Today, 1st June 2009, is D-Day for Ventracor.
On Friday we withdrew our proposal because we were unable to secure additional cornerstone investment before the meeting started. Although we were confident that our large cornerstones would commit in the near future we thought it was inappropriate to ask creditors to vote for something that was not fully funded.
Steve Sherman, the administrator, plays by a different set of rules and he pressed on with recommending the Orqis bid even though he knew full well their main investment money would not be available until 12th June and they needed bridging finance in his bank account TODAY to keep the company operational. He stressed many times that there was "deal completion risk" if the Orqis bridging finance did not materialise. And he made it quite clear to the employees what this meant, i.e. liquidation & termination of all but a few people.
We heard from Steve Sherman at around 5pm. The bridging finance has not arrived and yet he decided not to liquidate the company.
Stay tuned for more....
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Sunday, May 31, 2009
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The comments on the blog may be monitored, and the Ventracor Shareholder's Group reserves the right not to post or remove or moderate any comments which in its opinionare unlawful, threatening, defamatory, offensive, or obscene.
This "blog" has links to information on other web sites. The opinions expressed in these linked articles are those of the relevant authors.
This "blog" allows anyone from the public to post comments. Any views expressed in these comments are those of the relevant author.
The Ventracor Shareholders Group does not endorse the views or opinions expressed in the linked articles or comments.
The Ventracor Shareholder's Group does not accept any responsibility for any injury, loss or damage incurred by use of or reliance on the information.Anyone who wishes to have a comment or link removed from the website should email contact@saveventracor.com immediately.