Apr. 9 at 4:33 PM
$SICP You see, the ones feeling uncomfortable are out of the woodworks again. Funny.
Once again:
Silvergate's incompetent, former crooks never really intended to sell the company's assets. They had other plans. Even though Silvergate was solvent, they ended up filing for chapter 11 a few days (!!) before (thanks to Stilwell) the court-ordered (!!) annual shareholder meeting in September 2024! Silvergate's former crooks conspired with Silvergate's preferred shareholders and intended to abandon Silvergate's NOLs of close to
$3B and give all of Silvergate's assets to the preferred shareholders in exchange for their releases even though the preferreds are entitled to max
$200M. But thankfully, Stilwell and X-Cap pushed for an independent examination which in the end resulted in the common stock settlement. Kudos again to Stilwell and X-Cap and their outstanding counsels. Because of them reorganized Silvergate's common shareholders still own the company's and its multi-billion dollar assets!