This is the last thing I will say about the CR. Given the lack of operations need, timing and terms of the CR that the directors of UBI need to be very careful if they are to proceed. I think it is clear that they have substantially favoured Viburnum and may have breached their duty of care and will have caused actual injury to certain shareholder.
In Delaware there is unlimited liability for directors that have breached their duty of care and it would be easy to find a no win no fee lawyer to have a bash at them. In my view if the directors have not sort alternative methods of funding and if they have and those methods were more advantageous (cheaper) then it is game on for a class action.
A bit of paperwork, a no win no fee lawyer and I reckon we could all clawback a bit of the "Jam" that has been thrown Viburnum's way. What has been proposed is completely egrigious and benefits one shareholder over all others.
UBI Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
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