They are acting as if they know they will get away with this... quite worrying. We need the proposal for new POR from the EC so we can see what the numbers really look like...
TBH it has looked as if the BOD has contrived to wipe out shareholders from the very outset. It is not a surprise anymore. What needs to happen is that the EC comes up with their own numbers based on facts and the Judge needs to be presented with these numbers. The EC proposal should come fairly soon, less than 3 weeks until the hearing.
This is disgusting as usual. They are almost inviting fraud charges - where have all their/our assets gone exactly? They cannot use the price of gold as a reason to wipe out shareholder equity, its insane to even try. The assets listed in 3q 2014 were plant/machinery etc, nothing to do with the amount of gold or silver in the mine. I know nothing about litigation but proving what the assets are worth should not be too difficult a task - surely? One or all of those BOD should go 'missing,' know what I mean?
I may well pen a letter to Judge Wrath. It cannot do any harm. I live in the UK. If I lived in the US I would be in jail by now after confronting these idiots!
Some good points - very difficult to remain unaffected by all this. I did not think there was a hearing until 20 August? So how can they 'hurry approval'? The Judge does not make a ruling until that date - or so I thought - I may well be wrong..
Surely the way not to lose exclusivity would be to work with all relevant parties. I am unable to determine why they felt the need to file for an extension and then put forward a worse POR. Makes no sense at all - I'm lost for words, almost :)
Extremely disappointed in the BOD. My faith in humanity and for the doing the right thing has been severely tested here, it is not good enough to say this is just business. If indeed the BOD had acted honourably toward us in the face of adversity, that would be one thing, but to request incentive plans, crush equity to zero, lie, connive, cheat, and steal and not even attempt to open negotiations with us is absolutely astounding to me. Never have I experienced such blatant thievery from hard working ordinary people. To be exposed to this type of bullying is sickening as is the loss of my savings. Money I can afford to lose, but equally cannot afford to lose!
I look forward to the EC proposal. Hopefully they will have some good news and some signature from creditors supporting their proposal.
Really quite unbelievable. Throwing the equity that built their company under the bus like this - its difficult for me to fathom the mindset of people like this.
I believe there was a push a few months back to total up shares - i'm not sure what happened to it, but I think we had 16M or something. If we could not do it with 16M, I am unsure how to go from there....