Re: Shareholder Rape
in response to
by
posted on
Mar 27, 2012 10:40AM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
We don't agree often Civi but I recommended your post.
I've made my feelings known about the 10% and the reasons managements wants it. I've come down on Fung and management but I will say given the option of the note holders and ZERO or Fung and 55% we are still better off with Fung.
Even the note holders original offer if posted correctly gave management 10% of the award. Most companies have some sort of award system in these situations and maybe 10% is acceptable but don't say that without the 10% they may harm our arbitration case.
Guys like you and me who have testified because it is the right thing to do will always have trouble with the what about me people out there.
Fung would have been better off saying they wanted 10% because they saved share holders from getting Zero if the note holders had got their way and the note holders were willing to give them 10%.
The note holders blew an opportunity to do a reasonable deal rather than targeting us shareholders.
Right now no matter how we cut it we are still better with Fung over the note holders.
JJ