Apparently the BCSC present cash position is not what I call stable. Although this MD&A is fiscal year end last Mar, I cannot see its picture being any rosier, and possibly worst. To see them having only about $43 million at that time in cash and investments, and considering $200 million plus being erased from our SLI market cap, not to mention the inaction by them that is allowing further distruction of our company, a law suit for as little as a couple hundred million against the BCSC, if won by us, could wipe out the BCSC treasury, putting tax payers of B.C. on the hook for a huge bill. Not only that, but where letters have been sent to the B.C justice minister alerting him to our situation, a civil suit could be launched against that department as well.
What has been lost here on paper to this date by 1000,s of shareholders, and what is presently at stake, makes the BCSC,s look puny in comparison. I don,t believe the BCSC understands the risk it may be putting upon the B.C. taxpayers by not acting in this case. As I have alluded to before, there is a lot of big money in Alberta, and these people stick together and fight for whats right. And I will mention all the other provinces of our shareholders, and how each province has prominant shareholders that have money, that are also together with the Albertans in this united family. I don,t believe it a wise thing for our strength to be under estimated, and its definitely not right to have B.C. tax payers pay for something that they are not responsible for. Not only what a civil suit may cost the tax payers of B.C., but the repercussions of the TSX-V there, that brings much revenue to the province in various spin offs. If it is shown that investors are not protected and that it isn,t safe to invest in these many B.C. registered public trading companies, a large aspect of the B.C.,s tax payers economy is lost. A lot at risk.
Here is an excerpt below from the BCSC MD&A, it has 36 pages, this is found on page 7, but I encourage all here, to read the whole thing, there is some pretty interesting stuff in there.
Management Discussion & Analysis
For the Year Ended March 31, 2012
::ODMA\PCDOCS\PAPERDOCS\1131563\16
We are financially sound, ending the year with $42.7 million in cash and investments, and expect
to break even over the coming years, even as we expand our capacity and invest in our
infrastructure to keep pace with financial industry and regulatory developments.
http://www.fin.gov.bc.ca/ocg/pa/11_12/Sup%20E/pdf/BC_Securities_Commission_Fin_Stmts.pdf
