The demise of TDC..... or not ???
posted on
May 14, 2017 03:05PM
(PRESS PROFILE TAB FOR FACT SHEET & UPDATES)
Without Prejudice
I have followed the recent developments regarding TDC and like most shareholders, I am in absolute
disbelief and extremely upset; however, I decided to do a little research before commenting, and I would
like to share this information with my fellow shareholders in the hope of saving or realizing at least a
partial return on my investment. Please understand I am an accountant and not a lawyer. All comments
and data are subjest to verification.
Firstly on the Tyhee web-site on May 9,2017, Tyhee announced the appointment of the Bowra Group Inc.
as receiver and manager. It is my undersatanding that a receiver and manager is appointed to operate and
manage a business until it is sold. The very next day on May 10,2017 Goldmining Inc. announced that they had
entered into an agreement with the receiver to acquire Tyhee gold projects in NWT. Wow, one day !!! By now
I am sure you all know the details of the agreement, even though as of today, May14,2017 it has not yet been
posted on the Tyhee web-site.
I looked at the last Sedar Financials I could find which were dated August 31,2014. The balance sheet shows
total assets of $ 62.3 million and total liabilites of $ 8.5 million. Note 11 states that the amount owing to RMB as at
August 31,2014 is $5.4 million which is included in the $ 8.5 million above.The amount owing to RMB bears interest
at the rate of 2% per month which would put it at approximately $10.0 Million today, notwihstanding any additional
advances or payments,other than interest charges. Also, today I looked at the Tyhee web-site which states Tyhee
has proven and probable reserves of 1,344,000 ounces of gold. At a value of $1200 US per ounce and an exchange
rate of 1.3500 this would equal over $ 2 billion ( $ 2,000 million). Why would the management and directors of
Tyhee who have a responsibility to their shareholders be willing to give up over $2 billion dollars worth of gold to
satisfy a $ 10 million debt ? I believe the Tyhee shareholders have been financially damaged beyond belief. So
what do we do ??
I believe we should seek the assistance of a high profile Class Action law firm too determine if we can initiate a
class action lawsuit against whatever parties they deem appropriate i.e. Tyhee, its management and directors, RMB
and Goldmining Inc. We would be seeking financial remedies including damages. These type of lawyers often offer
free initial consultations and are known to work on a contingency basis. In any case I am sure we would all be
willing to share in any costs.
A Class action lawsuit requires one named shareholder. If my fellow shareholders are in favor of this approach
I would suggest that Baires could initiaite the action., if he is willing. He may have suffered the greatest losses, he
is the leader of this forum, he may have a little more time available that many of us and he is arguably the most
knowledgeable of the Thyee story.
If we do nothing, that's what we are going to receive...nothing!!!! Unfortunately at the present time the
people Baires refers to in his recent post as wanting to make an offer have nothing to bid on.
A few other comments.
I am sure you all remember the Tyhee/SFEG deal. Documents were signed and money changed hands. That deal
went down the tubes when one shareholder filed a class action complaint. The class action was dismissed less than
a month later after the deal fell apart.
It would also be possible for one creditor to petition the court to put Tyhee in Bankruptcy. I believe an additional
two creditors might be required to support the attempt. If this aproach were successfuful a trustee in bankruptcy
would be appointed, assets would be sold, and all funds generated would be disbursed first to the trustee,secondly
to secured creditors, thirdly to unsecured creditors , and finally to the shareholders.
No matter what we do , there is no guarantee of success, but at least we can say we tried. As of right now we are
getting nothing. I will accept my losses and the decisions of my fellow shareholders, but I needed to do this to help
me move forward. I will be back to my day job tommorow. No retirement in sight.
Good Luck to All
T Man