Re: unregistered
in response to
by
posted on
Apr 30, 2013 09:57PM
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
US Commons are officially toast. Here is the link, again:
http://www.sec.gov/litigation/admin/2013/34-69473.pdf
US Common shares are fungible in the Canadian Market, but TSX will likely follow suit of the SEC. It may be a convenient way out for Crystallex... Actually, Tenor KRY Cooperatief U.A. and Crystallex, to steal everything from Commons, and claim it is not their fault.
Unregistered shares apply to officers and insiders, and can still be traded amongst themselves, even when the ticker has been revoked. It is misleading to say that US Common shares are now unregistered. US Common shares are revoked and have no value to trade in the US.
There may be a small glimmer of hope for Commons. The order indicates, "...the Offer of Settlement submitted by Crystallex International Corp. ... ," and, "...except as to the Commission’s jurisdiction over it... ." This may be an indication that the company reminded the SEC that CRYFQ stock is Canadian. Maybe Crystallex will do something for US Commons - so could mean something, or it may mean nothing. If there is no PR relatively soon, I'd speculate Canadian Commons are in danger.
As far as Crystallex and Tenor KRY Cooperatief U.A. making it to arbitration, I personally have no doubt they will. Commons, on the other hand, could - only if TSX does not follow suit of the SEC. As far as Crystallex funding to make it to arbitration, from the recent partial advance agreement in the March 2013 Ninth Monitor Report: "(ii) the borrower has no right to obtain any further partial advance of the Incremental Loan or any other Loan without the prior consent of the Lender in its sole and unfettered discretion."
Appears Tenor KRY Cooperatief U.A. is in total and complete control of future Crystallex loan(s).
Tough day for US Commons. But, there were plenty of warnings and red flags.