Vectrix board meeting today

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marcopolo
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Last seen: 10 years 11 months ago
Joined: Sunday, May 10, 2009 - 04:33
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Re: Vectrix board meeting today

Which bidder, with your share of shares, do you/will you support? Do shareholders have any word in all of this?

Well, Andy I am not really a big enough shareholder to make a difference. It really is outrageous that the shareholders are being ignored by the directors, but I am hoping that the threats of litigation etc.. may defeat the bid by Mike Boyle and the Chinese led E-Max backers. If this were to succeed it would be the end of Emax as we know it. As you are no doubt aware, I am no fan of Mr Boyle's managerial abilities!!

There are other bidders who want basically to buy the IP, but abandon the marque.

My preference, is a bid led by a group of merchant bankers and venture capitalists, supporting a return of two of the original founders as directors.This group would concentrate on more modest production targets, focusing on the European market, rather than the USA, and utilising the Polish factory. This would allow for an upgrade of the VX1 to a possible lithium ferro battery, and better quality control.

My immediate concern would be if the rescue group has sufficient capital. This was the problem with Rover, Jensen,etc.. Industrial revivals, have a very poor record of success unless heavily backed. This group would also have to persuade the court to accept their bid. The court will be influenced by the goodwill of the major shareholders and major creditors. Also, the position of existing litigants (such as the huge judgement awarded in favour of Vectrix Australia), Such creditors could argue that Chapter 11 is simply a device to avoid debt. I doubt whether this would be successful, however in compensation, the Judge may remove the corporate veil in relation to certain directors and allow creditors to sue them personally for misconduct.

Now remember that this is all just speculation by me, I have no actual knowledge of their position, But from my brief meeting with VA and other creditors, I feel that they would support any genuine rescue attempt.

However on the optimistic side, Vectrix mark 2 may succeed and I for one ,will do everything I can to support them in the hope that they can prove the exception and restore the marque.

Here's hoping!

We live in exciting times!

marcopolo

AndY1
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Last seen: 10 years 8 months ago
Joined: Tuesday, June 17, 2008 - 04:29
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Re: Vectrix board meeting today

We live in exciting times!

Indeed! Thank you for your information!

michaelt
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Joined: Saturday, August 8, 2009 - 16:53
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Re: Vectrix board meeting today

But as I say, nothing is that certain, once the company is in Chapter 11, it is not impossible for the Judge to decide that the bidding process was tainted and reappraise the situation. The shareholders may injuct the proceedings on the basis that no EGM was held, and the directors are acting with improper haste to prevent themselves being removed and their chosen bidder favoured for improper motives.

We can just wait and see next week .

So has anyone any news....?

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