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Ok my last one for a while as the mood is deservedly down due to circumstances.....
Seth Schwartz is still imho a very reputable guy and I’m sure he is still going to work hard to try and get the company through this.....we always have references to his restructuring at centennial resources.....that company was virtually bankrupt and was indeed re financed and rejuvenated......so here’s hoping
“Mr. Schwartz consults on coal procurement activities and served as President of Centennial Resources, a medium- sized coal producer, during its bankruptcy restructuring”
Any thoughts on who brought Schwartz in?......let’s not forget the holding amassed by best&co is due to spiral down the toilet along with our holdings.....this administration could salvage something as it’s basically a protective status until lenders and creditors agree new terms?.......
I still can’t see clearly what went wrong,rather cunningly the AGM was kicked so far down the street nobody could get to ask the questions that needed answering!.......
I’m hoping this is gonna be re structured as we all lose out directors and all if it’s broke up......
Just a thought
Seems my last post has been taken down ... must have touched a raw nerve with one or more former directors.
As a shareholder in this shambles, I think I have every right to express an opinion and make my thoughts known ... if the truth hurts, then so be it.
Go back to Feb/March and we were looking at recovering our initial investments, even making a profit, 3 months later it is clearly revealed we were being misled by alleged false accounting and expectations of a RTO.
There are serious questions that need answering ... by those directors who resigned in April.
Is there a "white knight" (mug) in the wings waiting to come to our rescue?
Get in touch with this company:
Gordon Bowden at Pandora’s Box Investigations Limited (Company Number 09712633) as follows:-
7 Westleigh Avenue
Derby
DE22 3BY
E-mail: rafbowden@yahoo.co.uk
I'm in Bmr & Gordon Bowden's name has come up there,so look on the Bmr blog,this stinks.
“For evil to flourish, it only requires good men to do nothing.” ? Simon Wiesenthal
Do something, anything ,but don't be a member of the "sheeple" flock
Hopefully this will be be their last duplicitous act.
Unfortunately the corporate world seems to thrive on this type of behaviour and governments actively encourage it.
I’ve lost count the number of companies I’ve invested in that have gone private,delisted,become cash shells, went bust , diluted beyond recovery. Been drilling for oil for years but never finding any . Mining minerals but never so much as picked up a shovel. Oh and that fitness tracker that still hasn’t tracked anything. To mention a few.
Some went well though - for the sake of a balanced view .
There just seems an awful lot of dogs to choose from.
That is indeed interesting, I will contact him tomorrow and ascertain what he requires to take an interest. I would suspect the more queries he gets, the more his interest will be piqued, so I encourage anybody who has been screwed by this bunch of w*nk*rs to at least make contact.
I agree 100%.
As a trial balloon I re-posted the link to the old "joesanders61 STEPHEN BEST – PRESIDENT OF ATLANTIC COAL PLC." piece which they have consistently forced LSE to remove (at least 7 times since 2014), at one point threatening legal action. I re-posted it this time to see if they were still watching this board and, surprise surprise, it disappeared after about an hour. One has to ask oneself why are they bothering if their involvement with this debacle is void
Best and Wilson what a joke! If they worked at a normal company they would not cut the mustard and have been sacked long ago. Gravy train for rubbish springs to mind.
I am concerned though that this is more than that and is an elaborate scam to get rid of us. How this can go from great results, positioning for a relisting which was at very last minute abandoned for no real reason, then misdeclared accounts followed by administration stinks to high heavens.
I am contacting some parties including the FCA to look into their activities and ATC. Watch your back boys! We are coming to get you! With my dying breath will be all over this!
Was the attempted relisting a ploy to find out the percentage of holders left.....
Or their massive master plan of getting rid of all shareholders and going private has worked to a tee!!!!
I now thinking directors pick the business up for £1 as going concern, not unusual. Komatsu must be owed a few quid, somehow this will net out all right for them, took on too much debt too quickly ?
I’m gutted........what’s the likelihood of the DS investment vehicle set up to buy assets like ours scooping up the best bits and then the dynamic duo re appearance as advisers?.......
Because Atlantic Carbon Group plc is a London registered company that operates in the USA it cannot file for Chapter 11, as it no doubt would have done to protect its assets if it were a USA registered company. The appointed administrators will now be evaluating the assets of the company that are not party to the debenture, charges and leasing contracts ((to Kamatsu and White Oak Global Financing) to see what can be salvaged.
Looks like the plan by Wilson & Best was to float (by any means possible, calling in favours from Shea at DSS) and then pump and dump.... until the audit revealed overvalued stockpiles and inventory.
According to Companies House, AW currently has no directorships in his own name, but he holds shares in ACG through nominee investments, as does Stephen Best with his wife Mary and daughter.
The biggest loser is career miner George Roskos who must now be rueing the day he got into bed with them back in 2016.
With all the potential, with rising demand and prices for anthracite, it beggars belief that this has gone tits-up.
http://www.atlanticcoal.com/News/News/2019/ACG%20plc%20-%20website%20notice%20of%20Administrators%20appointment.pdf
White Oak and Kamatsu must have pulled the plug?
Oh joy. Couldn't say this was not going to happen though to be fair after the latest fiasco from the board (whether their fault or not). Suppose now they will try and find a buyer as a going concern and see what scraps we are left with, if any. Makes me wonder now why Head Snorter Wilson called off the merger with DANS????
Gone into administration.
What a fecking laughing stock this mob really are. I appreciate Seth is picking up the ****e from Boggit and Scarper, but please..............................
Yes a total mess. Very hard knowing what's really going on; no doubt we'll be the last to know anyway. Think Seth has been left trying to pick up all the pieces and find a way forward after those 2 *******s left.
If anyone needs to contact our new ceo to vent off
schwartz@evainc.com
What a bloody mess......my confidence in Seth is waning
http://www.atlanticcoal.com/News/News/2019/Letter%20to%20Shareholders%20re%20GM%2017.7.19.pdf
Agree - the accounts are dire reading and I'm not surprised by the qualified audit opinion.
Looks like they over valued coal inventories in 2017 in anticipation of the floatation. This came back to bite them on the harris in 2018.
Lots of re-financing post year end - lets hope this is the start of better things.
Or against us as usual!!!!
Still hoping, not much choice really. In the hands of Seth at the moment.
I think so far it’s just standard loan arrangement with white oak,the giveaway will probably start when their term loan ends next yr ?
Unless things go in our favour for once!