Reading my mind, Licinious. Do we have any American investors on this Board who can complain to the American authorities, a la Conrad Black?
Here's what I think absolutely crosses the line: 14 million shares trade at a time when the corporate officers KNOW the company is insolvent and about to go into creditor (read "bankruptcy") protection because they've already prepared the affidavits that say so. What does PG say to the media and investment brokers? "We have no idea what would be causing this."
14 million shares can only move if there are people buying them, not just selling them. If the insiders profited by starting and taking advantage of those rumours by selling, that's a violation for sure -- and they'll get nailed. But what about Gillen's fiduciary duties of disclosure to the people who were buying shares he knew would be worthless within days???? Caveat emptor (let the buyer beware) does not apply to stocks unless there is full disclosure, because the corporate officers have the information --we don't. But it all certainly explains why Teck didn't want to give them any more money, doesn't it? antiki

Jan 16, 2008 5:01:33 PM

TORONTO, Jan. 16, 2008 (Canada NewsWire via COMTEX News Network) --

TSX's review of the common shares of Tahera Diamond Corporation (Symbol: TAH) has been stayed pursuant to the Initial Order issued on January 16, 2008 by the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, As Amended.

Jan 16, 2008 12:27:46 PM

TORONTO, Jan. 16, 2008 (Canada NewsWire via COMTEX News Network) --

Tahera Diamond Corporation ("Tahera" or the "Company") (TSX: TAH) announced that further to its previous press release, it has obtained an order from the Ontario Superior Court of Justice granting Tahera and its subsidiary protection pursuant to the provisions of the Companies' Creditors Arrangement Act ("CCAA"). The Court has granted CCAA protection for an initial period of 30 days expiring on February 14, 2008, to be extended or terminated thereafter as the Court deems appropriate.

While under CCAA protection management will remain responsible for the day-to-day operations, under the supervision of a Court appointed monitor, PricewaterhouseCoopers Inc., who will be responsible for monitoring Tahera's ongoing operations, assisting management with the development and filing of a restructuring plan, liaising with creditors and other stakeholders and reporting to the Court.

Hi there CDNInvestr,

Sorry for your lost investment in Tahera. I know how it feels, because I may have lost more here and in ways you probably wouldn't be able to grasp. And yes at the appropriate time I will join you if I may. I do not know what you do in life to earn your money, whatever it is, no one deserves to lose his or her money especially in an unnecessary manner such as this. Bellow here is a tiny synopsis just to let you know what I have to do or had to do for each and every penny I have invested in Tahera. In addition, the total is an amount that technically is not even mine, therefore, makes me a thousand fold more responsible for it as compared say if this sum was mine. So, not only I haven't generated any revenue on that money; evidently, I'm loosing the entire of it, and simply because a licentious bunch seating in a luxury office in Toronto, just like that, decided that I should. In any case, this is what I do or did to earn the amount that went to buy the Tahera shares. I often have to work between 10 and 17 hours a day seven days a week for weeks at a time particularly while on field research during the months from April to October which I'm required to spent a great deal of time in and around water physically, therefore, while in such locals, I find myself in the company of black and deer flies, mosquitoes, rain, the occasional leeches dangling from my legs and some bears and wolfs around and what have you such as hunters in the autumn. Many a times I have been caught in violent thunder storms…not a pick-nick either. Oh yes, and once a hydro-plain just about descended on top of me while the children where screaming from the shoreline. I suppose, these are enough reasons to be upset with Mr.Gillin.
Now, although I have been trained by the best to walk away regardless of the injustice and as a rule I go by it just about all the time. In this case however, and while I'm fully aware that it is wrong, nonetheless, due to the extent of the damage they are causing to someny people, briefly, I am going to put aside such rule. So, if you are serious about investigating them, at some later time seek me out, if I can be of any help, I shall. Personally, I'm only interested to have answers from two of Tahera's people. Obviously, one would be your fevoured one…Mr. Gillin and the other one would be my favoured one…one of the Directors. Realistically, I do not believe these people are going to volunteer any information, especially Mr. Gillin, you know how tight-lipped he is. Not to omit that in the event of a class action, they can and will surround themselves with an army of very potent lawyers. Anyways, no need to rush; first let us see what their next move is going to be…regardless of what they say, it will be their actions and unfolding of developments that will give us a better understanding as to why those in this lovely bunch chose the bad route that they have.
Please keep in mind that my views differ than that of most people here. Many think Tahera has nothing substantial to offer, where I entirely believe Tahera has an enormous-huge amount to offer and I expected to capitalize in accordance with the amount I have invested, I still do (realistically I know this will not happen, but why not dream a little). I don't care what Mr. Gillin has to do to keep my shares intact. Nor do I have any interest in Mr. Gillin's personal ethics that is his problem, what I demand of him however, is to deliver on my investment in the Company he is responsible for and paid to be so. As you can imagine, I'm just waiting; the moment my shares disappear, at this unfortunate time most definitely I will join you and who knows; I may even be a special asset.
If I am not mistaken, most shareholders here think that they were misled by Mr. Gillin…I think that too, but for different reasons.

__________________
Cheers. Radian sparkling Green, glowing Yellow, and Snow-y transparent power to all Taherians.
************

There were actually shares being bought today, eg. by TD Securities, which makes no sense to me at all. Here is a report that has some comments by Gillin in it:

Romina Maurino, THE CANADIAN PRESS
Published Wednesday January 16th, 2008
TORONTO - Tahera Diamond Corp. (TSX:TAH) appears to have lost its battle to survive, announcing Wednesday it had been granted bankruptcy-court protection after a failure to raise money for its Jericho mine in Nunavut.

The Toronto-based miner, which has faced operating problems and mounting costs at Jericho, as well as financing troubles, had been trying to raise cash so it could take supplies to the mine via its winter road. Tahera has been trying to further develop the mine, which has had mill processing difficulties since it opened more than a year ago.

On Wednesday, the miner said its current cash flows and cash on hand wouldn't allow it to meet its current obligations and those related to the winter road resupply in Nunavut.

"As we had published before Christmas, we were attempting to do this equity financing and we required a certain minimum in order to deal with our financial situation and the re-supply requirements, and that if that were to fail, we would have to take alternative action," CEO Peter Gillin said in a phone interview Wednesday.

"We concluded that this was probably the best option that would protect the various stakeholders' interests."

Tahera shares tumbled 46 per cent, or 6.5 cents, to close at 7.5 cents on 19 million shares traded on the Toronto Stock Exchange, while the TSX began a delisting review of the stock.

The Ontario Superior Court of Justice granted CCAA (Companies' Creditors Arrangement Act) protection for an initial period of 30 days, expiring Feb. 14.

Brian Christie, an analyst with National Bank Financial (TSX:NA), said the announcement likely marks the end of Tahera Diamond - expected news since his firm had "been negative on this story for a long time."

"The winter road (to Jericho) is now open for resupply, and if they don't have the money to bring in those supplies then they won't have fuel and the operation will stop producing," he said.

He said he doesn't see any way out for Tahera, which has had problems with the winter road to the mine, forcing it to fly in supplies, as well as the Canadian dollar's unexpected rapid rise and flat diamond prices.

"If there was somebody (willing to save Tahera) it may have happened before now, so I think unfortunately it's probably the end of the company," he said.

But Gillin said Wednesday the company is still trying to work out its problems and hasn't given up yet.

"We're in creditor protection and we're looking at alternatives and we'll have to make decisions in the near term," he said.

Tahera's Jericho project began commercial production in 2006, as Canada's third diamond mine, and Nunavut's first.

In December, the troubled company announced it would seek a much-needed $36.7 million offering of hundreds of millions of shares and warrant units and reached terms on a financing deal with Tiffany & Co. and Nuna Logistics to convert debt into shares.

At the time, Tahera had also raised red flags about the recent volatility of its business. At the end of the fall quarter, the company only had $6.8 million in cash on hand and warned that if it couldn't raise fresh capital it might have to mothball the Jericho operation.

The court shelter process will prevent creditors and others from enforcing rights against Tahera and its subsidiaries and will allow Tahera to restructure its operations.

Tahera said it intends to continue day-to-day operations under court protection, with the supervision of a court appointed monitor, PricewaterhouseCoopers Inc.

Tahera, Gillin said, was hopeful it would be to successful on a new financing, attributing the previous failure to the fact that it would have been "a large transaction for the size of the company ... in very difficult market conditions."

Tahera's precarious situation had raised speculation about a takeover, with reports at the end of last year suggesting potential buyers might include global miner Rio Tinto (LSE:RIO), which already controls the Diavik mine in the Northwest Territories and is expanding the operation, or South African diamond company De Beers (NASDAQBRSY), which also operates in Canada.

But Christie said he didn't believe that would be an option either.

"Rio Tinto I don't see as a contender here, given that they're trying to fend off the BHP (Billiton) takeover and De Beers has other things that they're working on. They're just bringing two new mines into production, so I think their focus is elsewhere as well," Christie said.

I have not owned Tahera for a bit, but did lose a lot... somewhere in the five digits I am sure, if I go do the math that I am scared too. I see a lot of chat about class action suits. Well, I would be in.

My question is, does anyone know of any factual information concerning whether or not one is started or how to go about finding out or joining in on one or even starting it?

There are different law firms that specialize in class actions. Harvey Strosberg in Ontario or McGowan and Associates in Ontario are very well-known; Tony Merchant in Saskatchewan (but who is a bit controversial) does these as well , not sure who does it in the other provinces. Strosberg's firm is involved in the Bre-X litigation. Alan Rock, the former Justice Minister, is in that firm now as well.
They will usually do it at their cost, but for a giant percentage of any settlement or court order. You can find out who is in your province by Googling class actions, or checking to see who was involved, for example, in the Hepatitis C class actions from your province. So you would contact them with your concerns and they would go from there. antiki

Well all it's been a slice.. I don't know what to say except if these crooks end up getting protected from prosecution it's all bad.

I ended up losing my life savings on this one, my nice retirement fund.. I saved every year from age 25 to when I invested in this turd and look where it got me.. Funny thing was my investment guy tried to talk me out of it and noooo I wouldn't listen. I don't know what I am going to do , this will require a massive restructuring of my debt load and budget. I am pushing 40 and I don't want to work past 65 really I am at a loss as to what my options are.. Back to the grind stone I guess.

I was going to bail when it was close to a double and NWTCAM called me in person and talked me out of it.. He said that he had personal inside knowledge of the goings on at Tahera and everything smelled like a rose. Like an idiot I listened. He said the ice road was open when it wasn't! I owe u one Cam

Class actions lawsuits sound great but how does a person make it happen? I don't really have much else to say except "poor me" and that I am sorry for all of you losing your hard earned cash as well. I'm not a rich guy as i'm sure none of us are (except hastlebug that is) I will keep posted as to what actions are going on.

Take care all
All my best

__________________
Have a great one!

I share your pain Diameister......I lost 36 grand of originally invested hard earned money.......and I put it within my RRSP so I can't even claim the loss.

I too listened to the omnipotent NWTCAM, for a little while anyways. I don't know if you were a member of his $TTAH forum at the time I was a member or not, but there was a definite point at which I began to qustion the validity of the company........and I challenged him right at the point where the ice road was becoming a huge issue............he booted me from his forum at that point. I should have sold then, even at a loss, which at that point in time was peanuts compared to what I wound up losing in the end. And the end is now, who would have ever thunk it, based on what information was available at the time.........and really what info was available up until now. This goose was cooked upon ribbon cutting - there is another guy out there whom I listened to quite a bit who used to pump (a bit differently than the rat CAM) Tahera and claim inside info as well as to the daily goings on at the mine. It was all horsehit right from the get-go. Not that I really made my decision to hold based on what they said - I held because I thought after year two of mine production that there would be some return on investment.

I'm not sure anyone save for the bean counter managers on the TAH board of directors could have forseen the absolute complete disintegration of Tahera as a company within 18 months of mine opening.

What I am sure of right now is, the bean counters on the board, knew a very long time ago that this is exactly what was going to happen.

All I wish for now instead of my money back, is that all responsible for the complete lack of shareholder regard and wanton plunder and destruction of Tahera, pay for it with jail time.

Matt Howland

aka KabinFeever

matthowland@shaw.ca

I think we should all send an email or letter to our MPs asking them to raise the matter in the House about our concerns. It's free - they should be interested in finding out what happened, and they have a duty as our representatives to ask the right questions. This was a big deal up north, and it's gone from a good-news all-Canadian story to something that feels all wrong. Ask what's going to happen to the shareholders, and why the Conservatives haven't done anything to stop the bankruptcy from unfolding etc. etc. I think instead of talking to each other, we need to get some attention from the regulators about this one -- all the media is reporting right now is the general stock market collapse, not what happened at Jericho. antiki

Hi everyone, how about contacting the securities commision for each province, they seem to take stuff like this seriously, on another matter, i have stock in another company that has a cease trade order against it while the securities com. has them in court, i asked my lawyer about suing the company and was told a class action suit would be very expensive and more than likely would not see a dime, need either someone with deep pockets or the government to handle it, i hope everyone has a good weekend. jag

Hi, Jag - I think that's also a good idea, and people should do that. Just to clarify with you, though, class action suits do not cost the members of the class anything - the fees come out of the settlement or court order. Cheers all, antiki

Thank you Antiki,

You came up with a wonderful idea. I will attempt to seee the Hon. MP Thomas Mulcair. He is the representative for the riding where I reside. If I'm to send an e-mail, he might not pay attention to it; so, I will visit him instead---at least I will try. Hope Mr. Muclair will raise the Tahera issue in the House of Commons..........

__________________
Cheers. Radian sparkling Green, glowing Yellow, and Snow-y transparent power to all Taherians.
************

TD Waterhouse actually rates Tahera as a "Buy" today! I wonder if the Federal Government will rescue TAH? Nuna Logistics losing 14.4 million and Nunavut losing all those jobs....

Don't expect imediate action, however, you might remind them of Harper's presense at the ribbon cutting as well as the governments desire to more strongly assert it's northern position and presense.

I have written MP's before... and I have written the PM himself (Cretien) and you should get a response. In one case, I wrote the PM and it was passed off to the minister involved and I got a letter from that office that was obviously a response to "ease my concern" and not penned by the minister himself. I followed up... and I ended up getting a second letter, with more meat to it... and it very much seemed to have at least input form the MP/minister, if not penned by himself.

So, go for it! Word it well. Don't just grumble and complain and be mad. Be thoughtful and you might just get some people talking!

I would also suggest CCing, oh, I don't know... maybe the leader of the opposition? Dion might have a few tough questions he would like to ask of Harper. If there is hanky panky going on... Harper will not want to be seen as being involved.... but he would likely then cause a stir to "get to the bottom of it".

So, lead the way... write... .and the more letters, the better!