Our financial recovery is NOT limited to Siskind's current class action lawsuit. We have MANY means of recovery - some unfortunately will take longer than others - many times the longer wait has costs offsetting the delay. Some means haven't been announced, yet. Let's not forget that what Allen-Vanguard is planning to do requires court approval - that they haven't yet received. If court approval doesn't happen, we will be in creditor protection, and the many, many companies who have been watching this deal from the outside will have an opportunity to bid on the assets - at the end, we could get a very nice premium to our overly discounted share value.
If the court approves, and shareholders can prove that the court approval was obtained with fraudulent supporting documents (i.e. valuations), we will have another opportunity to recover.
Anyone considering writing off the "loss" for tax purposes may want to seek professional counsel - it could be possible that until we receive "official notice" from Allen-Vanguard of the value of our stock as 0.00, we may not qualify for a CRA loss ?
If we raise enough publicity on this deal's improprieties, trust me, shareholders will have multiple opportunities - the list grows - please post any extra suggestions to this board;
1. Massive asset write-downs enabling debt to exceed asset value for a private US buyer
2. "exclusive" negotiations blocking other bids, yet management claims no other interested parties - BUT see July2/09 PR "Discussions have advanced to the point where we may shortly conclude definitive terms, but should we not do so then we will resume discussions with other specific, interested parties"
3. "back-door" documentation permitting Allen-Vanguard to buy-out Versa within 12-18 months at cost plus a small premium
4. Bypassing current bankruptcy laws by requesting court approval without public disclosure of valuations or the deal.
5. Order book (estimated in excess of 100 million) has disappeared from recent financial reporting
6. Reduced trade show exposure (sales expenses) prior to court review, to reduce sales income - yet in July CEO claims "quantity" orders pending
7. Management increases research spending over 250% in year prior - with no new product or service announcement
8. Crown Corporation EDC, and many Banks actively sponsor new deal which involves shareholder equity "theft" - yet call themselves ethical
9. Revenue Canada will be deceived - loss of multi-millions in taxes should court endorse deal and valuations
10. Med-Eng acquisition valuation is questioned as inappropriate, Allen-Vanguard management did not perform due diligence or obtain performance guarantees from vendors - David Luxton received significant bonus compensation for consummating the purchase of Med-Eng
11. EDC's former CFO, Peter Allen hired by Allen-Vanguard less than 1 week after signing an "arduous financing deal" with RBC, then Peter Allen cannot call on EDC for new financing until Versa capital needs acquisition funds ?
12. Allen Vanguard usurping shareholders equity is unprecedented, if the courts do not recognize this as a fundamental violation of shareholders rights and recognize Allen Vanguard's actions as legitimate then ALL stocks are at risk.
13. Allen-Vanguard/Versa have a definite perceived conflict of interest with Crown Corporation EDC funding their deal, as Allen-Vanguard's CFO, Peter Allen, is previous VP and CFO of EDC.
14. Allen Vanguard rejected an investor Aug/08 which could have provided shareholders an alternative to nothing - the board rejected it on the basis that it was not in the best interest of Allen-Vanguard or its shareholders.
15. Why is Schedule A of the Versa deal 100% redacted on SEDAR?
16. Banks who claim to have lost multi-millions to Allen-Vanguard management, are lending MORE money to the same management
17. Allen-Vanguard's Information Resources department IRONSIDE advised that they were remaining long - "Personally, I still see lots of potential in this company, and am still long myself."
18. Allen-Vanguard insider, VP R&D and Chief Technology Officer, Aris Makris, purchased 50,000 shares July 9/09 - while management negotiating deal to wipe-out shareholders equity
19. Luxton said there's "no plan, no requirement and point" to obtaining independent asset valuation, why not satisfy shareholders?
20. RBC did their due diligence on the $200 Million dollar loan last year, and had no issues "securing" that amount - but now thanks to over aggressive write downs the debt is more than the equity and they lose multi-millions
21. Why haven't reporters used Access to Information Act to obtain EDC's copy of Schedule A ?
22. Why did Luxton wait to address shareholders until several days after the deal was announced, guilt?
23. Allen Vanguard has over inflated its impairment charges to the tune of five hundred and fifteen million dollars in less than a year. That amount translates into roughly four dollars and thirty three cents per share.
24. Allen Vanguard has effectively dealt away 80% of the company’s main assets in less than a year without independent valuation by an unrelated third party which would evaluate assets not only on their present value but on future earnings potential
25. Allen-Vanguard had a substantial staff layoff that occurred on Aug 12, 57 employees, yet no substantial material change was reported
26. April 6th 2009 Allen-Vanguard entered into an exclusivity agreement with an unrelated U.S. investor (VERSA) "Any such transaction would be subject
to the approval of Allen-Vanguard shareholders and other customary conditions"
27. Canadian Government grants and subsidies used to develop licensed products will be in the control of a foreign private corporation.
please post any extra suggestions to this board... |
