.<font color=blue>elf; We agree with you on this : " At least with Cornell we knew who and what we were dealing with. "
And, some of us know why copi HAD to ever 'deal' with them.
But, at least the Cornelli's could be re-called, if copi
could find some temporary cash. And, they did.
From Insiders, who got an even better deal [ioo].
That's how these refi's usually work, for 'companies' that
always lose money. When they default on the old loan,
they must get a new + worse loan, ASAP. Like all sub-prime
borrowers, without a cash-positive job.
In copi's case, it's a little subtle, but,
at least it's all Filed, recently, with the SEC.
Here goes :
Cornell could be dealt with, and probably was [?]. But,
do the longs really know what they are 'dealing with' now.
In our view, a much worse set of 12% 'dividend-paying' toxies,
that can never be diluted. But, here's the worst part.
Even though the 'replacements' CAN also be re-called, if
they are 'paid-off' early. They probably never WILL be.
Because, the Top-copi Insiders who now own those gems, are
the same guys who now own 87+% of all copi votes. They
just voted to repay Cornell, as default approached, and then,
immediately signed copi up for a better deal, for themselves.
Why would they ever 'vote' to recall them early. And, they
can 'vote' themselves more, anytime. BUT, only after they
dumped the Cornell 'deal' , because, it did not allow such
obvious games. [Cornell has good lawyers. That's their biz.]
By the way. copi seems to have good lawyers too.
Their frequent SEC Filings are very specific, and detailed,
and way too long + complicated for most longs to interpret,
correctly.
We could be wrong. But, if we were, why would we be here ?
And, why are the longs still here, believing other longs ?
Monday will certainly be interesting. Like last Tuesday.
And probably very profitable, for those who get up
extra early. Sincerely.
[We hate it when those biggest longs jump ship before us.]
Averaging-down is profitable, for shorters, only.
