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In a couple of years CINE will be back to top gear. Makes a lot of sense to delay payment.
Cineworld no longer interested in any deal for cineplex. That is long gone. Will now be court battle for next couple of years.
Why don't Cineworld make an offer to buy the debt?
They would get an idea of what Cineplex will take.
Cineworld will be taking over before that. Mooky might try and fight it but Amazon, Apple and Walmart are pushing into the entertainment industry more and more. Studios do not have the cash to fight back and will have to follow these companies lead. IMO
Let's just face it .. March last year this was around 1.20, without the claim this would be around that now.
Get rid of the claim and Cine survive then within a few years we could be at that again.
This will go to court. Synergies payment will be wiped off and only transaction cost of $55 milllion will be payable. By either Cineplex or Cineworld as Cineplex may lose the appeal completely. Then this will go up to the Supreme Court and then the U.K. court. Looking at another one to two years in court.
I’m not sure whether anyone will be willing to purchase the claim when appeal is in progress , Cine will have to find a way to reduce the ludicrous synergies award to a manageable sum and then let plex sell the claim to a debt service company for a comfortable figure - say less than $100m. Message from Plex around selling claims makes me feel that out of court settlement may not happen - hopefully I am proven wrong. Our Lawyers to find ways to break the ludicrous synergies award —— that’s the key to victory here
@mir, I assume an out of court settlement is negotiated directly between Cineplex and Cineworld. Selling the claim would offset that negotiation to someone else (whoever buys the claim) and it would be up to them either to pursue an out of court settlement or continue with court.
What's the difference between selling the claim and out court settlement. Selling the claim means they are ready for agreement but the price needs to be negotiated. Actually, the best buyer of this claim with existing risks is Cineworld!
Selling the claim is not something I thought possible, but if it is it could be a great thing.
Cineplex also knows that the amount is ridiculous, selling the claim is a win-win-win, because Cineplex gets something pretty much instantly when they sell the claim, the entity purchasing the claim gets to choose their own damages for an out of court settlement and can choose something like $150m for $100m purchase as RS gave as an example, and CINE stands to pay a potentially smaller amount, so everyone wins is the way I see it.
The big advantage for Cineplex is not needing to wait for the money, even if they did an out of court settlement with CINE directly for something like $150-200m they would still need to wait a few years to get it, by selling the claim the payout would come straight away I surmise.
No one would buy it at the moment. Damages were awarded for lost synergies, which Eve Cineplex in their counter appeal admit is wrong. Until this has passed the appeal process. The. No buyout of the claim is likely. Can still go up one stage higher in Canada. Before it then gets heard in court over here as well. Too many variables and uncertainties for anyone to waste money on at this stage. IMO
Selling the claim does NOT mean any such thing Tegop.
However, like smart investing the company are looking at all risk reward scenarios.
They for example may still strongly believe in theory case, but realise there is always a degree of risk (even if they see it as say 10% chance of "failing")
A guaranteed x% of original award with absolutely zero risk the may feel is smart business for an x% cost at worst case and a $m "win" from the claim sale in best case.
Going all or nothing is often not the smart choice.
It's very hard to completely remove Cineworld bias in thought process when that's the company most here are invested in.
As examples: mind we were guaranteed original case win.
Cineplex legal team were no good (yet won)
Share price won't/can't go below £1, 80p, 60p..... (It did)
Now if Cineplex do sell claim at a VERY discounted rate then that may well be taken with some encouragement (yet still nothing certain).
Until then we have lost Can$1.24bn in legal case.
We need to win this case. bottom line.
Selling the claim means even plex does not expect the full damages to be paid and wants another party to take the risk at the cost of some of the benefit.
The risk includes losing the court case. They might as well tell their legal team they don't trust them.
RS - selling the claim wont mean cineworld gets a discount.
Old news, someone here posted this information many many months back.
The only good or positive situation here is if there was no claim .. everything else means Cine paying something, which is not good for the share price .... however the quicker this thing has some form of conclusion the better for all.
I said on this chat that judgment is wrong but some reason it says it is right !!!!!! Hmmm I’m bit worried the what this page to be honest now !!!!!
The cancellation fees must be paid only .
It is simple and clear when you buy a plane thicket if you cancel the thicket , you are most likely to pay cancellation fee only .
We all know the judgment is right and the twat judge has made an error. If the error wasn’t made , we would not be available to appeal .
This is a good find. Selling the claim would in fact be a good approach for cineplex to inject cash and the claim would need to be sold at a discount. How big is this discount? 75% discounted? This could help both parties “save face”. We all know the judgement is unenforceable and selling the claim could allow another party to settle it there after. An easy win for instance of it was sold for $100m. The party who purchases it then agrees with Cineworld to settle for $150m. That said, Cineworld could easily win the appeal and either dismiss the judgement amount for synergies or significantly reduce it further. Time will tell. For now, institutions and insiders continue to hold almost 75% of the shares in issue and remain as is.
If they have a selling point then that should be the starting point for negotiations.
I can’t see selling the claim working when the outcome is being so hotly disputed. Why would anyone want to take it on when the damages may well be significantly reduced.
Although I suppose one of Cines current lenders could take it on at a significant discount.
join the back of the queue plex , youre not first in line and won't get fork all if demanding the whole biased ridiculous amount. Be happy with something less than $100mill spread over a few years!!!
Ain't life a daisy :-))))
If they cannot sell it , that's a good thing :-)