In the only update that was shared with the public, they were voting on the terms of creditor repayment. Part of those terms indicated that debt into equity conversions would take place beginning in 12 months lasting up to 3 years.
We are "assuming" these equity issuances would be an increase to the THAI.BK Authorized sharecount and obviously caused a great deal of dilution to those shares.
The point that I am trying to bring up but no one is willing to discuss is the fact that the way to circumvent having to wait 12 months - 3 years would be for them to sell their shares on our otc under TAWNF.
Again, Thai Airways has never made a single mention of their foreign listed class of stock (TAWNF)
I do not believe there have been any stipulations concerning our shares in the Thai Airways creditors agreement, as our class of stock is unsponsored by the Airlines and nobody knows who the present sponsor even is.
Essentially no one "knows what they own"
No one
I've gone over this topic a myriad of times as well as the issue concerning a fair value between THAI.BK and TAWNF
THAI.BK last traded up 33% on the day before their stock was suspended by SET ( Thai Exchange).
THAI.BK closed at 3.32 baht
1 baht is $0.035 USD
So 3.32 baht = $0.1162 cents
Most shareholders assume that TAWNF is a foreign listed ADR that mirrors THAI.BK and most assume that all one has to do is calculate exchange rates from baht to USD
In that scenario, TAWNF would be fair valued at .117/share
But the unknown factor(s) not only involve share structure differences between THAI.BK and TAWNF but the fact as to whether or not Thai Airways formally acknowledges TAWNF as their dual listing. Why is there no mention of their U.S. listed equity? All we see in the reorganization plan are the term "shares" and "shareholders". Creditors are unhappy that they have to wait 12-36 months before they can monetize common stock Into cash. And by common stock, i mean THAI.BK shares. The issuance of this stock is obviously restricted for now and the real question that we should all be attempting to have fielded by the company is can these creditors circumvent that 12-month - 36 month waiting period by coming to our OTC and selling their shares as TAWNF.
After all, comparing Apples to Apples, our shares are trading at a substantial premium to THAI.BK shares. But again I digress because outside of just 1-2 other individuals asking the same questions I am asking, there has been no conclusion as to whether our Shares are even recognized by the company and if our shares can be used by creditors to monetize their debt
