Dear Kellygirl, I would exercise extreme caution in making any positive assumptions about TNY. For a fact the corporate regulator is keeping a watch as a result of complaints which they are duty bound to investigate. But whether they do it today or next year is anyones guess.
A transaction such as the one they are reporting about selling their core business to some foreign purchaser who cannot get funding is precisely what the corporations law and accounting practices tell you not to book because of the probability of not realiising it being greater than the probability of realising the sale.
I can purchase promissory note options from banks which are worthless although legally binding (contingency) contracts which this deal is. And it has taken long enough without any element of promise or certainty to report. If there was they would have.
Whats more troubling is now the fact that a former employee has claimed that staff have not been paid for three mnths in some instances. Thats trading whilst insolvent.
In addition, there are reports circulating that the staff were given contracts and amde to sign without the benefit of independent legal advice, forcing them to accept defferment of their wages and conditions. Illegal. Just because a big time law firm wrote those contracts the workers believed they were conscionable and lawful. Anyway after not being paid for so long what difference does it make is what they thought.
I believe that TNY will be liquidated very soon if not forced into receivership earlier.
