"Companies coming out of CCAA without a Plan were scuttled. And, I would venture to say that every one of those companies thought the creditors were being, "unreasonable." Yet, it happened. Company Finished. The creditors did not make the company get into the position the company placed itself in, having to go to CCAA. The company management did that."
I agree that "The creditors did not make the company....". But to me it was Venezuela (hugo Chavez) that forced us into the situation we are in. Management did not put us in the situation we're in today. Management, to me, did what they could to follow the ball and reacted the best they could to events that brought us to where we now are. It was a personal hate that Chavez and the Castros have against Canadians and Americans. Mostly politics and not business. Fung followed procedure. Nothing more nothing less.
Hopefully the judge will see that management is doing all it can with it's limited power to keep shareholders in contention. Hopefully the judge decides that there is enough money at the end of the rainbow to satisfy everyone fairly and that the greedy noteholders back off and be patient like the rest of us.
ICSID process is on track and will conclude one day. So far Vz has paid all settlements decreed by ICSID.
Only one more year to go. (Nov 11,2013)
