway, it is the same position Greywolf has had for a while.
I believe it includes convertibles or options or whatever.
Kinda does not matter at this point. Well, it does to them.
GLTA
CCAA Court Filing, Dated February 13, 2013...
Feb 6 Order to Follow Up on Feb5 Endorsement:
Linke to Feb 13 Filing (Full Link Below)
GLTA
Full Link: http://documentcentre.eycan.com/eycm_library/Project%20Gem%5CEnglish%5CCourt%20Orders%5CCCAA%20Orders%5COrder%20of%20Justice%20Newbould%20dated%20February%206,%202013%20%28issued%20&%20entered%29.pdf
New filing from gw . Says they own 29 million shares again. We will see how long it lasts. Last year same thing happened and then gw all of sudden didnt own shares in later filings.
December 31, 2012
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Greywolf Capital Partners II LP
(Date of Event which Requires Filing of this Statement)
** The reporting persons making this filing hold an aggregate of 29,705,005 Shares, which is 8.1% of the class of securities. The reporting person on this cover page, however, is a beneficial owner only of the securities reported by it on this cover page. [See Preliminary Note]
It is my understanding that cry pinky status is done on tuesday. To trade again on greys they would need to find a new broker/brokers for the wild wild west of trading. Am I missing something?
It is a Difficult CRYFQ Shareholder Situation...
Wish things could be painted better. The reality stinks, but needs to be said openly. Redirection of the pent-up anger there, now upon me instead of CRYFQ management, is no biggie.
Have a good one.
GLTA
Jc not making the campers happy on acor forum. The no beers guy must be king bee in charge of feeding a false sense of security. nah no conspiracy. Cant knock managment for giving away whatever it takes to keep the lights and paychecks on. End of day tenor, bond folks and management MIP will all be protected from dilution. everyone else not so much.
The CRYFQ Conspiracy Theory Bells Sounding Loud...
... As having the ticker revoked gets rid of US commons. But, does it really? Since this trades (well, currently not) in Canada, maybe the stock will have value for US shareholders if it can trade in Canada, when it resumes trading. Seems it will depend on what management arranges for US shareholders if the ticker is revoked. When the ticker stopped trading in Canada, management made it a point that their stock could trade US OTC. So, maybe stock is stock and just have to find a broker that will do the deed. Of course there will be the hassle, blah, blah, and the fees, of course.
This certainly does put increased stress on US shareholders.
GLTA
This does not look good does it. I find it hard to believe this is something that "slipped through the cracks". What is Fung's goal?
Halftime Until Greys, Still No CRYFQ Disclosure...
Now five days since being suspended and not trading.
Seems material, so some sort of PR with a follow up 6k appears appropriate.
Hearing the usual rumors floated by IR that it is all a mistake by the SEC.
Crystallex did file certifications of the fins last Friday.
Requested by the SEC, or done for show by the company?
Who knows without any disclosure.
SEC regs say they have four days after a material event for disclosure.
Chance that it was an SEC mistake?
Seems company has now missed another SEC deadline.
Plus, lack of a PR could be tell-tale.
GLTA
Certifications Filed by Crystallex Concerning 2011 Fins...
http://www.sec.gov/Archives/edgar/data/912500/000119312513046351/0001193125-13-046351-index.htm
CEO and CFO certifying the audited financials are what they are.
Question is - Will it be enough to keep commons out of the Grey hoosegow?
GLTA
Welcome to the CRYFQ Board...
Glad to have you here.
Maybe Hugo had a change of heart and wants to send gold to heaven--will be surprised when the locals in heaven ask him why he sent pavement
DTCC Notice Containing CRYFQ Deletion...
From February 6, 2013...
http://www.dtcc.com/downloads/legal/imp_notices/2013/nscc/otc/OTC-025.pdf
GLTA
Once in Greys, If CRYFQ Holds a Nickel,...
... considering it closed at just under a dime when suspended, it would be doing substantially better than other stocks demoted to the Greys. A 90%-99% loss in SP is not uncommon when demoted to Greys. There are stocks that do good in the Greys (original intent was for IPO, startups, etc. and some are successful), and even move up to a real trading exchange. But, those are different and are not in the group of stocks that get delisted from an exchange, and subsequently delisted from OTC/Pinks to Greys.
Greys is the Graveyard (Greyveyard) where delisted stocks go to fade away.
GLTA
Crystallex 20-F Filing Contains Audited 2011 Fins...
So, nothing needed for Crystallex to submit to SEC concerning late fins.
Filings indicate SEC was aware a week before - and still suspended.
This may be an indication it is about more than just late fins.
SEC likely has been looking into this for a while, and will continue.
Possibly something fishy hidden deep within the fins.
Might be the purported Bondie insider stuff Fung mentioned.
Maybe complaints of insider info leaked to "insider" commons.
A whole lot of possibilities, including just a mistake.
Could be a convenient way for company to get rid of US commons.
Greys, here we come.
GLTA
Yes everyone thinks the judge is on retail side but he has a job to do and that is to get these cases settled and gone. This judge has been more than fair with management and yet management can not get out of its own way. Retail suffers as a result. Sad how a case is a huge winner for everyone but
Retail.
Newbould Endorsement About Current Situation on E&Y...
Newbould Endorsement Link
Appears the judge wants a Plan of Compromise/Arrangement. Still.
Stay until May 31 - with conditions.
- Crystallex responds to Noteholder's Plan before Feb 21; and,
- Mediation session on/before March 5; and,
- No motion to be brought without prior approval.
*So, appears management intentions are to stay alive through the arbitration by virtue of giving away arbitration proceeds. * YEP
The beauty is its all a win win for tenor and bond folks. At the end of the day whatever piece of pie given to them stays undiluted it appears. My guess is at some point the managment stake will gain that special undiluted status when the details are worked out. So actually CRY stays alive by issuing millions and possibly billions of new shares even if its at 5 cents a share or less and only retail gets diluted . Enough for bills and paychecks For staff and hope of a payday for new fish. Can you imagine this mess dragging out to 2016 or longer and what that would do to any share structure. Ugly.
I must say I am so glad I checked out of this train wreck awhile ago. Todays suspension is not good in any way shape or form. My guess is the filings are not accurate in SEC eyes. That can mean many things but it appears 5 cents is near if and when it trades again in the wild wild west sheets. Hoping For shareholders its an honest mistake and all is good in a day or so.
Crystallex's Only Asset is an Arbitration With Venezuela...
It is over a mining concession. Claim is for $3+ billion, and minimum is speculated at around $600 million. Crystallex has been in CCAA. Tenor has gotten their tentacles into Crystallex for 35% of the arbitration proceeds in a DIP loan. Management also negotiated their own little package of the proceeds, around 5%.
Compushare is owed $100 million plus interest in unsecured bonds, and the latest attempt at a Plan of Compromise/Arrangement sees Compushare wanting 15% of the proceeds plus 15% interest to re-fi the Bonds. It appears that the DIP loan runs out around Dec 2012, or thereabouts. ICSID judgement on the proceeds might be a year or more after the money runs out, and then there is the time to collect the proceeds. So, company will have to go to the trough again for more proceeds give-aways to stay alive.
So, appears management intentions are to stay alive through the arbitration by virtue of giving away arbitration proceeds.
I see the Company did do an SEC 6K and 20F filing on Jan 31.
I believe the financials (if any) are unaudited, as in the last filings.
Possibly, the SEDAR filings, if there are financials, are unaudited.
My holding was minimalized a long while back when the concession was taken away. Now holding, "learned a lesson," shares only.
Thanks for your support.
Crystallex may have submitted their SEDAR filings as a requirement of their Trustee in Bankruptcy. The company could easily submit those filings or facscimiles to the SEC, I think.
Crystallex has ten business days to satisfy the SEC or the SEC will move quickly to have the stock's registration revoked.
Just a pesky little thought, but since Crystallex is in bankruptcy maybe the company wants the U.S. registration revoked.
Have you contacted the company to see what their intentions are?
Best o' luck, JCWillis....I'll be rooting for you.
Thanks Renee. Since This is a Foreign Issuer,...
...out of Canada, might you know if the Sedar filings might be taken into consideration by the SEC?
I am thinking maybe not.
But, Crystallex did a whole lot of Sedar filings recently.
GLTA
CRYFQ: SEC Suspension:
http://www.sec.gov/litigation/suspensions/2013/34-68835.pdf
ORDER:
http://www.sec.gov/litigation/suspensions/2013/34-68835-o.pdf
ADMIN Proceeding:
http://www.sec.gov/litigation/admin/2013/34-68836.pdf
Monitor's Eighth Report Out, Dated Today...
Recommends another Stay... Duration up to court.
Also, Crystallex files a rebuttal to Bondies motion...
Affidavit by Harry Near (Crystallex Head negotiator) claims this is first time he has seen the proposed Noteholder's Plan of Arrangement/Compromise.
With tomorrow's court date, next disclosure not due until Wed, Feb 6.
Stay tuned...
GLTA
Proposed "Additional Compensation" for Noteholders Starts at 15%...
... of Arbitration Award...
Increases 1% per month depending on adoption date of proposed Compromise/Arrangement.
Can be viewed at Schedule "A", page 103 of pdf, or page 94 of Noteholders Motion.
Also, original notes go to 15% simple interest.
Bondies seem to really like that number 15, for some reason.
All of this compensation has to come from somewhere - shareholders.
GLTA
Computershare/Crystallex Motions, Pending Monitor Report, on E&Y Site...
Each Dated January 24, returnable Jan 31.
Crystallex...
Crystallex Motion
Six pages. Requests "extended stay" and cites "confidential" Fung affidavit as well as the - not yet posted - eighth monitor report.
Computershare...
Bondholders Motion
348 pages. Requests vote on restructuring plan, March 6, 2013. Draft Plan of Compromise/Arrangement ppgs 42-101
GLTA
Deadline Today, 5pm ET for Claims...
http://documentcentre.eycan.com/eycm_library/Project%20Gem/English/Claims%20Process/Notice%20for%20website.pdf
GLTA
Venezuelan Supreme Court Rules Inauguration Postponement Legal
9 January 2013 Last updated at 14:04 ET
Chavez swearing-in delay legal, rules Venezuela Supreme Court
Venezuela's Supreme Court has ruled that the postponement of President Hugo Chavez's inauguration for a new term in office is legal... .
Full Story: http://www.bbc.co.uk/news/world-latin-america-20957164
Chavez Invokes Venezuelan Constitution Article 231...
Caracas,Wednesday
January 9,2013
CARACAS – Ailing President Hugo Chavez will not be fit in time for Thursday’s scheduled inauguration and plans to take the oath of office at a later date before the Supreme Court, the speaker of Venezuela’s National Assembly said.
Chavez “will not be able to appear on that date before the National Assembly,” Diosdado Cabello said Tuesday from the legislative podium, reading from a message sent by Vice President Nicolas Maduro.
The 58-year-old head of state, who won another term in the October elections, remains hospitalized in Cuba almost four weeks after undergoing his fourth cancer surgery in 18 months.
“The commander-president has requested that it be reported that, according to the recommendations of the medical team who are working for the reestablishment of his health, the post-surgical recovery process will have to be extended beyond the ... tenth of January,” said the message.
Chavez has decided to invoke Article 231 of the Venezuelan Constitution, which allows a president to take the oath before the country’s highest court under certain circumstances.
Venezuela’s opposition insists that if Chavez fails to be sworn in on Thursday, the clock will start ticking on the 180-day maximum period during which Maduro can serve as acting president before having to call fresh elections.
,,,,,,,Adding--MONEYMADE
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