<any outfit under their wing>
Here's the Resource Capital portfolio, note CBD, but as a shareholder not a creditor:
resourcecapitalfunds.com
RC is not a shareholder (unless they've been a recent buyer up to the 10% reporting limit) in GEO, nor does the outgoing management own much of anything. There is no current controlling interest from these pirates *. This is a raid pure and simple, and a blatant attempt to gain 34% ownership of this asset for only US$1,265,000 and to milk every last dime out of the small debt they hold. They will need to get shareholder approval for this travesty. Are GEO shareholders that stupid? I'd like to find out.
The big shareholders appear to be Butler 10,598,000, and Sococo 6,345,000, the vendors they raped in October on the US$3 million payables forgiveness for fairly priced stock swap(I calculate 26 cents a share). MacKenzie Financial as of the last proxy in May owned 10,621,000 and Royal Bank (believed to be the indiscriminate seller in the waterfall) had 8,464,000. There has been light trading since. I presume the remaining 40 million shares are retail holders?
* What is John Hicks, the new CEO, connection to RC? Another Paterson like lackey, or someone substantial?
* Who are the two unnamed "subscribers" besides RCF named as "significant institutional shareholders"? Hopefully not McKenzie?
This ain't over till the fat lady sings and could still be quite rewarding (big if: somebody else controls the company)from these prices. I've been angling for a bruhaha with this outfit ever since I spotted their "deal" last August. I say we get the facts together and organize opposition to this on line and set up a web site for a proxy fight to vote down the PP. And as long as we are at it, how about a new board. Or how about a white knight? Anybody have the skills for the site here? I will try and get in touch with the vendors who are also being raped. If they're good to go, why not? |
