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Yes that’s my conclusion.
We were engineered to fail, the affidavit is geared to the narrative the oils not flowing and fails to mention the once in a generation discovery underneath our acreage and apportions nil value to it.
The timescales proposed do not allow for serious DD or internal corporate approval for anyone but the SL or the JVP. I fully expect the stalking bid to be a low ball to cover their debts only. They can’t loose as if another bid does come in above that they can go into auction and still win.
I fully expect them to win with a low ball and then sell in in short order to the JVP for a very large profit.
That is why it is important the JVP is known, why they ‘pulled out’ and what was on the table back in December. The SL would have been at that table so has inside information and massive advantage due to that.
In 93% of cases the stalking horse wins and 89% of those failed to attract another bid.
See here;
https://www.canlii.org/en/commentary/doc/2023CanLIIDocs3089#!fragment/zoupio-_Tocpdf_bk_0_7/BQCwhgziBcwMYgK4DsDWszIQewE4BUBTADwBdoAvbRABwEtsBaAfX2zhoBMAzZgI1TMADMwDsASgA0ybKUIQAiokK4AntADkGyREJhcCJSvVadegyADKeUgCF1AJQCiAGScA1AIIA5AMJPJUjA+aFJ2cXEgA
RBM et al, I would be Pershing the Canadian courts to put a hold on this process. The CRO is seeking approval on around the 18th to push this through. s a minimum I’d want them to extend the bidding process to allow major third parties time to do DD and get internal board approval, nothing in big business works to the timescales being asked here, which begs the question why the sudden rush?
All part of the asset grab on the cheap imho. .
I’m not so convinced they have the requisite indemnity in place commensurate with the company size they were/are employed by.
Is under insuring another board failing to add to the long list?
Re claims as far as I can read the indemnity insurance is for named D&O’s of the company, not the company itself?
As to hiding personal wealth, given the opening up of the financial world NPO’s can be granted for access if wrong doing has occurred, even in the Caymans. Therefore unless they’ve hid personal money in Russia or North Korea then it can be got at by forensic accountants and the authorities.
Don’t think they’ll have enough left to pay the man that’s gonna have to look over their shoulders for them over the next 20 years though, cold karma will come knocking at some point they poised off too many people.
An interesting point is whilst it gives the potted history of the fields. It doesn’t, bar a scant mention of the acreage of the BFDU, have any information on the deeps or the once in a generation discovery. It’s almost as if it doesn’t exist.
If he is genuinely looking to get the best price for the asset I hope it gets a mention in the sales blurb!
Yep $11m funding to ensure this phase of the plan is funded to completion.
This allows them to sell the current production assets at face value whilst forgetting there’s a billion barrel discovery underneath. Asset strip complete…
Wonder as the Canadian exchange have not suspended trading as requested by the company yet it’s not quite as straight forward.
This is asset stripping and destruction by the SL and not the result the BH was trying to steer it to, both of which act against the interest of SH and the corporation.
To me it is obvious we meer SH are collateral damage in the power struggle and infighting between the SL and BH.
I wonder if application can be made to the Canadian authorities to freeze this process whilst the potential criminal investigation into the BH is concluded as it was that, along with a corrupt BoD that put us in this position.
Also exposure of what was on the table from the JVP is key too, as if it more than the SL is looking for then it just compounds the criminality of it all.
Looking more like damages claim is the only viable way SH are going to get any redress now tbh.
My monies still on this being a long term plan for a ‘loan to own’ scam that has fallen off the rails and taken everyone down with its failure.
The original thought that the BoD knowingly entered into an unconscionable contract to assist that process is the key to our subsequent claims against the parties insurance.
Ergo we might not get much if anything from the dissolving of the company as shareholders but stand to gain more by drawing on the players Proffessional indemnity insurance and or their own personal wealth.
We’ve been dead since December (you could argue well before that), it’s now time to unleash the dogs.
…and budget now allows for another £5k to be used in ISA’s for UK listed stocks, more lambs to the slaughter.
I wonder who championed that change, currently my ISA is down 97% due to counts like this….
Angry doesn’t quite cover it, if any of these clowns stood in front of me they’d be on their back before they could say; pardon. ….