AI
Thursday, July 04, 2019 9:13:40 PM
Sorry, but there are so many elements that are patently false. Why the heck are we looking at the solicitation for the liquidation under CCAA, which has now completed, anyway? It was a solicitation, a high bidder was selected for the assets, the sale was legal, well documented, and is closed.
First off, there's no transaction involving the shares either done or to be done. Recommend reading the judge's order ending the CCAA, it says so clearly. NOBODY wants the shares. It is ridiculous to suggest the judge went into so much detail in describing the proceedings and authorizing a small payment to a couple creditors and "forgetting" to mention a mega million dollar transaction.
Secondly, on "recapitalization," that was optional, as stated in this page, read the words carefully, it says "Bids can also be submitted" and implies no requirement for such a bid.
Cancellation of the shares would have been considered immediately if restructuring, refinancing, reorganization, or a buyout of the company had been done through SISP and a buyer or financier required the equity to be cancelled. However, it became a liquidation, and there was no need to deal with the equity of the company at that time.
And now the conspiracy theory saying that PWC has played the company, played 2 federal courts/judges, and played all the creditors with millions at stake, and all because there seems to be some denial in play that a company that goes out of business, gets liquidated, and has unpaid debt once all the proceeds are distributed, that somehow it should have survived. And on top of that, add in a refusal to read what the judge wrote in the order and take what it says clearly and directly.
This company has been destined for dissolution once the SISP failed, and that was confirmed by the high bid in the liquidation that barely scratched the surface of the secured debt. It's over.
First off, there's no transaction involving the shares either done or to be done. Recommend reading the judge's order ending the CCAA, it says so clearly. NOBODY wants the shares. It is ridiculous to suggest the judge went into so much detail in describing the proceedings and authorizing a small payment to a couple creditors and "forgetting" to mention a mega million dollar transaction.
Secondly, on "recapitalization," that was optional, as stated in this page, read the words carefully, it says "Bids can also be submitted" and implies no requirement for such a bid.
Cancellation of the shares would have been considered immediately if restructuring, refinancing, reorganization, or a buyout of the company had been done through SISP and a buyer or financier required the equity to be cancelled. However, it became a liquidation, and there was no need to deal with the equity of the company at that time.
And now the conspiracy theory saying that PWC has played the company, played 2 federal courts/judges, and played all the creditors with millions at stake, and all because there seems to be some denial in play that a company that goes out of business, gets liquidated, and has unpaid debt once all the proceeds are distributed, that somehow it should have survived. And on top of that, add in a refusal to read what the judge wrote in the order and take what it says clearly and directly.
This company has been destined for dissolution once the SISP failed, and that was confirmed by the high bid in the liquidation that barely scratched the surface of the secured debt. It's over.
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