Re: 1 WEEK
in response to
by
posted on
Nov 08, 2013 12:02PM
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
Many cheered when Management accepted the higher interest offer of Tenor while rejecting the Bondie offer. Reasons given were debated extensively. But, a higher interest loan better for business? CCAA did note the choice as questionable, but that management has the right to conduct company business and make business decisions as it sees fit.
Publicly, Crystallex has made no mention of liquidation upon ICSID award. CCAA exists to protect a business during rough times so it can continue in future business. By all intents and purpose, Crystallex showed CCAA it needed some cash to get through some rough times, then will patiently wait to receive their, "windfall," so they can go back to exploration and mining.
If and when Crystallex exits CCAA, maybe they liquidate and distribute the leftovers. But, that decision is really not up to Fung/Crystallex anymore. Tenor oversees Crystallex now.