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Very interesting decision posted,
It looks to me that a further net $10m sale of stockpiles has been agreed pending finalisation of the agreement with the banks.
No doubt expecting an RNS on Monday to clarify this.
"Requires the Debtor's authorization to continue the shipment of stocked iron ore. Basis your request in the favorable scenario of the current market in relation to the price of iron ore"
"Trustee is in favor of the request, which will allow the continuity of the Company's activities, through the sale of iron ore stored until the Debtor and the Banks Union present the agreement signed at the process."
"Considers that the authorization for sale is necessary in view of the guarantee of fiduciary sale of all Assets of the Debtor held by the Union of Banks, added to the absence of the formalization of an Agreement between the Debtor and the Banks Union which prevents the resumption of activities and compliance with the PRJ. It maintains that there will be unnecessary costs with the interruption and resumption of activities of the Company under Reorganization. It also informs that the clause of the PRJ that deals with the delivery of ore must be observed of iron belonging to Geralds Metals, under penalty of configuration of non-compliance with the PRJ"
"Therefore, I authorize the sale of the recovering company's iron ore stock up to the limit of US$ 10,000,000.00 (ten million US dollars), with a 10% reserve to the Union of Banks, observing the procedure suggested by the trustee for proof of expenses and withdrawal of the amount."
6.55! the pros wake up later :P ev_bull do you have twitter would love to speak?
Fingers crossed. An RNS in the morning would be great, one on Monday wouldn't be bad either. Alarm set for 6.55.
Cheers, hopefully it pays off for us all! (I think it might)
Cheers EV
@EV_BULL you sir and a few of others on this board are on the ball. I appreciate all the efforts and sharing you do.
Judicial recovery
Which court process is that decision regarding?
Here we go again boys & girls.......
MOVEMENTS
Date Movement
22/07/2021 Conclusions for Decision
remember this… http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=311428211518388738 …
the banks were given a 60 day deadline to execute their guarantees or agree a settlement…
anyone want to guess which option they chose… now that that deadline has passed…
I would assume and logically too that the banks are ready to sign off onnthis deal as they have passed ot to their legal reps to see it over, fingers crossed KM onows whqt his doing and has a date where the courts are looking to complete this amd why he has gone for the AGM so soon, he will get trashed if this is not done nd dusted by then
@EV_ ;o)
Sorry MLQ “fait accompli” - done deal.
IAR: It’s a hard one to call, I can understand why Kiran isn’t giving a date.
It really could be any day as mentioned in the court case ( I.e within 15 days) but it could also still be a few weeks I personally expect it before the AGM.
I don’t personally expect it to take months but I can’t rule it out of course, we are still just waiting for confirmation of bank sign off and Kiran is confident that it’s all going ahead.
EVbull whats your thoughts when do you think this is likely to conclude, deal done andndusted by?
I certainly hope not @EV_
"He has told us that it's a fail accompli "
I would imagine KM's reluctance to say anything is because the banks will be scrutinising it and he wouldn't want to disclose too much at this point, they are clearly monitoring everything that is in our RNS's as evidenced in the courts. He would of course also not be able to disclose anything that is currently sensitive or confidential with the court process so we will just have to be patient and wait for it to conclude. The judgements posted recently were delayed by two weeks possibly for this reason. Worth remembering that Indo Sino are in the same boat as us so it's clearly not just down to KM/Cadence.
He has told us that it's a fail accompli so assuming he's right then this is clearly going to pay off big time.
We might get an update from the haul that may fill in some of the blanks from the court and port watching like who the shipments are for. I'd assume another update once the 4 ships / net $10m is done otherwise.
In other court news Anglo had another appeal rejected.
https://tj-sp.jusbrasil.com.br/jurisprudencia/1248393838/embargos-de-declaracao-civel-embdeccv-22558121420208260000-sp-2255812-1420208260000/inteiro-teor-1248393844
mlq/ l download it to chrome but could not see it all but what l seen is good,
YUP!!!! chasing the chaser.... Boat hunting
You know that’s what we’ve been discussing for the past week right MLQ?
@md: + @tc..
Seen these ?
https://administracaojudicial.kpmg.com.br/downloads/relatorios/Rel.%20Visita%20DEV%20Minera%C3%A7%C3%A3o%20-%2028.06.2021-1624978028670.pdf
https://administracaojudicial.kpmg.com.br/downloads/relatorios/Rel.%201%C2%AA%20Destina%C3%A7%C3%A3o%20Min%C3%A9rio%20de%20Ferro-1624881711234.pdf
From here; https://administracaojudicial.kpmg.com.br/empresa/5ea076fd756ae112947c36b4
AF V Zarmin legal release 16/7
p717 ish
https://dejt.jt.jus.br/cadernos/Diario_J_21.pdf
Good idea, and good progress on correlating the dates!
A clue on the dates Obs.
19) references pages 19575/19587 a decision posted on 22/06/21 references pages 19667 and 19682 so in theory the statement would pre-date that.
@Obs from the judgement ref the hoard:
24) Page 19737/19759 (The Judicial Administrator presents a report of monitoring of iron ore destination related to the first shipment held on March 31, 2021); Page 19810/19823 (The Judicial Administrator presents a reportof visit of May/2021)); Page 19879/19913 (The Judicial Administrator presents the Repor tof Compliance with the Judicial Reorganization Plan referring to Labor Creditors and Low-sufficient. Notice to creditors and other interested parties.
@maddog info is from the shipping schedules for the port.
yes l have that EV 27th, but that is not what l asked" you are evading my ? lol what l want to no is were the info comes from..