Cowpatty,
I had meetings most of the day, in & out, late night form Toronto & out again to Ottawa tomorrow evening......so....sorry for the delay.....
I wanted to convey our concerns as shareholders to the action that will be taking place. I expressed my concerns, that this could possibly wipe out shareholders if indeed bankruptcy was granted by the court....I also wanted to know why after negotiations were ongoing between the Quebec Investors (Bain & Belanger & others), that no deal was done. I also wanted to ask about the intentions of this action to buy out a creditor, ( I have no idea who they bought out) to become a creditor in an attempt to take the IP.
Something happened that lit the fuse between the Quebec Investors & the ECT recovery Board. They did not believe that the ECT was a competant board.
After months of closed door meetings, they turn around & basically are trying to grab the IP.
We are not privy to any information on these discussions that happened last winter. But is does not seem right, that as potential investors saving the company & providing financing,..... turned into I want the IP now, & we will wipeout the shareholders. That does not pass the smell test.
I conveyed to Christopher, again, that as a shareholder we can vote on this & the BOD WILL NEED to be voted on in a shareholder meeting. I would like to see the plan proposed. The problem is, nobody wants to pay for anything........
I believe EGOs were one of the main factors. I don't think that Bain is an evil man, but something happened. I believe he is a well respected, wealthy man in Quebec. However, I do not agree with what his attentions are with the IP, if in fact his plan is to recover the IP & wipeout shareholders.
I told Christopher that the US investors would not sit idly by, & would protect their interests & investment. There are many of us who bought in the summer of 2007 in the 50's & 60's & some who quite frankly spent more than $500,000 in shares of ECT.
My understanding of the conversation back on October 5th, was they were going to proceed with this case. They would plan to take the IP & start over in a new company, if for some reason the judge/judgement agreed in their favor.
I do not think the Quebec court could just say here, take the IP, ECT is Bankrupt, it yours. However, as we know the company is very fragile at this point. I don't even think you can call it a company. If we survive another court case, well we can say the fat lady hasn't song yet....however again...this does not belong in court.....as I said to somebody...
THE CRAM DOES NOT BELONG IN THE COURTS IT BELONGS ON THE ASSEMBLY LINE......
all for now......
