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The Yukos board resigned November 2 and set December 20 as the date for a general shareholders' meeting
The Yukos board resigned November 2 and set December 20 as the date for a general shareholders' meeting, where those attending will confirm the company's bankruptcy, liquidation or the implementation of an anti-crisis program. Yukos is on the brink of insolvency, board chairman Steven Theede said on Wednesday. The bankruptcy decision still remains to be made, spokespersons for Group MENATEP, which owns Yukos's controlling interest, told Kommersant. Yukos minority shareholders believe that bankruptcy proceedings are an acceptable way to maintain the company. Receivership does not mean that the company will be liquidated, but it will protect Yukos from creditors' claims, those of state creditors included. Minority shareholders are positive that the bankruptcy scenario can protect the company for some time. Analysts are certain that Yukos can only be saved by a new owner. Tax claims exceed Yukos capitalization ($6.6 billion). Majority shareholders should sell Yukos stock or that of Group MENATEP because this is the only way out, some experts believe. "There is no sense in talking about the company's value until Group MENATEP shareholders leave the scene," analysts from the Consolidated Financial Group say. Speaking at the November 1 court session, former Yukos CEO Mikhail Khodorkovsky noted that he had said goodbye to his property a long time ago and had proposed using his own shares to repay the company's debts. Mr. Theede believes that Yukos's failure to pay enough taxes is not the crux of the matter. In his opinion, there is a desire to calculate the necessary level of tax claims to justify what amounts to the theft of shares or a change of ownership.
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