It's not just the shares of US folks they're after, 49r, it's all of them ... the situation may be less nationalistic than one of management versus minority shareholders, imho ... fwiw, Mr Smith is, according to the following, neither a canuck nor a yanqui, but a brit [not that that, in itself, is a bad thing-g-] -
' MFC was once better known as Canadian Javelin Ltd, which
had been run by John C. Doyle, who died in Panama after
skipping Canada to avoid facing 400 counts of defrauding his
company in the early 1970s.
Canadian Javelin was taken over in the 1980s by an investor
group led by British mergers and acquisitions specialist Michael
J. Smith, renamed three times and spun out as publicly traded
MFC in 1996. MFC, according to its most recent annual
report, now specializes in "advising and structuring business
enterprises involved in unstructured and novel situations where
a strong financial partner is needed and the traditional
off-the-shelf solutions are not workable." It also owns a Swiss
bank.
Some of those off-the-shelf solutions have led to a spate of
lawsuits. Claims before courts in New York, Delaware and
Pennsylvania allege that MFC, some of its associated
companies and Mr. Smith have committed fraud, breach of
contract, theft of control and in one case, "the looting and
almost complete gutting" of other public companies.
The claims have not been proven in court and "are
unsubstantiated and vigorously denied by MFC," says Roy
Zanatta, an MFC director and secretary of Bresea. '
cubanet.org
' ... or due to the majority of adversarial proxies presented blocking their undervalued bid.' [from your post]
That'll be my best guess as to why the 'adjournment' ... interesting thread you run here, g-t, hope you're keeping well ... it's kind of funny how much can change in nine years, and how much can stay the same, eh .... cheers.
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