The CCAA judge did not have the power to cancel the US stock nor the parent company guarantees of the debt of the Canadian subsidiaries, so the unpaid debt of the subsidiaries was left standing. The US judge did not have the power to cancel the debt of the Canadian subsidiaries, so all of it was left standing with the equity. It seemed to me at the time the monitor could have coordinated the orders between the two courts to get that debt discharged along with the equity, but they went “cheap.” The monitor had already notified FINRA there’d be nothing left after the proceedings for the shareholders, said so in their 10th monitor’s report that nobody wanted to read because it also spoke of the wild theories on social media and the shareholder inquiries asking dumb questions about being paid from the liquidation. When the proceedings were done, the monitor had the sole authority to notify FINRA to take the action they did.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
