Bankruptcy has gutted UAMA, Investel, et al!
Virtually NOTHING LEFT!
Assets long gone after Court ordered assets sold to pay creditors in $47M bankruptcy before the Supreme Court of BC.
Employees followed assets or left to pursue other opportunities and UAMA et al left with nothing.
Where's management's explanation and a well laid out plant to re-construct the various companies?
Hint: THERE IS NO PLAN!
Seems they screwed up Blockdomes with land-use issues and Court-ordered shut-down for land-use violations. If you read latest UAMA filings they now admit that moving Blockdomes and restoring the land to pure agricultural use will be costly. Maybe Benoit Laliberte should have thought of that BEFORE he built in violation of land-use regulations. Seems like they may be treading on west ground if they are operating in contempt of Court. Further latest Quarterly Reports admit to problems with local power company serving Blockdomes and needed to file for creditor protection. Hmm! Wonder what the real story is here?
BTW Cetaq, UAMA et al did file an appeal to Court-ordered shut-down order of Blockdomes which they lost and attempts to take it to a higher court were also sidelined.
Meanwhile TNW Wireless a NON-EVENT. Benoit Laliberte screwed up the opportunity to take a market ready carrier and quickly build it into a $40-60M per year wholesale carrier. Presumably that's why Investel bought RuralCom, so puzzling! Benoit Laliberte had other plans though. He fired RuralCom CEO and lost the support of potential investors which he couldn't replace. He did reportedly try though and those investors sourced by the RuralCom CEO showed him the door. Guess they weren't impressed or was it his court convictions that scared them off?
In any normal Company Benoit Laliberte would have been fired and the former CEO re-hired to save the opportunity. Not so with UAMA though as apparently Benoit's ego out of control. Of course his convicted criminal status per The Canadian Press with the convictions on 44 counts of stock fraud, market manipulation and deceiving investors don't help.
So today UAMA et al are "untouchables" and they can't raise the capital to move forward. It should be obvious that UAMA has no path to any upside with the current CEO. His convictions can't be undone!
AI
