We have an update on how the straw poll was tallied from meetings on January 15, as well as a little bit of insight into steps for investors in the not too distant future.
A couple of days ago the District office released the results of the straw poll taken at investors meetings a on January 15. The results were as follows:
Total number of preferences: 903
Total number of preferences for option 1 (Liquidation): 178
Total number of preferences for option 2 (Explore Restructuring): 629
Total number of people who required more information: 96
According to a post on the CEF website, the votes are a head-count vote and not weighted according to investment as initially promised.
The CEF site explained the results this way:
As you will have heard at the meetings, our original intention was to look at both number of individuals voting each way as well as the dollar value associated with each group. However, as it became apparent that it might become necessary to go CCAA, we simply compiled the numbers for the individual responses at this point. Only 34% of the account holders voted.Our intention through this poll was to determine, at a high level, a direction for us to explore. As the number of requests for transfers was significant, we had to change direction and go through the CCAA process. The CCAA process does include a creditors vote – this will be a much more formal and stringent process, administered and reviewed by the Monitor. More details on any future meetings and votes will be available later in the CCAA process.