Court approves CEDC bankruptcy plan
A US bankruptcy court approved the restructuring plan of vodka producer Central European Distribution Corporation .
Join the discussion below, or Read more at Warsaw Business Journal.
#1 May 16, 2013
A blatant Russian takeover of a Polish company with no value to current shareholders. Shame on all who allowed this to happen. Mr Tariko positioned himself to take advantage of CEDC'S BOD weaknesses and ineffective CEDC corporate management who allowed the company to be placed in this position. The BOD and CEDC management should be sued for dereliction of duty, failure to do due diligence and for not pursuing other alternatives for shareholders. The US bankruptcy court in Delaware issued an incorrect decision. The US Bankruptcy Trustee had it right-- this was a sellout to one individual at the expense of 76 million shares outstanding. If the BOD represented CEDC'S shareholders (which this transaction proves they did not) they would have given the shareholders an opportunity to protect their investment by allowing them to invest $10 per share. This amount would more than exceed Mr Tariko's offer and offered CEDC a counter proposal. Maybe there is an angel with a sharp pencil out there who will come to the rescue.
#2 May 16, 2013
Warren, if you want a value here it is. Why haven't you, a value investor, been able to see what Tariko sees? Where are the legal Beagals and the vultures who prey on situations like this? Come on fellows sharpen your pencils and get a counter proposal to this inefficient BOD. This DEL lawyer needs a challenge .
#3 May 17, 2013
Will some legal beagle please explain how the CEDC BOD may "Sell out its Shareholders" w/o going through the process of conducting a Special Shareholders' Meeting to address the issue? How can they unilaterally destroy existing Shareholders and why wasn't this addressed by the ruling attorney in the Delaware 2 hr bankruptcy hearing. What considerations were given to alternate Shareholder action before proceeding the bankruptcy route? I believe CEDC's BOD had a preconceived plan for Bankruptcy when the latest addition to the CEDC BOD was a former judge recently retired from the US Delaware Court of Bankruptcy.
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