United American Corp. (UAMA)

[65actual]

UAMA history worth reading! Nothing left!

Investel/TNW/Benoit defaulted on the Bond facility in 2016. That, among other things, resulted in the op-co seeking creditor protection under the CCAA. The CCAA, while ongoing, resulted in the sale of the TNW infrastructure and customers to Distributel. Proven debts in the CCAA proceeding were in excess of $60mm. The basic business model was to buy assets and subsequently not pay for them. There are over a dozen lawsuits outstanding in this regard.

Bond also appointed the receiver more recently over Investel to recover any assets that were outside of the CCAA proceeding, including the patents, the wireless licence, etc.