The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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As said when this all started; the timescales afforded by this process precluded any serious bids. It is just the final play in a scheme set in motion last year.
I’m a little concerned that they are including protection for all previous and present directors as part of concluding this action though. Not sure that can be right?
New ferrari for art now deal is done
Looks that way, I'm a bit puzzled why the CAG hasn't sort an injunction against this process given the evidence collected with regard to, at a bare minimum, the negligence of the directors and the false informatiin contained within the affidavits.
Additonally, AVO Page 24/25 ".... nothing in this paragraph shall waive... any claim with respect to any act or omission that is determined by a court of competent jurisdiction to have constituted actual fraud, wilful misconduct or gross negligence"
Surely the CAG have enough to at least make
the Judge aware of the concerns raised about management misconduct?
Probably for undisclosed sum no one will ever know.
It’s no surprise there was never an option. Due Diligence alone would take companies much longer.
Now the important information is who do summit move it on to and who is involved.
I nearly fell off my chair when I read no LOI
That is it, Class Action is the only way to go.
"23. Despite the Applicants’ considerable efforts, with ongoing support from the Monitor, the
Board and the Financial Advisor, the Applicants did not receive any LOIs from potential bidders
as of the LOI Deadline. No LOI was received from the CAG or parties affiliated with the CAG.
Therefore, in accordance with the terms of the SISP, following the LOI Deadline, the Stalking
Horse Bid was declared as the Successful Bid and the SISP was terminated".
The stalking horse gets everything for the debt they are owed
So do we keep our shares ? Without atomic and cuda. Or is that it now 🤔
We also know the CAG were offered to bid but didn't. The data room must have been very poor not to get any LOI
Elsewhere in the report it details all stakeholders. Creditors, employees and others. No shareholders
It’s not explicit but shareholders ARE stakeholders in a corporation by definitions. However I seriously doubt we are included in the party invites….
We are stakeholders aren't we?
Yes, it carries on with the new owner minus shareholders! Shareholders are binned and COPL has a new owner
Does this mean it is carrying on as a going concern or have I misinterpreted it?
32. The Transaction provides significant benefits to stakeholders of the COPL Group. Among
other things:
(a) the operations of the COPL Group in Wyoming will be preserved and will continue
uninterrupted in the normal course;
(b) the Transaction is supported by the senior lender under the Credit Facility, the most
significant stakeholder of the Applicants in these CCAA proceedings;
(c) the Transaction will preserve employment for applicable COPL Group employees;
(d) the majority of contracts with vendors, trade creditors and other counterparties will
continue in the normal course for the benefit of all parties thereto. Only a limited
number of contracts are expected to be designated as “Excluded Contracts” within the
Stalking Horse Purchase Agreement and, as a result, most contracts will continue in
the normal course following the closing of the Transaction; and
(e) on Closing, limited matters will remain for the administration and wind-down of the
CCAA proceedings and Chapter 15 Case
Would be nice to hear from RBM with his views,and what now
Are
I do question is the assets any good. ?? Was we just lied too all the time. If jv partner really wanted in am sure they would have bid.
I’m probably being thick, but don’t they have to own the shares ie buy them before they own them and can sell anything???
So much for the group saying there was hope wrong again
That will take years I give up
Plan B it will be is the way to go
We have been totaly robbed here
Was there no interested party’s then no?
Summit will get all the assets and sell them on at their leasure.