Arrangement / Compromise Disclosure?
posted on
Sep 07, 2012 10:16AM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Still in the camp that Bondies/Management/Tenor are all in cahoots.
Is anyone concerned that there has not been any disclosure concerning the Plan of Arrangement/Compromise?
According to the CCAR, which seem to be played a bit fast and loose by the Bondies, Company, and Tenor - the Monitor is mandated to disclose the offered Arrangement/Compromise terms within two days of it being filed/submitted to the creditors.
This is a quote from an e-mail I received from the Office of the Superintendent of Bankruptcy:
"The timeframe within which a monitor must post a court order to its website for a CCAA proceeding is set out in r.10(3) CCAR."
And they provided the link:http://laws-lois.justice.gc.ca/PDF/SOR-2009-219.pdf
For those who will likely not do the DD...
CCAR 10 shows: "The following documents are prescribed for the purposes of paragraph 23(1)(j) of the Act... ...proposed compromises or arrangements that are filed with the court, including amendments ... ...The prescribed time for posting the documents is, in respect of the documents referred to in paragraphs (1)(a) and (b), within two business days after the day on which they are filed,..."
With only a couple-three days before the Stay is ended, it seems likely that any Arrangement/Compromise proposal has definitely been submitted, likely weeks ago, to Creditors by now. Checking the Monitor site, nothing of the sort concerning an Arrangement/Compromise has been posted.
The silence with this play has always been deafening, but the lack of disclosure to commons when there are Canadian regulatory requirements is more than blatent.
I know there is a contingent here thinking that the Bondies are "handled" by being put off time and again, and enjoy the fact that the rules are bent in the Company favor. However, reading through the more recent filings, it could be implied that the court has had about enough of the delays in an Arrangement/Compromise.
Again - Still in the camp that Bondies/Management/Tenor are all in cahoots.
Bottom line - Why no Company/Monitor disclosure on the Arrangement/Compromise?