"I think if they do own the 70 million shares it requires disclosure."

You are correct Kbecker sort of :) I am not familiar with Canadian securities laws but the SEC requires disclosure 10 days after you hit 5% or above in ownership. Remember in the pr of the bought deal that the securuties would not be registered in the US? That gets them out of this SEC requirement. Not sure if thats why the do it but it does.

Just a side note on that SEC requirement. Back on April 12 Greywolf filed a 13G saying they had purchased shares putting them over 5% to 5.1% with 15M shares. Odd we didn't see another 13G after the deal announcement which means they didn't sell any. If they go back below 5% they have to submit it as well the SEC...interesting.

SCD 13-D

Filing required by 5 percent (or more) equity owners within 10 days of acquisition event.