Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I thought canadian shares at least could be traded through a broker. Is that not true?
Rumor has it there was a hearing today.
Trading Quit at 1:45, Need to Find...
...the party all of those MM's head out to. Must be a wild one.
Well, last of the current stay came and went. Us commons will not likely find out the details of today's hearing until the mandated timeline, per regulatory oversight. Maybe Tuesday Oct 16, possibly sooner.
Still looking for a 20F on EDGAR, which will be very much necessary should a Plan be agreed upon. SEC is cracking down on pinkies, and should CCAA/Chpt 11 protections be lifted under a Plan, then the company needs to be in compliance of SEC regs, like asap. Canadian stuckholders have had it rough. Nothing like having your liquidity, the biggest advantage of being a shareholder, taken away.
GLTA
Hmm, scorched earth really doesnt make sense to me even with huge hostilities even if there is a tax gain to offset. And I am not sure how this really scorches anyone but bond holders. They shot their wad on scorching and it failed.
I do keep trying to figure out the game befind the note holder actions. I wanted to believe these guys are all in cahoots and already had their shares lined up but even that does not add up with this latest charge. They really seem to hate each other to he point of making dumb mistakes and bond holders being so use to spending OPM on lost causes it just doesnt matter. The new lead council may be the start of serious talks.
This may be a minor issue or a huge blunder in regards to misconduct. It may be some serious
leverage if it borders on criminal issues. I just dont know but my feeling is the bond holder syndicate may be a ghost of its former self. As far as I know they will be filing lawsuits on each other soon. Wouldn't that be something.
As far as court costs I would think at a minimum note holders would need to cover tenor. Maybe those issues get sorted out in next few days.
On Another Board, Noted in a Post...
...that the Bondies may be on edge of going, "scorched earth," in this whole thing, because they keep losing in court. Now, I have always (well, maybe not ALWAYS) contended that this whole thing was nothing but a big dog & pony show and these guys, Management/Bondies/Tenor, would take care of themselves and all would eventually be good, at least for them. And, the only real question was how much of the crumbs would be left for commons.
If it is not all an act, and if there is true animosity and bad feelings between Management and Bondies,... Well, have to say all bets are off and, like I posted on that other site, everything may go crispy-critter... and really do not want to think about it going that way because everyone gets hurt. However, I would think that there would be a leak of such, and large blocks would be dumped and hurt sp, because getting out with something is better than nothing. But, who knows.
Have read some of the court filing and monitor report, and noted the Company claim of spending for the legal fees. But, seems I noted each time that Management was awarded fees with each, "slap upside the head," of the Bondies. So, something is not adding up here.
GLTA
Im waiting on all thoughts as well. I am wondering if there is trouble in bond syndicate paradise. The new lead council is a potential clue that poo hit the fan. I wonder if the members have turned on each other citing they were misled. I wonder if this new info that management is using as its basis for a complaint was provided by some burned bond holders. Does this destroy their required threshold of votes to approve a new plan? Good Times.
now why would RF say that?
Your thoughts on what may have happened?
GLTA
Cahoots cahoots, so many ways to Cahoot. Maybe instead of giving them shares as part of a deal they said your causing so much grief you can just buy them yourself during this bs appeal process. I dont see management giving them anything with this latest misconduct charge. It may be a share give away cahoot buster. Next stop open market, they can pay for them like the rest of us.
Updated Monitor Disclosures (Finally!)...
Crystallex Motion...http://documentcentre.eycan.com/eycm_library/Project%20Gem/English/Motion%20Materials/CCAA/Crystallex_s%20Motion%20Record%20ret.%20Oct%2011,%202012%20(2).pdf
Fifth Monitor Report...http://documentcentre.eycan.com/eycm_library/Project%20Gem/English/Monitor's%20Reports/Final%20Fifth%20Report%20of%20the%20Monitor,%20dated%20October%209,%202012.pdf
And, maybe, just maybe, there may be a near-future disclosure of the "prejudice" Plan of Arrangement/Compromise, as it is required to be disclosed publically according to Canadian regs. Likely three-four days after the tomorrow, so maybe Tuesday Oct 16 or Wed Oct 17.
Have not read any of above. Just sincerely hoping the best for commons.
Still think Bondies/Management/Tenor are all in cahoots.
GLTA
Its a vague filing as seems to be the norm
Did they try to unfairly influence other members ofthe syndicate to take a hard line?
Did they contact VZ authorities?
If this is a voting issue, does that have anything to do with the shares they told the judge they supposedly owned?
Why is their lead council no longer representing them?
Maybe they should just take 15% PIK and move on.
At least management did not make any sweetheart deals and Im happy about kicking can down the road.
bondies "mis-use confidental information"?
now why would RF say that?
The sell off did not surprise me. 13 seems to be the range where mm want us now but who knows how long that will last.
The stay. I see absolutely no benefit for noteholders to remain on ice any longer. They already owe court costs that must be at least 2-3 million for both appeals. At a minimum they are losing an extra 5% PIK interest that would be a no brainer to get approved in a plan of compromise. Probably could get a few shares thrown their way as well although I would not be happy with that arrangement.
The syndicate must be in shambles if this truly was their strategy, to fight all the way to supreme court for an appeal based on New York style law. If common sense shows back up they will realize if Crystallex emerges their bonds should increase in value and become liquid again. Since this syndictate seems to have bought them at a steep discount then they should be able to pocket some money.
Chavez Wins Election Over Capriles...
http://abclocal.go.com/kabc/story?section=news/world_news&id=8839391
Those not into links...
With better than 90% of votes counted...
Chavez 55%
Capriles 45%
Not sure if today's sp action is any reflection.
Thursday, Oct 11, is last day of current Stay.
Might see a Plan of Arrangement/Compromise.
If so, monitor must post within three business days.
Might see a PR. Who knows.
GLTA
Chavez's socialist rule at risk as Venezuelans vote
http://reut.rs/QN7zqd via @reuters
My guess is the bondholder appeal loss took us back to the 13 cent area where we were before all the appeals started. And I agree this latest push higher is a result of some spec players figuring Capriles just may win and settle with Crystallex. Today was the first day a mainstream financial toad said Capriles will win, but it did not take much looking months ago to see this election would be tight.
Do they sell the news? Definitely if Hugo wins, not so sure about if he loses. As far as the stay. I will stick with two options for now. The bondholders saw this coming and pushed for a reasonable settlement or the judge wanted to see an effort made and will kick the can down the road. The option I rather not think about is management rolling out the red carpet after beating them at every turn. Bottom line is Crystallex may surprise huge to the upside in coming days. No predictions, just waiting to see how it plays out.
As far as China. I think they are just hedging their bets knowing Hugo loses or dies soon. It will be harder for Capriles to take LC away if a deal is signed and some monies paid. Sure it may cost them a few more dollars in fees later but that is just a part of doing business. Hugo had no political incentive to sign this deal 3 weeks before the election so he is worried about something in my view. Im sure it revolves around money.
Recent Upside May be Upcoming Saturday Venezuelan Elections?...
Spec players buying CRYFQ on rumor, sell on news,... possibly?
Thought that the Chinese, gov't owned company, has a vested interest in seeing Chavez win this thing, having cut a deal for LC. However, seems CRYFQ would want HC out. Plus, CRYFQ has debt with another Chinese, gov't owned, company. The Crystallex-Venezuela-Chinese triangle, CVC. Hah!
Seems the Stay ending, and all it could encompass, a week from today might be just as important, if not more important to CRYFQ sp. Still, likely will not find that out until maybe the 16th, with the way the "monitor" posts stuff. Who knows.
Wait! Maybe a two-fer? Election then Stay play?
Now I have a headache.
GLTA
Lol, Las Cristinas is not the Curse. Hugo never brought Las Cristinas online through a permit because he was too busy having his crew mercury soak the pit imo. No need to have a legit miner do it as the split isnt as good. Imo. Management spending like they had money instead of circling the wagons long ago was just sad on too many levels. Elections on deck and maybe, possibly, hopefully, praying, noteholders raise the white flag by the 15th. Could get real good real fast.
Yo Curse, What Happened...
...to the rest of your screen name?
You left off "of Las Cristinas" on the end.
Yes it appears the judge wants a compromise and that is the goal of CCCA unlike the masses who want to believe a stay is 100% permanent. Wanting one and demanding a resolution on this first go around may be more show than go. In reality the whole point of CCCA is to get a plan and emerge but this is not exactly a normal CCCA situation and the judge seems to be firmly planted on Crystallex's side, for now anyway. What would be interesting to know definitively is if this plan is strictly from management's view or is it done with note holder imput. That is unclear to me and I am leaning toward the judge wanting to see what Crystallex has come up with so far. Another cliff hanger.
From the most recent Stay extension order:
"THIS COURT ORDERS that Applicant's undertaking to deliver a with-prejudice proposal for a plan of compromise or arrangement under the CCAA is extended to October 11, 2012."
I'm no expert, but appears to read like Newbould wants them to show up with a Compromise/Arrangement by Oct 11.
Sept. 11, 2012 Stay extension filing link: http://documentcentre.eycan.com/eycm_library/Project%20Gem/English/Court%20Orders/CCAA%20Orders/Order%20re%20stay%20extension%20to%20October%2011,%202012%20-%20dated%20Sept%2011,%202012.pdf
Wow. Alias born today.
GLTA
There may be no plan of compromise at this point. What I suspect is a plan may be submitted that falls short in the note holders view. At this point the judge will run the show. Privately telling each party they are screwed if they do not compromise. The risk for noteholders is missing out on interest and a few shares maybe and the risk for management is losing the forever stay. Poker face.
I agree shareholders have the tendency to get screwed in this situation but being the management team will soon have a MIP decided on they may not be eager to give away the goodies. Its no surprise this ruling came down before next stay period ends. Lets hope noteholders finally decided it was time to move on and maybe were waiting to get kicked in the face again before accepting a deal.
Huh?... Trading Appeared to Stop Early, About 3pmET...
What? Did everyone run out of money, or something?
Or, was it another party they all had to rush out to?
Good upside two weeks, to the day, before current Stay ends.
Who knows. The Market can be illogical at times.
Looks Good For SP Today...
Folks buying in on the ruling. Supreme court turning their nose to the Bondies, as they should have. Guess now it is on to the Arrangement/Compromise... Due, Oct 11. Or, so it seems.
Might make Bondies cut a better deal in Compromise/Arrangement.
Then again, might not. Both seem to hold decent hands.
Unfortuantely, Commons always seem to bear the brunt of the take-aways in these circumstances. May not end up being so Bullish for Commons. Be careful what you wish for. Be Aware.
GLTA
SC tells bondies to go jump in a lake
TORONTO, Sept 27 | Thu Sep 27, 2012 10:22am EDT
(Reuters) - The Supreme Court of Canada said on Thursday it will not hear an appeal from noteholders of Crystallex International, who were trying to overturn lower court decision approving the Canadian gold miner's debtor-in-possession financing.
Crystallex rose to prominence in the early 2000s after winning a contract to develop the massive Las Cristinas gold deposit in Venezuela. Tbe company collapsed after the government abruptly withdrew the contract in 2007.
It filed for bankruptcy in December 2011 and won protection under the Companies' Creditors Arrangement Act in Canada as it struggled to finance its C$100 million ($102 million) of debt.
In April 2012, Crystallex was granted debtor-in-possession financing to fund its operations, including an arbitration claim against the government of Venezuela over the mining contract.
Up Big Yesterday, Rough Go Today...
Does someone know something? Or just another Mutual Fund Monday and folks are going with gold plays, one being CRYFQ? Not so sure because yesterday's volume was way over-the-top.
Many things might be speculated, such as playing Chavez losing the election or even dying; or CRYFQ cutting a deal with Bondies that keeps commons in the game, etc. etc.
Volume back to being in the dumps. Monday may have been an anomaly.
GLTA
Still Going, With More Volume Than Yesterday...
Around a quarter mill in volume and sp UP, UP, UP.
Thinking whomever is buying in is likely counting on the Ven elections, and a loss by HC, on Oct7. Is it possible? Anything is possible.
Anyone notice all of the Trading Suspensions yesterday? One of those among the 16 suspended was a silver company which Fung, CRYFQ's CEO, had some involvement in from the past. I don't know if it means anything, or if it might imply anything about the current CRYFQ situation, but once on the slippery slope of lower level exchanges, it is tough to climb back up. That is, if management wants to.
GLTA
Looks Like Market Likes the Stay Extension...
Currently 150k+ volume and sp over a dime for a bit.
Maybe someone knows something. Maybe not.
But, Market is actually somewhat enthusiastic today on CRYFQ.
GLTA
Stay Extended to October 11...
Link to E&Y disclosure containing extension:
http://documentcentre.eycan.com/eycm_library/Project%20Gem/English/Court%20Orders/CCAA%20Orders/Order%20re%20stay%20extension%20to%20October%2011,%202012%20-%20dated%20Sept%2011,%202012.pdf
Not posted at COB yesterday, so wrote to OSB last night at 8pm ET. Monitor posted this morning.
Proposed Plan of Arrangement/Compromise, with prejudice, apparently coming
Last Day For This Round of The Stay...
No worries. Should be extended. Might find out in a couple of days after whatever court docs are filed depending on what they decide on disclosing.
Who knows, maybe a surprise deal struck between Bondies & Management. Hah! Doubtful, but possible. Who woulda though there would be less disclosure now with a "monitor," than before the CCAA protection.
GLTA
Oops!, Meant Greywolf, Not Blackrock in Post #138
Too much of a hurry and taking time with other plays.
Blackrock Filing with SEC, August 13, 2012...
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>gcm13fq2.txt
<TEXT>
OMB Approval
..........................
OMB Number: 3235-0006
Expires: August 31, 2012
Estimated average burden
hours per response 23.5
..........................
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 2012
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Greywolf Capital Management LP
Address: 4 Manhattanville Road, Suite 201
Purchase, New York 10577
Form 13F File Number: 28-11771
The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Jonathan Savitz
Title: Senior Managing Member
Phone: (914) 251-8200
Signature, Place, and Date of Signing:
/s/ Jonathan Savitz Purchase, New York August 13, 2012
----------------
Jonathan Savitz
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 8
Form 13F Information Table Value Total: $124,697
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
No. Form 13F File Number Name
1 28-11776 Greywolf Advisors LLC
<PAGE>
<TABLE>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
-------------- -------------- ----- ------- ------- --- ----- ------- -------- ---- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DELPHI AUTOMOTIVE PLC SHS G27823106 66,640 2,613,352 SH OTHER 1 2,613,352
FORD MTR CO DEL *W EXP 01/01/201 345370134 3,749 3,347,100 SH OTHER 1 3,347,100
GOLD RESV INC NOTE 5.500% 6/1 38068NAB4 8,483 9,835,000 PRN OTHER 1 9,835,000
K V PHARMACEUTICAL CO NOTE 2.500% 5/1 482740AC1 722 7,220,000 PRN OTHER 1 7,220,000
NORDION INC COM 65563C105 9,153 977,900 SH OTHER 1 977,900
PRIMUS TELECOMMUNICATIONS GR COM 741929301 2,208 141,782 SH OTHER 1 141,782
QUAD / GRAPHICS INC COM CL A 747301109 2,335 162,411 SH OTHER 1 162,411
SHAW GROUP INC COM 820280105 31,407 1,150,000 SH OTHER 1 1,150,000
</TABLE>
</TEXT>
</DOCUMENT>
Company Will Have Funding to Get Through Arbitration...
From experience with other Pinkie plays, management always has one thing in common... they take care of Number One - Themselves. In this case there are very few players - management, tenor, bondies - and they may all be in cahoots. The arbitration is management/insiders' payoff, and they will do what it takes to make it there for their (management/insiders'), likely substantial, cut.
Pinkie Management usually takes care of themselves at the expense of shareholders. And, according to the filing, they have laid out several scenarios where shareholders are used, and abused from possible share cancellation to dilution. Guess that is fair warning. Opie's salary is the one that has been disclosed, and likely the tip of the iceberg. Probably a lot more us shareholders would be irritated about, concerning what the company is doing with their DIP funding, if we only knew.
On the other board, there is talk of a shareholder legal action, as well as complaining to Canadian authorities about the lack of monitor oversight. Probably not a good idea on the first and may or may not help on the second (I have filed numerous complains with OSB) because OSB likely has larger fish in their frying pan.
Disclosing Opie's salary may be a diversion. It will be interesting to see if the monitor posts by Sept 13 the "negotiated" Plan of Arrangement/Compromise.
Wow, this truly is a game for these guys to see how much money they can squeeze out of this company. Oppenheimer at $30,000/month for what? He is the same guy that sold all his shares right before Crystallex got the ax from Hugo. (and there is no such thing as inside information) This is geting to be a joke. Will there be enough money left to get through arbitration at the rate they are burning?
Crystallex Files 2011 Audited Financial Statements and MD&A
07/16/2012
TORONTO, ONTARIO--(Marketwire - July 16, 2012) - Crystallex International Corporation (OTCBB:CRYFQ) ("Crystallex" or the "Company") announced today that it has filed under the Company's profile at www.sedar.com its audited financial statements for the fiscal year ended December 31, 2011 and the related management's discussion and analysis. In addition, the Company has filed, in lieu of a management information circular in respect of its 2011 fiscal year, an information document that contains information substantially similar to that required to be set out in a management information circular, including disclosure regarding the board of directors, executive and director compensation and corporate governance practices. The Company will also file a Form 20-F and CEO and CFO certificates related to its annual filings in the near term. The 2011 audited financial statements, MD&A and information document will be mailed within the next few weeks to shareholders of record on the record date of July 16, 2012.
About Crystallex
Crystallex International Corporation is a Canadian based mining company, with a history of acquiring, exploring, developing and operating mining projects. Crystallex has successfully operated an open pit mine in Uruguay and developed and operated three gold mines in Venezuela. The Company's principal asset is its international claim in relation to its investment in the Las Cristinas gold project located in Bolivar State, Venezuela.
Visit us on the Internet: http://www.crystallex.com or Email us at: info@crystallex.com
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain statements included or incorporated by reference in this press release, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding the Company completing and filing its Form 20-F and the mailing of documents to the Company's shareholders. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, financial, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available under the Company's profile on SEDAR at www.sedar.com (including, in particular, the "Risk Factors" section of the Company's management's discussion and analysis of financial position and results of operations for the fiscal year ended December 31, 2011, incorporated herein by reference) and the documents relating to the CCAA proceedings available on the Monitor's website. Forward-looking statements are made as of the date of this press release, and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law.
Contact: Richard Marshall, VP
Company Name: Crystallex International Corporation
Contact Title: Investor Relations
Phone: (800) 738-1577
Other1: info@crystallex.com
Other2: www.crystallex.com
Stay Extended to Sept11, as Recommended by Monitor
Link to latest disclosure by the Monitor...
http://documentcentre.eycan.com/eycm_library/Project%20Gem/English/Court%20Orders/CCAA%20Orders/Crystallex%20-%20%20CCAA%20Order%20dated%20June%2029,%202012%20-%20re%20stay%20extension%20to%20September%2011,%202012.pdf
Disclosure nearly two weeks after the fact is a bit much.
Second Tranche, Board Members, Designated Director, Advisory Panel
TORONTO, ONTARIO--(Marketwire - June 27, 2012) - Crystallex International Corporation (OTCQB:CRYFQ) ("Crystallex" or the "Company") announced today that it has drawn down an additional amount of US$8 million (for an aggregate total of US$21 million) under the terms of the credit agreement (the "Credit Agreement") governing the Company's debtor-in-possession US$36 million term loan facility provided by an entity managed by Tenor Capital Management Company LP (together with any successors, assigns or transferees as permitted, the "Lender"). These funds will be used to fund the Company's operations, including the prosecution of its arbitration claim against the government of Venezuela.
As disclosed on April 23, 2012, as a result of such draw down, the Company has provided to the Lender, in accordance with the provisions of the Credit Agreement and a conversion and voting agreement, additional compensation which is dependent on the amount of the net proceeds realized from an award or settlement in respect of the Company's arbitration with the government of Venezuela and which, at the option of the Lender, could be converted into up to 35% of the equity of the Company.
In addition, the Credit Agreement requires certain changes to the governance of Crystallex. The Lender has been provided with the right to appoint 2 of the 5 directors of the Company, and as a result Mr. Michael Brown and Mr. Johan C. van't Hof, each of whom voted in favor of the Credit Agreement, have voluntarily resigned from the Board in order to enable Mr. Robin Shah and Mr. David Kay, the nominees of the Lender, to join the Board.
Mr. Shah founded Tenor Capital when the firm was spun off from Putnam Lovell NBF (PLNBF) in July 2004. Mr. Shah joined PLNBF in July 2003, from JP Morgan, to establish a proprietary trading relative value convertible arbitrage effort. At J.P. Morgan, Mr. Shah was a senior trader in the proprietary Convertibles and Relative Value Group. Prior to joining the Convertibles and Relative Value Group, Mr. Shah was a member of the Equity Derivatives Research team, the Fixed Income Derivatives Trading team, and the Fixed Income proprietary trading group at J.P. Morgan. Mr. Kay joined Tenor in October of 2009. Previously, Mr. Kay worked at Jefferies & Company as a senior associate in the Restructuring and Recapitalization Group and at Akin Gump Strauss Hauer & Feld as an attorney in the Financial Restructuring Group.
The Board has appointed Harry Near as "Designated Director" and has delegated certain powers to him, including the conduct of the proceedings under the Companies' Creditors Arrangement Act and certain related matters. However, before making any decision regarding such delegated matters, Mr. Near will be required to consult with the newly established Advisory Panel of the Company. The members of the Advisory Panel are Messrs. Near, Brown and van't Hof. Mr. Near has agreed to serve as the Designated Director for a minimum period of three months. The Board has also agreed that certain transactions will be subject to the approval of the Board, including the approval of one of the Lender's nominees. Additional information relating to the Credit Agreement and these governance matters (including a copy of the Credit Agreement) are available at www.sedar.com under the Company's profile and on the monitor's website at www.ey.com/ca/crystallex.
Mr. Fung, the Chairman and Chief Executive Officer of Crystallex stated, "I wish to thank Michael and Johan for their selfless service to Crystallex as directors and I am pleased that they will continue to provide the Company with their valuable advice as members of the Advisory Panel". He also noted that, "Crystallex will be well served by having Robin Shah and David Kay as directors as their experience and knowledge will prove helpful to the Company as it seeks to recover value from its Las Cristinas investment."
Crystallex also announced that the shareholder rights plan agreement (the "Rights Plan") dated as of June 22, 2006 with CIBC Mellon Trust Company, as rights agent, which was last reconfirmed by the shareholders of the Company at a shareholders' meeting held on June 24, 2009, will terminate on June 30, 2012. In light of the fact that the Company has obtained a Court order to delay its annual shareholders' meeting, the shareholders of the Company will not be able to reconfirm the Rights Plan as required, and therefore the Rights Plan will terminate. The Company's shareholder rights plan agreement of March 16, 2012 remains in force.
About Crystallex
Crystallex International Corporation is a Canadian based mining company, with a focus on acquiring, exploring, developing and operating mining projects. Crystallex has successfully operated an open pit mine in Uruguay and developed and operated three gold mines in Venezuela. The Company's principal asset is its international claim in relation to its investment in the Las Cristinas gold project located in Bolivar State, Venezuela.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain statements included or incorporated by reference in this press release, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding the Company obtaining a successful result in connection with the arbitration. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, financial, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available under the Company's profile on SEDAR at www.sedar.com (including, in particular, the "Risk Factors" section of the Company's annual information form dated March 31, 2011 and the Company's management's discussion and analysis of financial position and results of operations for the nine month period ended September 30, 2011, incorporated herein by reference) and the documents relating to the CCAA proceedings available on the Monitor's website. Forward-looking statements are made as of the date of this press release, and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law.
Investor Relations Contact:
Crystallex International Corporation
Richard Marshall , VP
(800) 738-1577
info@crystallex.com
www.crystallex.com
Bondies trying to lose again LMAO!!
The noteholders have advised the Company that it is their intention to seek leave to appeal the decision of the Court of Appeal to the Supreme Court of Canada.
Company PR Delaying Annual Shareholder Meeting, Appeal Denied
SP and volume up and looking good. Near million share bid is back. Someone pushing for some reason. Feels like possible P&D on the news.
PR below...
TORONTO, ONTARIO -- (MARKETWIRE) -- 06/18/12 -- Crystallex International Corporation (OTCBB:CRYFQ) ("Crystallex" or the "Company") announced today that it has obtained a court order which allows it to delay holding its annual meeting pending a further order of the Court. Crystallex filed for creditor protection in Canada on December 23, 2011.
In lieu of issuing a management information circular in respect of its 2011 fiscal year at this time, Crystallex will prepare and file with applicable Canadian securities regulatory authorities, and will also distribute to its shareholders, an information document that will contain information substantially similar to that required to be set out in a management information circular, including disclosure regarding the board of directors, executive and director compensation and corporate governance practices. The information document will be filed on SEDAR at www.sedar.com under the Company's profile and is expected to be mailed to shareholders (together with the Company's audited fiscal 2011 financial results) later this year.
The Company is also pleased to announce that the Court of Appeal (Ontario) has dismissed the appeal by the holders of the Company's $100,000,000 unsecured notes of the orders made by the Ontario Superior Court of Justice (Commercial List) on April 16, 2012 (refer to Crystallex's press release of April 23, 2012) approving the Company's debtor-in-possession financing (the "DIP Financing") and the Company's Management Incentive Plan. The orders approving the DIP Financing and the Management Incentive Plan, as well as the endorsement of these orders, are available at the monitor's website at www.ey.com/ca/crystallex. The noteholders have advised the Company that it is their intention to seek leave to appeal the decision of the Court of Appeal to the Supreme Court of Canada.
About Crystallex
Crystallex International Corporation is a Canadian based mining company, with a focus on acquiring, exploring, developing and operating mining projects. Crystallex has successfully operated an open pit mine in Uruguay and developed and operated three gold mines in Venezuela. The Company's principal asset is its international claim in relation to its investment in the Las Cristinas gold project located in Bolivar State, Venezuela.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain statements included or incorporated by reference in this press release, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, financial, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available under the Company's profile on SEDAR at www.sedar.com (including, in particular, the "Risk Factors" section of the Company's annual information form dated March 31, 2011 and the Company's management's discussion and analysis of financial position and results of operations for the nine month period ended September 30, 2011, incorporated herein by reference) and the documents relating to the CCAA proceedings available on the Monitor's website. Forward-looking statements are made as of the date of this press release, and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law.
Investor Relations Contact:
Crystallex International Corporation
Richard Marshall, VP
(800) 738-1577
info@crystallex.com
www.crystallex.com
One would think the Judge and Monitor will see right through whatever shenanigans of a suspicious Plan of Arrangement/Compromise. But, Tenor got a pretty healthy bonus for lending a third of what the Bondies hold. So, who knows.
Am of the opinion that insiders, no matter how they may be publically made out to be (in this case Bondies being made out to be the bad guys), are all in cahoots. Just my experience from other Pinkie plays.
"Stakeholders," seldom includes commons but sounds like it does. When the company started using the term stakeholders, it was a red flag. Now the recent motion for no annual shareholder meeting. Seems we are just stacking up the red flags.
I agree that there have been some shenanigan's with this stock over the years, but now would the judge and the monitor not see right through this or be aware of this if the plan of compromise with the note holders is lopsided against all stake holders?
All Just a Charade and Act Being Perpetrated...
Management "negotiating" with Bondies for a Plan of Arrangement or Compromise...
Could be. Yeah, right...
Still suspect this is continued shenanigans by Bondies, Management, and Tenor, who are all in cahoots as insiders. This whole charade/act is so that, at the expense of commons, the Bondies get their piece o' pie... just like Tenor... just like Management.
GLTA
MOST IMPORTANT PART
[81] The Noteholders are sophisticated parties. They pursued a strategy. It ultimately proved less successful than hoped. It appears that the supervising judge would have been prepared to approve the advance of funds to Crystallex by the Noteholders, on the terms of the Tenor DIP Loan, notwithstanding the Soundair principles, had the Noteholders agreed to do so, without condition, on April 5, 2012.
[82] The facts of this case are unusual: there is a single “pot of gold” asset which, if realized, will provide significantly more than required to repay the creditors. The supervising judge was in the best position to balance the interests of all stakeholders. I am of the view that the supervising judge’s exercise of discretion in approving the Tenor DIP Loan was reasonable and appropriate, despite having the effect of constraining the negotiating position of the creditors.
Appeal Denied...
As it should have been.
Well, the show seems to be a good one.
http://www.ontariocourts.ca/decisions/2012/2012ONCA0404.htm
Paragraph 7 indicates company is working on Plan of Compromise or Arrangement.
Stay until July 30, 2012.
Yet another deadline.
And the saga continues...
You think this will get anymore interest with Chavez's terminal health condition. Just saw an article posted on yahoo
OTC Markets Showing CRYFQ Ticker Now in Pinks...
... no longer in OTCQB, at this time.
Additionally, showing a "Yield" sign, meaning "OTC Pink Limited Information"
Daily List could be next.
Crystallex Intl Corp (CRYFQ)
0.14 ? 0.014 (11.11%)
Volume: 33,975 @ 3:53:39 PM ET
Bid Ask Day's Range
0.14 0.145 0.13 - 0.145
CRYFQ Detailed Quote Wiki
Thanks JCwillis
You are not missing anything in the 13F.
It is all smoke and mirrors.
The "new" position filing was likely a ploy to play commons.
Am sure the pumpers will put some spin to why it's still all good.
Continuing Shenanigans by Bondies, Management, New Lenders, and Pumpers.
They are all in cahoots.
I'm not followin. I did not see Cry listed on the 13F. What am I missing?
If/when the loss of the bondholders appeal of the Dip financing is announced, I would like to think we will see an upward trend to our stock price.
Followers
|
5
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
319
|
Created
|
08/22/11
|
Type
|
Free
|
Moderators |
|
http://www.crystallex.com/Theme/Crystallex/files/design/IndexBg.jpg); background-attachment: initial; background-origin: initial; background-clip: initial; background-position: 100% 0%; background-repeat: no-repeat no-repeat; " width="100%"> |
![]() |
Corporate Profile |
![]() |
Management |
![]() |
Board of Directors |
![]() |
Governance |
![]() |
Corporate Responsibility |
![]() |
Environmental Policy |
Projects |
![]() |
Historical Projects |
![]() |
Reserves & Resources |
![]() |
Image & Video Gallery |
![]() |
![]() |
![]() |
Company Reports |
![]() |
Regulatory Filings |
![]() |
Investor Snapshot |
![]() |
Analysts |
![]() |
Presentations |
![]() |
2010 Report & Materials |
![]() |
CCAA |
Press Releases |
![]() |
Events |
![]() |
![]() |
![]() |
![]() |
![]() |
The super red banksters cults -
Rothschilds World Part 1 "Glen, Rush, Michael...Here's to you boy's"
http://www.youtube.com/watch?v=yhKHwrUA5SM&feature=related
![]() | Vancouver Resource Investment Conference Conference Registration | Agenda | Hotel & Travel | Floorplan | Speaker Line Up |Exhibitor List | Map | ![]() |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |