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@lat it is all posted in black and white - for all to see personally reading it gives comfort there are enough holes in the original judgement for the appeal team to turn this around
HNS_77,
I think a lot are missing the point.
It's jumped through the hoop and proceeds to Appeal.
Solid appeal points for it to get court time and not dismissed.
All know the ludicrous synergy damages awarded have no justifiable basis for the seller as it is the buyer who accrues the synergy and benefits and CINE now get the chance to present mitigation evidence which was never asked for by Judge Conway. Even though there were people in the room ably qualified to do so.
Cineplex want the full shebang, cineworld don't want to pay a penny .
Hence the court hearing .
If an out of court settlement was on the table , it would have been done n dusted..
Bwtfdik
Does anyone know if we can appeal again if we lose? Or is this it?? I must say I’d far prefer a out of court settlement. But maybe mooky is that confident of a win.
Yeah if we win , and I have no idea if we will, the sp will rocket!!!
Thankyou to whoever first posted this update. Personally I am glad this has finally been given a hearing date and hopefully bring some order to the chaos this ridiculous judgement produced.
On hearing this news I decided to go back down the conspiracy rabbit hole and notes one find of interest. The chair of Cineplex’s board is a lady called Phyllis Yaffe - look her up- in googling this women she is highly influential in political and legal circles it seems and not only that but I even managed to find photos of social events where she and Barbara (judge who ruled against Cine) both attended. very cosy. Not saying any of this is linked of course but I will say this - it smells, it smells rotten and with everything else that has gone on with the short positions, the articles about corrupt judiciary and nonsensical “landmark” rulings on damages I think Cineworld were well and truly screwed over on one form our another - so let’s see if this can continue with the appeal and failing that if/when any enforcement or this comes to pass that British courts are so inclined to allow it to stand
Personally, I’m pumped. The first time around, the court hearings were all finished by early November and we got the judgement by mid December, so about 45 days thereabouts from memory.
With the court hearings finishing mid October this time, we should get the judgement by end of year if it follows the same schedule. I am already resigned to the fact that I am down 60%, so this is all or nothing at this point. If we win, then huge family pack of biscuits for us all, I expect 60p instant upon open, and if box office performs decently then we could very well see 100p by Christmas. If we lose, then c’est la vie. I pray that we don’t lose this appeal, but if we do then I will be looking closely at Mooky’s mood and what he says.
All out of our hands now. If you decide to hold until the release of the appeal result, then it’s pure lottery. One thing for sure in my opinion is that the price movement will be extreme regardless of the result, so take your pick, sit back, relax and let’s see what happens. I’m not going anywhere at all, Mooky and the directors I spoke to on Thursday gave me tremendous confidence.
All in my opinion, I’m excited now that are seeing progress!
Great find. Also pleased that it reiterated what we know. The judgement was in favour of lost synergies and only $5m for transaction costs.
I believe Cineworld will have reported positive Q2 and early Q3 results by this time to establish the recovery and the appeal winning will be the icing on the cake for a great recovery to the share price. All IMO.
It was probably the judge lol
I’m also interested to see how short positions line up before judgement. It was really suspect that shorts were opened just before the last judgement was hand down.
Perhaps Mooky and Co don't work weekends, good to get news even through a 3rd party
Great to hear a concrete date, but if the first time around is anything to go by then it is very well possible that we may receive the appeal result by the end of the year, for good or for worst…
I must say from the AGM that Mooky looked relaxed, just his demeanour and tone of voice alone gave me confidence.
If the appeal result comes out before the end of the year and if it is negative then it is very serious. However, a negative appeal isn’t the end of the road in my opinion. In terms of Canada, there is still the Supreme Court, and considering that this case has no precedent, it very well could make it there. In terms of outside of Canada, CINE could very well refuse to pay, and consequently Cineplex would be forced to go to a different court to seek the money. So in the event of a negative result, there are still a lot of paths we could take.
If I were Mooky, I would have lost patience by now. I would have gone straight in, done a hostile takeover and finish this thing once and for all.
All in my opinion.
It will be well after earnings and even other Canadian law firms are saying the synergies fine is ridiculous.
We need to find out what could be Cineworld’s strategy if we still need to pay this huge amount to Plex. Could Cine ask to have a judgement in the US or the UK to be more neutral? I thought that the judgement would take place in 2023 so we could have better cash in hands as B.O. is growing up. So it’s in a short period of time
Justice Conway did not discuss this point. She accepted Cineplex’s calculations and rejected Cineworld’s arguments that synergies should be discounted to reflect purchase price debt that would be placed at the Cineplex level
Seriously???? The most ****ing stupid person in the world . The ****ing ****** . How the **** she or he become a judge ???????????
Good find thanks Crumpets, I've not seen that before
Good read on it here.
Apologies if previously posted:
https://www.nortonrosefulbright.com/en/knowledge/publications/7ee6f89b/expectation-damages-for-lost-synergies-a-closer-look-at-the-ontario-superior-courts
Huge news here.
Everything crossed for a favorable result this time , the ruling of "synergies " will surely be thrown out as cineplex were never going to receive synergies from a takeover, all synergies would go to cineworld as the remaining operator. The worry is the counter claim, if it does go against us let's hope its a vastly reduced settlement figure.
So a few days after CINE has the AGM there was no news, yet today we hear it's October. I think the communication from CINE is absolutely farcial.
https://www.hollywoodreporter.com/business/business-news/cineplex-shrinks-first-quarter-loss-amid-box-office-recovery-1235146077/amp/
Cineplex confirmed case date