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https://news.sky.com/story/sports-direct-tycoon-ashley-reignites-row-over-debenhams-collapse-12371048
especially given the effect on the pension fund
Magasan de Nord sold for undisclosed price
Just came here a year on to see if of these penny stockholders still whinging about getting their money back.
Law suit anyone ? What happened to that?
lol
Absolutely no sympathy for them. Mike Ashley offered them a considerably good takeover offer, thought to be in the region of £125m,which was rejected as being too low.
Well - When packing their cardboard boxs out of the office, i hope the Debenhams Board think the price is about right now, eh?
A once great name is no more - you will be missed just like Woolworths and C &A :)
Today marks the final trading day for Debenhams in the High Street.
With a history that dates back to London's West End in 1778 the company had 110 sites across the country by the 1950's and has been the mainstay of many High Streets throughout our lifetimes.
If lives on as an online marketing tool for Boohoo - the final insult to a once great company that simply lost its way and failed to reinvent itself.
https://www.bbc.co.uk/news/business-57119489
No yield for shareholders? Or shareholders don’t even exist
If boohoo are taking over the deb stock etc what happens to the shares?
Well well well! Told you pearls! Looks like you shat out after all this time! Said MA wouldn’t get his hands on debs and I was right! Sucka!!!
....*sighs* terrible board.
has been like a dog with a bone over Deb for years.....he wont let it go now, not after he was previously re-buffed. He will take the assets and stock in typical Mike Ashley style and yes surely now an amalgamation of HOF and Debenhams has to be on the cards. Deal announced before the weekend in my opinion....
Looks like he’s getting very close to it as well. Reports coming out that he is close to clinching a deal which would value Debenhams at £200m and save 12,000 jobs
Not sure if it means anything to us (ex) shareholders but seems at least positive for the high street and for jobs.
Something must also be done about business rates.
many thanks for your thoughts PEARLS'''
It's always nice to have someone that's on the side of small shareholders posting here
that actually feel our pain, and our losses
what would we do without you..
yes and I'm sure MA will be on the case , and won't be taking £150m loss lying down,
and will surface at some point with a new offer of just £1 LOL!!!
he is not silly, been in the high street store game for years, and has seen them come and go
and has bought most of them when they are on there A-SS LOL!!
the meek shall inherit the earth they say'' never a truer word said,
we will see how it all plays out, in the weeks and months ahead, we have lot's of time..
regards
308..
-if anything this puts the assets that once belonged to Debenhams PLC at an even further at distance.
As Celine's unsecured creditors might never have been creditors of Debenhams PLC. If the creditors do get paid out, or someone else takes on the debt and guarantees, there will be some of the Celine 1 shareholder who are still creditors and will also be in line, as I believe as part of the process of funding Celine 1 they converted some of their debt into equirty and other parts into senior secured debt, so they'll rank ahead of other secured and unsecured creditors.
Most basically, if Celine is no more, does that mean that creditors essentially have given up their rights to any proceeds?
- No, becuase they are still creditors. In this case some are secured and some unsecured.
The secured creditors will have the security of the assets belonging to Celine 1, the assets of the business trading as Debenhams.
Mike Ashley keep on referring to his 30% stake as if it is still a live shareholding?
- it may still be a holding in Debenhams PLC, but that company has not assets. So he's technically a DISSENTING shareholder, in the PLC buisness, not the owners of the company trading as Debenhams owned by Celline 1
Got it?
Dissenters are strictly shareholders who have a holding a business, who could expect a legitimate payment from the company, but they also more broadly shareholders who haven't accepted an action of a Board and are unwilling to surrender their shares or rights, once a company is dissolved their rights in absolute terms disappear and their only courseof action is via the courts - usually against the Directors.
We've been thought that, and as far I understand it, Debenhams PLC has been de-listed, struck off companies house and is being dissolved - if it already hasn't. Dissenters don't have to accpet any of that, but they have limited recourse.
No, it's very simple.
Debehmans PLC had creditors
Some of those creditors formed a SPV (special purpose vehicle ( a company)0 and excercised their rights to take over the assest of Debenhams. They became shareholders of Celine 1
Debenhams PLC basically dissolves.
Celine 1 has creditors.
- in many cases the same creditors.
Celine 1 gets into trouble, becomes insolvement and it's assest gets sold off to pay it's creditors.
THE CREDITOR WERE NOT SHAREHOLDER OF CELINE 1, so Celine 1 insolvency doesn't mean they give up their right.
Some of the creditors converted their debt to equity, but not all of them. I still own some of the Debenhams fixed income debt, that is now secure on Celine 1, but with was originally secure by Debenhams PLC.
- it may still be a holding in Debenhams PLC, but that company has not assets. So he's technically a DISSENTING shareholder, in the PLC buisness, not the owners of the company trading as Debenhams owned by Celline 1
Got it?
Devon, if Celine acquired the rights of the secured creditors, and DEB is now in liquidation, does that mean that Celine is in liquidation as well?
Why does the press and even Mike Ashley keep on referring to his 30% stake as if it is still a live shareholding?
Most basically, if Celine is no more, does that mean that creditors essentially have given up their rights to any proceeds?
" Mike Ashely appears to be the only game in town. Can he use his 30% shareholding still to enable him to purchase DEB cheaper? "
- that's a holding in a liqidated company that's been struck off, I posted the notices here, so he doesn't have any holding in the business now trading as Debenhams. As has been discussed over and over again, Debenhams is owned by Celine, a special purpose vehicle created by the former secured creditors of Debenhams PLC - MA doesn't have any shareholding in that business. It's owned by a collection of banks and hedge funds. Debenhams PLC has no assest, no holding in the trading business Debenhams or Celine 1. So no, as it's a seperate, it won't help him (or any one else!).
But he won’t though will he, and you will still be out of pocket!
There were a lot of us with losses on this one Smithy, I'm hardly alone.
Strikes me that the time is nigh for House of Fraser to be merged with DEB at last. By common consensus, HOF has been a disaster, unstable commercially without DEB size to back it, so it's time for Mike Ashley to open his chequebook.
Nothing lasts forever, sadly.
Still nursing ur losses after all this time pearls? So sad! Time to suck it up!
Absolutely agree with you.
At this rate he is going to be Mr High Street. The way they wouldn't do a deal with him last year was ludicrous. Time to face the music for these !!+@@"" running these operations who will now lose their jobs. They should have done the deals with him and protected the companies.
Pride comes before a fall, but it seems there are a lot of fools out there.
I for one actually hope he now gets it and blows a f...ing big Raspberry in the faces of those who would not take his money last year!!