Originally Posted by
JeepBB As I said, I'm not a tax lawyer, and I haven't read the debenture details, so you may be right. :)
From my brief reading, it seems that UK law promotes debenture holders right to the top of the list, and that they must be paid in full before everyone else. Even secured creditors. But, Canadian law might be different and Prem might simply be on the creditors list with everyone else.
Truth is, I don't know, but the thing that makes me think I'm right is that Prem's a smart cookie and was in a position of strength over offering the loan. So I couldn't see him writing that preferential status out of the debenture given the very real possibility that BB might actually fold the tent in the coming months.
I actually hope I'm wrong. Prem has been an absolute weasel over BB, (he's Canada's Pride apparently!?) and has on every occasion put his own interests above that of BB, on whose Board he sat. I'd hate to see him come out on top whilst others lose heavily.
I realise it's childish, but that somehow wouldn't seem fair! LOL