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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: Re: Another extension requsted

Aug 23, 2024 11:19PM

Next Easter.

"It is clear no one is watching out for us." 

You are exactly right. That is why the shareholders need to protect their interests in KRY as a group. Otherwise, we will be treated as bystanders.

Sooner than later there will be actions in the CCAA and Chapter 15 courts aimed at pushing through a "quick" resolution and the closing of the case. We can expect an offer worth pennies to sideline the shareholders under the premise that it is a "fair" offer, given the orders that gave Tenor 90% of the net arbitration award, and the "high risk" Tenor took with the DIP financing. The objective of the "quick" solution will be to dispense with the Chapter 15 Court's review of and decision on the shareholders' claims on the expectation that the more the Court  learns about the wrongs against the shareholder, the higher the cost to the wrongdoers.

These arguments can and will be defeated in the Chapter 15 Court, but it will require to show the Court that a large number of the shareholders will not agree to a settlement that is less than what is required by law and equity.

 

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