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We all know from experience how the markets, and their manipulation of our money, work. I think Monday will be a classic example of milking a situation to the max but the premise of £1.00 by Monday still stands - we just don't know which one.
Monday will be interesting, I can’t imagine the markets haven’t priced in the legal action by cineplex - everyone knew it was coming! Perhaps, the amount raised a few eyebrows - but realistically are they going to get $2 Bil in damages? That would be insane!?
£1 by close on Monday. Haha.
Thanks Damodubya, interesting, when you combine this with the furlough scheme potentially the costs of forced closure might not be quite as high as one would first imagine.
March 12th 2020
"Cineworld boss Mooky Greidinger, started an earnings call by saying, “As you know, auditors are very conservative and are taking a very strong assumption. I’m not arguing with them, but if we look on the realistic side, to say we feel today that we are not standing on safe ground would be wrong.” However, he added that cinemas might indeed close. “It can happen, we see it coming, we see the changes every hour.”
He said that the company would not continue to pay full rent of around $50M a month should cinemas shutter. “We know the contracts and the laws and our partnerships with our landlords who have been with us for decades, so taking that assumption is very, very conservative.” He later added that in Poland, for example, Cineworld will not pay rent “at all” while cinemas are dark."
Obv we know cineworld has been closed for 4 months but still having to pay their leases...I was just wondering though if it has actually been making these payments? Seems like landlords have missed out massively over the last few months with only around 30-50% of commercial rents being receieved (I have learnt the hard way through also being invested in NRR) I doubt this rent will ever be repaid so landlords will take the temporary hit, in the UK it's illegal I believe till Oct to evict a tenant for not paying and most will not because it will in the short term be a tenants market. So am just wondering if Cineworld have indeed being paying their rents in full...