Conclusions

Waterton Global is a vulture fund looking to take out distressed assets for as cheaply as possible.

This is positive in a sense, because they had permission to look at the books and the property of GBN.V and probably concluded that they could not get away with taking out GBN.V without first buying an interest. But this also prevents the managing director from acting in a conflict of interest against the shareholders and making off with the property in a bankruptcy. There will be somebody else to bid on that property. It comes as a relief.

That also means that GBN.V is in much better shape than is grossly mis-characterized in the quarterly reports.

Waterton also holds 2 million shares in the company. It would be directly in their interest to purchase up to 10% of the float.

-F6