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Mark
cheers for posting that v long winded legal info. i got to page 38 of 119 so far and what really stands out is the incredible way that Grewal was running the company and effectively hoodwinking shareholders by making promises of maximising shareholder value when the only real asset of the company was already being controlled by Nordic Trust. Whilst giving guarantees to GIC that he had no right to. I am now consoled with the fact that i will see nothing from this as NT trust are first dibs as guaranteed creditors and i presume GIC will come under the next category . Grewal should be reported to FCA ( not that i have any confidence in them =AMIGO LOL)
He and the other large shareholders will have lost a lot though right?
finally, what happens, what will happen according to 119 pages because I couldn't understand,(
I actually read it all and I’m none the wiser ….. BUT …. If the asset values are anywhere near correct there was enough left over as figgy and myself have worked out before to see a return to shareholders although we haven’t seen latest figures and we are running off old figures. The company is still running and the jol are sitting as acting directors. The delay in starting to liquidate/sell assets is centred around this legal process that we hadn’t been informed of which in turn will no doubt ramp the fees involved up thru the roof … so …. Dunno!
Don`t forget GIC and NT debts getting higher and associated fees whoo hoo!!!
This is the rns with the latest valuations of the blocks that we have (2019 figures) you can easily work out that the value of the assets back then far exceed the debts ( at the time )
https://www.sharesmagazine.co.uk/news/market/LSE20190226070007_13981176/Dividend-in-Specie-Declaration-Asset-Sale-Update
Good find Mark, did you find this online or through Columbo?
Quickly went through it.
Pity it can’t be copied and pasted.
I see the Key Points commence from 287-298
I will get back to you, may mean pinging a copy to walkers LLP in caymans to decipher the end notes.
They were follwong the case.
I’ll try and google this week...
An email to the authors of this article maybe next course:
https://www.mondaq.com/caymanislands/insolvencybankruptcy/972102/adjourning-a-winding-up-petition-the-standing-of-a-secured-creditor-in-the-cayman-islands
Updates from JOLS would have been appreciated all this time. Muppets...
Hate to say it guys, something doesnt add up here. It looks to me like Nordic Trustees were ready to sell assets and pay back everyone...and then GIC tried to exercise their letter of guarantee - which is what the whole dispute is about. Why would GIC try to exercise their letter of Guarantee?...unless they thought that they were not going to get all that is owed to them...
...which perhaps means that Nordic Trustees were going to sell the assets cheap...so that maybe GIC wasnt going to get everything...and if GIC wasnt going to get everuthing owed to them, neither are we. which is why when GIC filed its petition, Randeep said he was in support of it.
I think that Nordic are trying to sell the assets cheap...or maybe they are trying to sell them at a cheaper valuation than what randeep thinks is fair.
Regardless the courts have thrown out the petition by GIC and Nordic are presumably now going to go ahead with the sale...unless GIC disputes this in London courts (which seems unlikely as they have already admitted that their letter of guarantee doesnt hold water).
So, one way or another we are close to a resolution...whether we get anything is still in question.
FULL DISCLAIMER: I am a long standing and pained shareholder...I hope we get what is fair for all this hassle.
Yes figgy found it online. I was trying to find out more on the producing and non producing assets and trying to get a sense of how the business is ( or not ) still in operation and stumbled across it.
Thanks Rakul,
Lets hope an update in layman terms from JOLS very soon.
Before pandemic is over...
Thanks Mark ..
It’s been a very long time now
Well this doesn’t make pleasant or encouraging reading but most recent article to mention G3e, Greka and Randeep.
https://www.desertsun.com/in-depth/news/environment/2021/06/25/oil-bankruptcies-leave-environment-cleanup-california-taxpayers/4977647001/
Dear god! ( facepalm emoji )
Yep it’s ****ed !!
He seriously looks like a smug Tuesday I would love to meet him in person.