Allen-Vanguard Rescue Board Message Board

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Technology Stocks : Allen-Vanguard Rescue Board

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From: beaverfever	11/8/2009 7:08:28 PM
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My Form Letter - sent to everyone in my email contacts list - thanks to ALL of this board's contributors, (kidl2 in particular) everyone - lurkers included - please feel free to copy/paste into YOUR email distribution...get the word out...everyone do their part. Subject: Petition to Justice Minister Rob Nicholson Anyone invested in Canadian public companies may take an interest in this corporate governance and fair treatment of shareholders issue. As a Canadian investor, please consider the implications of this precedent. I am referencing Allen-Vanguard Corp. going private/buy-out, paying $0 funds to shareholders and seeking court approval. The CFO wrote off $550 Mil in equity - much done during a prolonged "exclusive" negotiations period - WITHOUT third party review. At first glance this may look like an isolated company specific issue - NOT so - as it could set a precedent for all Canadian public traded companies. Just imagine the repercussions if any Canadian public traded company were permitted to wipe-out shareholder equity by simply “tweaking” the balance sheet assets to be lower than its debt ...without the required standard bankruptcy public disclosure of books. Further troubling to current shareholders, Allen-Vanguard recently released a PR indicating they would be permitted to buy back all the assets within 18 months of the deal closing, with only a small profit due to the "exclusive" buyer (U.S. investment bank). Please consider signing this petition to Justice Minister Rob Nicholson gopetition.com Thanks for reading the petition and an even bigger thanks if you decide to sign it. Please accept my apology if this is of no interest to you.

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