That is all a bunch of hogwash. G5 never indicated an interest in the shares and their bid was only for the assets as clearly shown. It doesn’t matter anyway as G5 lost. There is not one single line item that states bidders “must” bid on the recapitalization it was not mandatory at all. If the terms are actually read you can see that a bidder had the option to bid on all or part of the assets OR bid for the recapitalization which not one company did in either of the SISP’s. So for anyone to say it’s mandatory is a complete lie. If you read the “if applicable” refers to a company bidding on separate lots of assets. If a bidder only wanted certain lots it would need to turn in a bud for each lot or piece of the lot. They would only accept a single bid if it was for all lots of assets combined LCYB and G5 did in fact bid on all of the assets but neither bid on the recapitalization as neither of them wanted to have to pay the $60 plus mil of debt and none of the other companies in either SISP did either. In the end LCYB won with a bid of $4.34 mil and that’s the end.
There will never be a secret bud or second transaction in the sale or liquidation of a public company that the owners of the company (shareholders)are not notified about until years later LMFAO!!! If the shares sold then shareholders would have the tender offer from LCYB to accept or deny.
Does any shareholder have the tender offer from LCYB???? Nope didn’t think so. I say keep up with the garbage posts from the past LOL
This is the actual account of what happened. It completely refutes that full of lies nonsense post
This sums it up as well as the articles attached.
29] The Visolis Transaction closed on October 22nd, 2018 with the Monitor receiving the entire proceeds from the sale namely US$4.34M11 for the en-bloc purchase of the assets of the three Petitioners which necessitated that an allocation be made among the various secured lenders having asserted security interests against said assets. It is not necessary for the purposes hereof to discuss further this ensuing aspect of the Visolls Transaction which resulted in agreements having been reached between the secured creditors with the approval of the Monitor.
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