Saturday, June 15, 2013

Horrid Decision in the SLI.v affair - BUTT

The news has hit and it is all bad for anybody holding SLI paper, and, by extension, anybody holding Venture chit paper run by crooked basterds.

The judge has gone to great lengths to explain why the dissident camp laid down it's cards incorectly, and as such ruled against the wishes of 90+% of shares voted at the AGM. Thats our bottom line here after all. If a body can so easily be deprived of their right to vote their equity shares as they see fit by career scumbags, why would ANYONE buy Venture chit?
It is too clear this issue SHOULD have been dealt with by the BCSC. Instead it is the holders of this ridiculous paper who pay the very, very expensive price. Too sad is what this entire exercise is and naturally SLI.v has broken new lows and is quite and very finished.
Take a bow Lori, are you proud of yourself and your giant "VICTORY"? This insulting woman is not qualified to pick up dog chit, and now the entire world knows it. SLI.v has no future and body just can't put a price on that kind of entrenched crooked BS.
As usual the devil is in the details and in reasons given for judgement a few minor details fairly leap right out. Like the fact the dissidents missed a filing deadline and were found to have misrepresented proxy materials. One or the other MIGHT have been survivable but to have both sunk this application in its tracks. Observe the judge's reasoning ...

"My decision was based upon my concern that the Green Proxies had been obtained in the context of a Dissident Circular that contain misrepresentations in relation to matters that would be important for reasonable shareholders to consider in deciding how to cast their vote. My decision also took into account the fact that the petitioners had been given an opportunity to rectify this in advance of the AGM, but had failed or refused to do so. I took the decision seriously, as I do not take the decision to reject proxies lightly, and understand the importance of giving every shareholder an opportunity to cast their vote. However, I considered the apparent misrepresentations, as indicated above, many of which I personally knew to be inaccurate or incorrect, to call into question the circumstances in which those proxies had been granted."

Upshot? A body CANNOT dive into British Columbia Supreme Court with dirty hands. That thinking assumes judges are too stupid to get at the truth. Wrong. Smarten up for CRYING out loud. This application was entirely winable and should have been won save for errors from the dissidents.