CCAA filed today by PSN. What is the sale value of the company?
smwnk, what do you think the per tank value of the 440 tanks PSN owns is if they were sold separately or acquired by another company? Do you think the company has value due to current tanks leased/current level of profits (adjusting for charges, the company is still likely profitable, juts a t a much lower level). And what is the value per share of the patents?
Summing it up: In a sale situation, after paying off creditors, what do you think PSN will bring on a per share basis?
Summing it up: In a sale situation, after paying off creditors, what do you think PSN will bring on a per share basis? Zero.
What do you think the per tank value of the 440 tanks PSN owns is if they were sold separately or acquired by another company? 10 cents on the dollar
Do you think the company has value due to current tanks leased/current level of profits
Not value they are willing to show. One of their press releases alluded to they hide via cancellation 60% under long term contracts.
(adjusting for charges, the company is still likely profitable, juts a t a much lower level) – The company is very profitable ….just not for common retail shareholders who will never see a dime. As common shareholders see zero insiders like Neil Richardson will make a fortune via future servicing or full out ownership.
And what is the value per share of the patents? They pledged them which means physical delivery has already taken them off the table under credit protection.
Unfortunately I can not read all documents Application material posted on PWC website as it is scrambled and unreadable. The parts that I can review are beyond incestuous.
Based on what I can read is
1. The books were dirty from pre spinoff
Quarterback Incest gone wrong -they spun off for Cequence Energy but got screwed when Peyto showed up so went to plan B which was inflate the spinoff until caught then spiral it to take private for 10 cents on the dollar
2. Affidavit of Leigh Cassidy sworn April 9, 2013
DIP financing lenders was Century Service with assets pledged at 16% - 22% interest
Patents appear to be pledged to management under new key retention bonus plan
Total Water Management – Neil Richardson a Poseidon director is the largest incest winner . According to Affidavit of Leigh Cassidy sworn April 9, 2013 they
took over Poseidon months ago and is the largest burn and incest grab I have ever read 66% retention bonus, bills for services, management, consulting, advice….Looks like instead o
Looks like instead of reviewing their books they were too busy reviewing golden parachute contracts
Long-Term Sentiment Disclosure: My heart always goes out to all those who lost money…long or short.
Canadian markets and their 13 regulators manage 2% of global trade for a reason…..we have no shareholder activism….. just a snakeoil salesman on ever corner. Speaking of snakeoil I see Keith interviewed that Hedgefund Forbes guy who had Poseidon as one of his top holdings….just one more reason to step away from his subscription.