Two weeks ago, I was rather dismayed. I had received what I considered to be a very poor offer from IBI Group (OTCPK:IBIBF) to revise the terms of its debentures that I hold. Because these debentures are widely held by a number of retail investors, it seemed to me that management was trying to take advantage of a group without a lot of sophistication and market power. I'm pleased to report that their gambit failed!
Investors appear to have voted overwhelmingly against the offered terms, based on the fact that the company delayed the special meeting and offered a brand new set of terms, which are much more attractive to debenture holders.
This time around, management has...
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