Maybe. The Game Must be Played Carefully....
There is regulatory oversight that trumps everything, and needs to be taken into consideration by all players involved. The drama, all of it, has to be believable. Completely.
The court smacked the Noteholders early on because they spoke out of place of the CCAA procedure. What they asked for - everything including the kitchen sink - is really not an unusual award in CCAA. Noteholders just jumped the gun early on and asked at an inappropriate time. Can't really blame them for wanting their money/settlement now, if not yesterday. Now, during these current negotiations of the contract, called a Plan in this case, is the time to ask for what they want. Apparently what Bondies ask is unreasonable, according to Fung, and we need another Stay extension, meeting in chambers, blah, blah, blah.
So, maybe times have changed. Maybe not. But, not so sure the court is firmly in the company's corner as much now because of Bondies speaking out of place early on. There seem to be some small indications - The shortening of Stay extensions to about 30 days instead of the previous 90 days,... The order to submit a Plan of Arrangement/Compromise, with prejudice on Oct 11,... Also, the monitor is uncharacteristically not going with what the company wants for an extension, but recommending a 30 day Stay extension.
This all may be adding up to the court growing impatient with the continued delays, and Fung over doing the extensions. Should see day after tomorrow, or there abouts, when the Monitor posts the order.
Hoping all the best for commons.
GLTA
There is regulatory oversight that trumps everything, and needs to be taken into consideration by all players involved. The drama, all of it, has to be believable. Completely.
The court smacked the Noteholders early on because they spoke out of place of the CCAA procedure. What they asked for - everything including the kitchen sink - is really not an unusual award in CCAA. Noteholders just jumped the gun early on and asked at an inappropriate time. Can't really blame them for wanting their money/settlement now, if not yesterday. Now, during these current negotiations of the contract, called a Plan in this case, is the time to ask for what they want. Apparently what Bondies ask is unreasonable, according to Fung, and we need another Stay extension, meeting in chambers, blah, blah, blah.
So, maybe times have changed. Maybe not. But, not so sure the court is firmly in the company's corner as much now because of Bondies speaking out of place early on. There seem to be some small indications - The shortening of Stay extensions to about 30 days instead of the previous 90 days,... The order to submit a Plan of Arrangement/Compromise, with prejudice on Oct 11,... Also, the monitor is uncharacteristically not going with what the company wants for an extension, but recommending a 30 day Stay extension.
This all may be adding up to the court growing impatient with the continued delays, and Fung over doing the extensions. Should see day after tomorrow, or there abouts, when the Monitor posts the order.
Hoping all the best for commons.
GLTA
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