File #500-11-054564-188 -- Motion for Issuance of Approval
Please everyone on this board, direct your attention to #29, three very important points on who may get what and or not get anything!
#29 The Monitor respectfully submits that the factors set out in Section 36 of the CCAA have all been met taking into account amoung other things:
Item (C) " the proposed transaction provides the greatest value for the Purchased Assets";
Item (d) " the Monitor believes that the proposed transaction is in the best interest of all the Petitioners Stakeholders and is the best option available given that the Petitioners received no binding purchase offer after conducting the SISP;
Item (e) " the consideration to be received for the Purchased Assets is fair and reasonable taking into account their market value.
Now how people on this board interpret these clauses is up to them.
It would seem to me trying to look at it from an impartial point of view that if the PWC is required to take everyone's best interest into account and where they decided to include verbiage about stakeholders best interest (they didn't have to say anything about stakeholders if they felt they would not be included or offered anything) and obtaining the greatest value and to be reasonable and fair considering their market value, it would stand to reason that there would be something left over for stakeholders/shareholders. What that amount is, who knows?
But the only other consideration is if the US court does not approve the
Canadian order, disregards this part of the clause and cancels the shares outright.
The one reason I do not believe that would happen is because there would be enough money left over based on the statements above for stakeholders and it is a liquidation of assets, not a BK.
