Not that anyone who understands these things didn't know this already, but yes, a voluntary de-listing and termination of being a section 12 reporting company (i.e., filing financials with EDGAR), pretty convincingly indicates that shareholders have ceased to be a relevant audience. So, real question, because it still matters to the first lien holders: my understanding is that deterioration in Canada is fairly complete and there's nothing left to sell, just the remaining capital to repatriate. Anyone know a source of public data on excess capital at Penson Canada? In U.S., you can send runners to the ref room at SEC and pull BDs' FOCUS reports (they are filed via CRD and so paper filed with EDGAR and not electronically retrievable), but I can't find if similar information is publicly available for Canada.
I have always found it frustrating that the FOCUS reports are only available in paper form. Early in my career, I took a trip to the local office to get FOCUS info. Hard to believe that twenty years later this info isn't available on EDGAR or a similar source.