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“ADCB’s filing to the courts has a “strong case” and is likely to win in its request to appoint Alverez & Marshal as administrators, said the first source familiar“
Debtwire
“Shareholders are also worried about what they describe as an attempt by creditors to take control of the company to their detriment. Some are organising in an attempt to delay the proceedings, people aware of the discussions said. The ADCB declined to comment.“
They really can’t do anything at this point...
FT article suggests some shareholders want to delay the administration proceedings, though I am always a little wary of how reliable these unattributed comments may be. They might just be alluding to Belhoul anyway? What could be done to delay them when NMC's own legal counsel sees no basis for opposing the petition, per the RNS today? Here is a link to the article https://www.ft.com/content/61cced42-cbdc-4339-9768-f341eca3ee42 which appears to be behind FT paywall, so I am not going to copy and paste it.
Ithmar probably got 9% free to bailout the buttis. 9% of zero is zero. Belhoul tried.
Presumably Ithmar Capital will lose too?
Mfrs will pick this up for peanuts. I hope they all get screwed.
Some of you were lucky. Some of us were very very very unlucky
It’s gone, l got out day before shares were suspended. The had gone and were slightly going down, l wanted to buy them low as they were volatile. When they were suspended l thought, l missed a good opportunity as once the company had sorted the issues the shares were to go high. I feel sorry for anyone caught in this. I can’t believe EY missed 6BN of debt. Muddy Waters don’t miss. Never will l ever go against Muddy Waters.
Bye bye NMC.