That’s my point...had it been it would have been even worse.
Look, the narrative supporting some recovery to the shareholders just shifts with the wind whenever some new bad news comes along.
It started with projections of what the redacted “price” was on the Visolis offer. People counting letter spaces to imagine something in the nine figures. There was little to no talk of the company being sold. The “asset sale” was accepted as the only real mechanism to deliver “value”.
Then the Visolis transaction amount showed up “unsealed” in the US Court filing and it said $4.3 million...so at that point the narrative needed to change and the “that is only for the US based assets” narrative was borne. So everyone waited for the Canadian documents to be unsealed to show the “Canadian assets”....despite many of us pointing out there was NO “other” APA or a separate Canadian APA. Words and phrases were parsed from the documents to support the idea that the disclosure in the US wasn’t for the plant...but then...
...the Canadian documents were unsealed and low and behold it WAS $4.3 million for the plant.
So the narrative now has to move to a third version. “There is another undisclosed transaction”.
Now despite the fact that PwC AND the company have said specifically, clearly and repeatedly that there will be NO RECOVERY to the common equity...we move even further out on the branch of imaginary transactions that the company will recapitalize, or it has been sold...anything to get away from the reality the $4.3 million represents.
Except this time the narrative requires ignoring that many and varied reporting and disclosure requirements that are needed throughout such a process for it to be real. NONE OF THOSE DISCLOSURES EXIST.
Not one.
So the question is what happens when the bankruptcy closes in Canada and no “sale” is disclosed? Will it now have to be some secret transaction in the US? Will be interesting to see the next variation in this nonsense.
And then, of course, the shares will eventually be either cancelled or revoked (depending on whether FIRNA or the SEC acts first) and I guarantee you that there will still be some nonsensical narrative developed to provide some glimmer of hope to hold onto even as the share balances are deleted from shareholder accounts by their brokers.
It’s the OTC...so it goes.
"Harsh reality is always better than false hope"
