This is a straw man argument. Whatever’s coming , good or bad , always was. There is no present negotiating. It’s like asking why would anyone want to now buy the company/shares after already getting everything they wanted for $4.3 or sections of THE LAWS no one is disputing (yes we get it creditors ahead of us would need to be made whole before we see anything). Longs are saying that the $4.3 was only the UPFRONT PAYMENT in “The Visolis Transaction”. One either believes there was always more to the deal or they don’t. It’s that simple.
So we are to believe , without question, that this was just a simple regular liquidation. It doesn’t matter that the judge that saw (and approved) the final deal described it not only as being in the best interest of all stakeholders but that there would be no hardships not outweighed by the benefits. It doesn’t matter that there’s not one other example of there ever being any “other” deal involving a JV where the only transaction was named after only one of those companies (and the smaller one at that way to go lil brother!).. It doesn’t matter that the deal affirming letter from LCY still hasn’t seen the light of day more than a year after the alleged only transaction closed. (affirm vs confirm: affirm is used for positive outcomes) It doesn’t matter that the documents said “one or 2 step transaction(s)” there’s only one for 2-4 times less than scrap don’t question us. Who cares that not only was the lawsuit able to reach an agreement , but don’t you dare question why those details haven’t been disclosed either. Nothing to see here folks.
Of course none of these threads , together or individually, prove we are getting paid. At the same time it is beyond absurd to state emphatically that one knows how this ends. Yes of course most end badly, but not all of them. Yes of course “best interests” doesn’t necessarily mean “happy, rich, or whole “, but it does at least mean MORE than MOST of the creditors getting LESS THAN ZERO (due to their lawyer fees etc). Of course “outweighed by the benefits” doesn’t mean instant millions guaranteed , but it for sure means there’s a benefit. I’ve had friends with benefits and friends without them. I’m sure we can all agree the ones that came with them were more fun than the ones that didn’t . It’s easy to search for documents of other CCAA and/or bankruptcy cases. You won’t find one that had a judge say what was said here where most received nothing . I’d be more concerned if most of the creditors had received something . That means there a decent chance that more GOOD THINGS ARE COMING. The risk/reward makes it a no brainer to throw some money at it.
IMO this could go either way. Maybe it’ll turn out just The Clash used to sing. I fought THE LAWS and THE CAWWWWSS won
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