Monitors 3rd Report & Investor Update

This is it. I guess there is no chance of a counter-offer.

I recommend people read the Court documents, also posted late yesterday. See paragraph 7 of Ms. Hill's affidavit. I note the closing sentence says: "The only party not currently contemplated to receive full payout are the subordinated unsecured debenture holders." Then read paragraphs 9 et seq. People can then draw their own conclusions but the outcome for shareholders seems clear if all or substantially all of the assets of the company are being sold as a result of the "very faourable offer" so called at paragraph 7 of Ms. Hill's affidavit.

That's what it sounds like.  Wow...  this is painful.

Balkany too!  I cannot believe he lost so much.  There has to be some sort of a side deal going on here...

Good morning everyone. Although I do not want anyone to get their hopes up, I recommend people read the two monitor's reports posted yesterday and, in particular, the 6th. Those of us who have been following the monitor's website posts know there are many documents under seal and that as a result their contents are unknown to us, for example, affidavits, agreements, etc. Although the 3rd report - and Ms. Hill's affidavit filed more or less contemporaneously with it - indicated that "substantially all of the Company's assets" were being sold pursuant to the asset purchase agreement, the 6th report may provide for shareholders a faint glimmer of hope. Please read paragraphs 7 and 12-26 and draw your own conclusions. But it may be that the references to "substantially all of the Company's assets" being referred to in the 3rd report and in other documents made known to us at that time, may have been limited to the Company's hard assets (i.e. fracking equipment) and may have excluded (or not included) its Intellectual Property. paragraphs 17, 18, & 22 are of particular interest in this regard. Other thoughts or insight most welcome.

I expect you could be correct; context is everything, although I am curious why qualifiers like "physical" or "hard" were not used in documents filed earlier this month if my suspicions are proven accurate. Presumably, once the sale to Step is complete, the Monitor will report and we will know, definitively, what assets were sold to it.

One additional observation. The term "shareholder" has been noticeably absent from documents, for the most part, during the CCAA process. "Stakeholder", as others on this site have noted, is a very different term. But the blessed word shareholder actually appears in paragraph 14 of the 6th report. Wonderful to receive some acknowledgement of existence. Let's hope our existence continues.

You're right there snortdd, unsecured people will not get even 1 penny per share. but what we can do is determine where everything goes and look at investing into those companies, if they are publicly traded.

someone will continue using this technology and i for one want to be invested in that company.

at some point ARC Financial Corp, who financed the start up of STEP, will look to go public with STEP, but if there is another company that has purchased equipment/patents then lets identify them and let everyone on here know