A couple of things, as the day nears for reports. It will be interesting to note, what if any, notes to disclosure the BCSC put on both the report and the financials in order to get this stock trading again. I will watch that. I think there may be notes, and long ones coming, good, bad, indifferent, just interesting. One side will want notes BCSC to cover off any holes in news prior or moving forward, and BGM will want notes to harbour under safe harbour. If you think about the fascination to this, if the results are very good, the BCSC will want notes and alot of notes given financial backing of company, which is not good. If the results from Snowden are not so good, Frank and company will want to have notes and such to avoid a law suit with people that bought in back this summer. Truly fascinating, not sure its good for the juniors. Hope for you guys sake that the BCSC does not set a precedent here and make an example of BGM???
I do think that this flow through debacle needs to be disclosed and I do hope the BCSC makes them disclose the exact exposure that BGM has to this audit, typically speaking RCT only audits current year plus one, this audit goes back a ways, and may be opening for further reassessments, which you better hope not. In any event the exact exposure, both now and future, should be disclosed. Pretty sure the accountant resigning probably had lots to do with this. For you guys, better hope RCT by denying the claim for flow through here, does not do the other side and deny the claim for the guy who bought the flow through share in the first place to take the tax write off, I am pretty certain that would be liable. I know and I do buy flow throughs often, but I do know if I got caught with one that had expenses not qualifying for the deudction I would sue, no if's and's or but's about it. But given how old this reassement from RCT was and is, they may not reassess the t1's as they would be stat barred (can not reassess after 3 years unless fraud) and thus RCT would have to prove fraud on the guy who bought the flow through share, and that would be tough to do I think.