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Maidit308. I think the solicitation process is merely a term used for advertising or marketing the sale by bid auction. Under the circumstances I think this is the best way to get anything like true value for the assets.
BurrenBoy - Not necessarily so. A bankrupt company can achieve an effective restructuring of its financial assets by selling a majority of its assets. Therefore, the company uses a stalking-horse bid to ensure it gets higher bids at the auction. The stalking bid becomes the highest initial bid, setting the floor price that other bidders cannot underbid.
In return for offering the highest initial bid, the stalking-horse bidder gets various incentives, such as breakup fees and expense reimbursements. The incentives can help the company get a better initial offer before the auction occurs.
There was an article in Fraud magazine in 2022 re Wirecard. Seems they employed someone in finance who wasn't qualified for the job either.
Maybe we should make the Fraud Magazine aware of what has/is occurring here.
https://www.fraud-magazine.com/cover-article.
Question for everyone who is a genuine shareholder. If Richardson, Anavio et al rewind some of their past indiscretions
that result in some value returning to shareholders, would you still seek retribution or would you be happy to drop legal action?