If you want an analogy - shareholders are the passengers on the Titantic, the noteholders and Tenor are icebergs and Fung is the guy who kicks out women and children from the lifeboat to save himself.
Great anology! Made me actually laugh at the mental picture of Fung doing it.
"most if not all of us were totally unaware what we were giving up with Tenor"
That's not really fair - we all knew what we were giving up (but didn't have a say anyway). None of us knew (and still don't know) the end game with Tenor. With the bondholders we know their end game.
I'm not sure why you feel it is unfair. We agree that we knew what the bondholders wanted, They wanted it all. We were sold a bill of goods on Tenor by Fung. I have no idea if there was/is a conspiricy like JC suggests but he makes some good points that seem to now be even more plausable.
When I said "most if not all of us were totally unaware what we were giving up with Tenor" I was refering to the percentage of the award they would get. At the last AGM prior to going into CCAA protection I was told in person at the AGM that the rogue bondholders wanted most of any award that is why they couldn't make a deal to stay out of CCAA protection. At the same AGM it was reiterated that Fung had the ability to raise capitol before and could do so again. I was one of the idiots who believed Fung and thought Kry and Shareholders would get around 50% of the award. I was also told it would only take 10 million for legal costs to get the award. As they say fool me once shame on you, fool me multiple times shame on me.
I still think your analogy is great and lays the blame where it belongs.
With Tenor now in control of the board and most of the award what do you think their end game is? Will there be an effort to gobble up the rest of the award? Will they stand pat knowing what little is left for shareholders shows they are being good guys by not taking it all? Considering the amount that management gets isn't set in stone would they consider not paying the whole amount to management? If they do pay it all to management for the fine job they have done doesn't it bolster JC's suggestion their was a hidden plan all along to take everything from shareholders and management was part of it?
JJ
