If I recall correctly, the problem with CIBM was that they signed some crazy agreement back in the early '90's that guaranteed the private placement holders a dividend. They aren't paying it today, because they can't afford it, so it just piles up on the balance sheet as debt.
There aren't many private companies wanting to merge into the shell with that kind of thing laying around...unless they can come to an agreement with the holders of those shares.
CIBM also has preferred stock trading on the pinks -- CIBMP.pk
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