03-21-2019, 10:22 AM
Yes, we are stuck holding our shares until trading resumes. I spend some good time on the phone today with my brokerage, IIROC and BCSEC (NUS's regulator) and sent an email to investor relations at NUS. My brokerage said they know nothing outside of what we know. Halts usually last 30 seconds, a couple minutes or a couple hours but it is not unusual for them to last weeks or months. IIROC said the same thing. The company, PwC or the court instructed IIROC to halt trading pending news. Turns out the news is not the monitor/CCAA-restructure news alone. As dkeller wrote, there is no point in resuming trading after such news. Normal operations have halted and will resume (in one way or another) once the restructure is complete and we are given THAT news. Yah, having one's shares being held hostage sure ain't a great feeling. :-(
BCSEC is for complaints and such. We would say there is a hell of a lot to complain about but from their point of view it is just a company going through restructuring properly (PwC monitor, FMD oversight for insolvency stuff and court approved CCAA process).
So, we sit back, wait for news and see what happens. No point in getting upset over things one can not control. Turns out the guy handling the insolvency aspect at FMD is one of my childhood friends, was in my wedding party actually. Ridiculously smart guy, so we should be in good hands if it heads that direction.
BCSEC is for complaints and such. We would say there is a hell of a lot to complain about but from their point of view it is just a company going through restructuring properly (PwC monitor, FMD oversight for insolvency stuff and court approved CCAA process).
So, we sit back, wait for news and see what happens. No point in getting upset over things one can not control. Turns out the guy handling the insolvency aspect at FMD is one of my childhood friends, was in my wedding party actually. Ridiculously smart guy, so we should be in good hands if it heads that direction.
