Krystle:
Your offer to further report this story is very welcome. I don't know how much further we can help you with your story. I have been vocal on this board about my frustration with Allen-Vanguard management, as has everyone else. Not sure how identifying us in the paper will advance the story. Perhaps you might consider another angle ?
While we are vocal, may I suggest that you contact Mr Luxton - who has lost his voice. Surely you have some contact information for him - since he was so heavily involved with the Ottawa Business Journal. Another contact that you may wish to make enquiries is RBC. Their contact info is on the front welcome page of this website. We have many questions for you to pose, here are a few;
Luxton:
1. Why did you wait to address shareholders until several days after the deal was announced ?
2. Why hide the details of this deal ?
3. Is it suspect that Allen-Vanguard; wrote down %80 of it's value in the past few months (so assets are worth less than debt), does not report value of the order book in latest financials, continued to remain in private "exclusive" deal negotiations - where shareholders get nothing - but might be better rewarded by a public bidding process ?
4. As an acknowledgement of his failure to shareholders, and token of his good faith, why not honourably resign from Allen-Vanguard, and agree to NOT receive any future benefit from Versa/Allen-Vanguard (stock options, warrants or bonus)?
Royal Bank:
1. RBC's "secured" financing facilitates a private deal where RBS is losing money. Does this happen often where RBC waives security on lending, to lose money ?
2. RBC is content to lose money on a secured loan, without invoking CCAA, bankruptcy, or opening the bid process, and yet agrees to fund the new operation - under the same "losing" management. Does this happen often in RBC corporate ownership transactions ? (perhaps they can provide a few other examples)
3. this deal is so shrouded in secrecy and lack of visibility - what is there to hide ?
If you can address these questions fully and completely with Luxton and RBC, I assure you this board will applaud your efforts, and OBJ will have quite a story to tell.
Thank you for your offer to help. |
