Their hit happened a long time ago. The drop from.20 to .05 just the last nail. Likely vote yes as there is no alternative.
Do not buy more. Stock IMO headed to 0. Salvage what you can. CAn be sold OTC as PALDF. Speak to your broker, sell PALDF and then move your account elsewhere. Just curious who is your broker?
Who is "they"? NYSE de-listed PAL. PALDF is the OTC symbol assigned by the OTC. No attempt to deceive here.
Shorts do exactly what longs do - buy low and sell high - only they do it in the reverse order. And not necessarily hope of company failing but that the stock is too high relative to the company prospects.
The fact that MCP is proving the shorts correct is not the fault of the shorts , it is the fault of MCP.
Ex-db holders (who converted) hold a lot of shares. PAL would not have gone through all this unless the were pretty sure of the vote. You will get a proxy and can vote your shares. Nothing illegal about asking large holders what they will do.
If they are in negotiations then surely no div announcement until after that is over. Declaring a div before that would be pouring gasoline on a fire.
It does but only 50% of those who vote, not 50% of outstanding shares. I'm sure they have it all lined up.
PAL has not filed under CCAA. They have already re-arranged (re-org) affairs with their creditors (BAM,BNS) as per the filed and signed agreement posted on SEDAR and EDGAR. CCAA would be used if they could not come to an agreement with their creditors. There is no CCAA order in place. It's over.
BAM has no "asking price", If anyone is interested IMO any offer will be negotiated face to face and after 6/15. My guess BAM would be glad to get $160M. But no matter what they get it doesn't make any difference to current stockholders. Even if they would get a ridiculous $500M . Current stockholders after re-cap by then will own 2% (or 10M) or per current .025/share. Now if you take a realistic number and add in the $50M dilutive offering current stock is just about worthless.
Yep, long time ago.
Yes, as through this world I've wandered
I've seen lots of funny men;
Some will rob you with a six-gun,
And some with a fountain pen.
Woody Guthrie," Pretty Boy Floyd."
Now let's see if we can find an appropriate one from Ian and Sylvia.
"Considering the daily volume is higher that the company before the sale,"
What sale? BAM has not taken possession. After recap they will own 92% of the stock = owning the company.
There may be hope for PAL post re-structure but not for the current stockholders.
With only $100K worth traded and a 5% spread everyone seems to have left the building.
Where have they gone? MCP , REE , UURAF ???
Watching for Q1 on SEDAR.
Winston Churchill said, "There are lies, damned lies and statistics."
Wasn't WC. Some debate about when it originated but surely before WC.
en.wikipedia DOT ORG /wiki/Lies,_damned_lies,_and_statistics
". So they have about 5 months to figure this out."
In reality less than 2 months. If no better deal by 6/15 then re-cap goes forward and current stockholders get wiped out. PAL may limp along and maybe survive with the 50M rights offering but current stockholders have gotten the shaft.
Q1 report will reveal just how bad things are. May not be filed with SEC but should be on SEDAR