After a bit of research on the arbitration process....
If I have this right, we're waiting for financial reports and perhaps more importantly the arbitrators decision regarding the debenture debacle. The arbitration was most likely written into the original contract between LONE and TK. If I understand the arbitration process correctly, there really is no appeal process. The only time a court would get involved is to validate an award. If the award was a result of corruption, fraud or other "undue means", the arbitrator exhibited bias or corruption, the arbitrator refused to postpone, hear pertinent evidence, or acted otherwise to substantially prejudice the rights of one party, or the arbitrator exceeded his powers, a court of law could throw the arbitration decision out. In regards to the bases for setting aside an award, there must be more than simple mistakes in judgement. Each requires some "bad faith" on the part of the arbitrator.
The court would not look at the merits of the underlying dispute, or add/subtract from the remedies provided by the award. The court's role on an "appeal" would be to simply examine the arbitration process to determine if it was fair. So there should be no lengthy appeals process.
Here's to brighter days for LONE.
BE HAPPY,
WALLEYE |
