The Supporters Trust asked a question

[Uxy]

oh thats the nonsense on their facebook page - think its a word salad but unfortunately its been picked holes in I think

They havent done anything other than spent some more money on lawyers for an agreement that they knew about 12 months ago is the way I read it

The problem is they probably did know what the CLN agreements contained but many were sleeping until those that were involved stepped down

So you think they are just being cautious by taking legal advice and that there is no skullduggery going on?

There are three possibilities :

a) there is some dispute over the terms of the conversion, as a result of the deal signed in February which has changed the share classes.

b) Silverstein et al are just stringing them along

c) the Trust are padding for time after making a big thing about imminent conversion being a reason for signing the deal

Time will tell either way.

 

[Cinio Dydd Sul]

Or d) to give the benefit of the doubt (not that they deserve it): conversion is imminent, the Americans have shared all the relevant documentation and trust are undertaking due diligence by having a legal professional look over them just to ensure there's nothing untoward there?

 

[PSumbler]

oh thats the nonsense on their facebook page - think its a word salad but unfortunately its been picked holes in I think

They havent done anything other than spent some more money on lawyers for an agreement that they knew about 12 months ago is the way I read it

The problem is they probably did know what the CLN agreements contained but many were sleeping until those that were involved stepped down

So you think they are just being cautious by taking legal advice and that there is no skullduggery going on?

Notreally I believe that there has been little attention paid to what was happening until those that were paying attention moved on and then panic set in.

The facebook posts appeared clear - two people who I would know would have scrutinised the terms of the CLN said it was black and white how they would be converted.

FWIW I think the posts on facebook (purporting to be answers to questions) were nothing more than a word salad designed in the hope that people just nod and move on. And to make it worse they have now taken to replying behind the name of the organisation rather than anyone individual. Which (IMO again) is wrong

 

[Uxy]

Or d) to give the benefit of the doubt (not that they deserve it): conversion is imminent, the Americans have shared all the relevant documentation and trust are undertaking due diligence by having a legal professional look over them just to ensure there's nothing untoward there?

That comes under a) I think.

The CLN was pretty clear. If there's any questioning it can only be as a result of changing circumstances.

Usually, this is more a question for an accountant than a legal type, unless there is some contention.