Gramps,
This story is becoming more absurd as it nears its ultimate conclusion. BYG has appointed its own receiver to attempt a workout, I guess they are trying to buy some time, although I'm not sure for what purposes. No sane investor is going to give this management any money to restart operations (very expensive for BYG), and suppliers will no doubt only work with cash up front deals. So why don't they give up the ghost? Maybe Chaffee, and Dickson have the misguided notion that they can somehow get control of some or all the money that could come from CME? This is why the creditors should have a court appoint a receiver
That whole TYG/ORI saga is another multi-dimensional scenario, that is receiving attention in various courtrooms, out on the left coast. Illegal annual meetings, money's owed etc. etc. etc.
The issue of the loan from TYG to BYG remains to be resolved, as serious questions as to its propriety, and whose liability is it anyways, remain. (hint: Director's at the time the loan was made can be held personally liable if it is found that they were not acting in the best interests of all the shareholders.)
There is a lot of %$#@ going on at once, and who knows when and how it all will get worked out.
I believe BYG and TYG had their AGM yesterday. Were you there?
Sincerely,
Al Cern |
