Crystallex International

Welcome to the Crystallex HUB on AGORACOM "Crystallex International Corporation is a Canadian-based gold producer with operations and exploration properties in Venezuela."

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Re: Shareholder Rape

over 12 years ago

in response to JackJack's message

Bankruptcy always = Management (key personnel) staying/retention bonuses.

Also, the lender is requiring the MIP.

The amount can be debated but I would have to say it is going to happen in some form or fashion.

One thing to compare.

Last November:

49% CVR and 20% interest on $135m

Now:

35% CVR and 10% interest on $36m + 100m notes @ basically 10% **

Management was getting 10% in the deal last year as well so no surprise really. We need the judge to **stay** the notes until award/settlement or the noteholders to step up with a better offer than Tenor (assuming we shareholders stay in the game for 55+%. I believe we could see the 50 pennies some are talking about after one of two is accomplished. And, of course, dollars at award/settlement.