Re: Thoughts on Current CCAA Situation
in response to
by
posted on
Feb 03, 2013 11:21AM
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
I feel the biggest difference here is I do not see any "sides" with Management/Tenor/Bondies. From the beginning of all of this, my take has always been that they were all in cahoots. This is not openly true, but is essentially true because not one are a friend to commons.
Rumors floated/implied - Early settlement coming from Ven, Bondies in bed with Ven (first two seem diametrically opposed), Bondies blew whatever unknown deal before CCAA, DIP loan - a business decision - "approved by court" makes it the right thing, Tenor going distance and happy with 35%, Bondies want all arbitration proceeds with the recent proposal - are all rumor and speculation. Taking, "sides," along with these rumors, only serve to deflect from what has been ongoing and will continue in CCAA - dilution of shareholder value.
I'd like to point out that an affidavit is not fact. It is the truth from one person's perspective.
When Crystallex runs out of money in the near future, and they will before any arbitration award is collected, there are limited options to stay alive until collection. Possibly common share dilution, but no dilution for Management or Tenor. Or, another example might be a Tenor loan with a give-away similar to the DIP financing. Just because hard feelings for Bondies is felt among commons, does not mean Management being in bed with Tenor is all good for commons. It's just business.
Although, if I were to choose a side - Shareholders.