Friday 3 November 2017


TGIF!  West High Yield (TSXV:WHY) issued a news release today after the close.  In a nutshell, here is what it said:

  • The buyer, Gryphon Enertprises, LLC was formed for the purpose of acquiring assets.  They have no assets and it isn't worth suing them if they screw us over.  The buyer has hired an "arranger" to raise the USD $750 million, but there are no firm commitments or arrangements to fund the transaction.
  • Listing Baker Mackenzie as the buyer's law firm was an error.  What kind of clown show is this?  Lawyers play a pretty key role in any real deal, so how does a law firm get listed in error?
  • WHY has not yet received the USD $500,000 deposit.  Don't bother checking the bank account over the weekend Frank, as you've already told us that Gryphon doesn't have any assets.
  • They have no clue how a take or pay commitment would work.  Guys, that should be the least of your concerns.  This deal is similar to me selling my house to a homeless guy for $500 million.  The money is not there and your not going to get it.
  • WHY hopes to have its shares trading again soon.  Maybe some suckers will still think the deal is real.
This whole thing has been very entertaining!  In the process, we have likely identified the worst negotiator in the world: Mr. Stephen D. Cumming, managing partner of Gryphon Enterprises, LLC.  Dude, you have no cash and yet you offered USD$750M for a company trading for $21M.  Did you mean thousand instead of million???  Maybe it was just an error, like the Baker Mackenzie thing.

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