Welcome to the Crystallex HUB on AGORACOM

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

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Message: What ever happened with the $710 million Nomura Notes?

When investing one's hard-earned savings, one does not put his/her trust in a talking-head pushing stocks on TV. It is self-evident that the talking-head is making a stock recommendation based on the COMPANY'S PROSPECTS and the believe that THE COMPANY / MANAGEMENT WILL DISCHARGE THEIR RESPONSIBILITY PROPERLY.

One does put one's trust in the company / its management, because they are bound by a fiduciary duty to manage the company for the benefit of its SHAREHOLDERS with LOYALTY, CARE and GOOD FAITH. If/when they fail to do so, the shareholders are bound to lose their investment sooner than later WHEN they put their BLIND TRUST in MANAGEMENT / THE COMPANY.

In Crystallex's case, MANAGEMENT threw the shareholders under bus to advance their own interests THROUGH CRIPPLYING AND INSIDIOUS CONFLICT OF INTEREST. The appalling fact is that this was done with the approval of the bankruptcy court, which recently concluded that ANY PAST WRONG BY THE COMPANY / MANAGEMENT THAT WERE APPROVED BY IT CANNOT BE NOW REVERSED BECAUSE TENOR / MANAGEMENT RELIED ON THESE ORDERS TO ADVANCE THEIR SELF-INTERESTS AT THE EXPENSE OF THE SHAREHOLDERS.

This decision is the more appalling when viewed under the purported aim of the CCAA law and Canada's Supreme Court decision in Century Services Inc. v. Canada in this respect: 

“The requirements of appropriateness, good faith and due diligence are baseline considerations that a court should always bear in mind when exercising CCAA  authority. The question is whether the order will usefully further efforts to avoid the social and economic losses resulting from liquidation of an insolvent company, which extends to both the purpose of the order and the means it employs”.

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