Member Info for adzy2k11

Your outcome hasn’t happened, so you’re wrong until proven right... I also didn’t say I would delete my account so egg is on your face!

check back on my recent posts, I switched to 75% net long from last week. Not the exact bottom, but I’m happy with my timing and well in the money.

Most the polls I’ve seen (on twitter and Stocktwits etc) suggest 85% of people think the bottom is not in and are expecting a decline... go figure.

Why are you still posting Pione3r? Delete your account already. You’ve lost the little credibility you might have had. Goodbye.

“If you owe the bank $100, that’s your problem”. If you owe the bank $100 million (or in this case $4.4 billion) that’s the bank’s problem.

Can’t see them ever being paid back a fraction of what they irresponsibly lent. It’s $4.4bn over 80 institutions, which is about $55 million to right off for each. Manageable?

Yes, I pasted the borrowing limits in the AoA in my post. Perhaps someone with more experience can tell me how a lender could possibly miss this? Perhaps they forged certificates from the company secretary?

You ok there MrD? still short?

pione3r
Posted in: MTRO
Price: 82.85
RE: Mega Drop19 Mar 2020 22:14
“Sir matlot, I can't even short this on IG. No liquidity in underlying market. The signs are there.
I stand by what I said, I'll delete my account if mega drop doesn't happen.
I'm here to warn people. No gain for me.”

Price is now 94p... I hope he’s deleted his account by now?

Pione3r - please short my stock now. I dare you.

Pione3r
RE: Alternate Shares League Table
23 Mar 2020 13:47
Ferrexpo, short everytime it hits 128 to 118. Long from 115 to 126.
This market volatility is day traders playground.

Where is this guy? I want to congratulate him for literally bottom ticking the market! LOL

pione3r
Sun 23:21
Can't believe you guys are focusing on finding bull in this market.

This bear market will dwarf 2008 and 1987. You'll be surprised to see any value back for over 1,000 days.

The likes of Adzy goes out shopping thinking the low is reached and institutionals are rushing in to buy. Clueless retailers have no idea of US repo peaking high; worst is yet to come.
You want to find bull, buy ETFs or Gold or Palladium.

pione3r
Mon 00:03
FTSE Future 5% down
Germany 7% down
The velocity is akin to 1927. Slaughter House tomorrow

https://tinyurl.com/ukpzxfz

As is standard the board has the power to borrow money, in which case, a board resolution would be required. A sensible lender would presumably request a copy along with certification by the Company Secretary that the board resolution was valid. Along with a legal opinion from competent counsel that the board resolution was in conformity with the AoA. NMC's AoA put a limit on aggregate borrowing unless modified by an ordinary general resolution. Article 67 is the relevant section.

States:
“borrowings which are owed by one Group company to another Group company) after deducting the amount of cash deposited will not exceed or would not, as a result of such borrowing, exceed:
(i) an amount equal to 2.5 times adjusted total equity; or
(ii) any higher limit fixed by ordinary resolution of the Company which is applicable at the relevant time.”

AA would presume that the lender requested a certificate to the borrowing being within this limit. 67 f and g suggest where such a certificate might originate. A lot of questions about what was requested, what was given, and who certified …

(H) and (I) as below are a killer and seem to put liability on NMC.
(H) No lender or other person dealing with any Group company need enquire whether the limit imposed under paragraph ?(b) has been or will be complied with.
(I) A borrowing or security resulting in a breach of the limit shall not be void nor shall it be voidable at the instance of the Company or any other Group company.

“Basically, they’ve replaced a CFO with a Chief Restructuring Officer“

Rastuss - please read the RNS properly. the Company has appointed a Director of Finance from internal resources and PwC will continue to support the finance function. The Company will progress the appointment of a new Chief Financial Officer in due course.

75 debt facilities with 80 institutions and nobody knew about them whatsoever?! Give me a break! Someone is lying here.

It does all seem to be relatively new debt and so let’s see if any of it can be recovered.

“it is about aggregate”

It is indeed. We all win some and lose some. My portfolio is +5.4% YTD, which all things considered I’m happy with.

They’ve probably returned to US and I’m guessing all work is on hold for now.

Lol @ pione3r recommending palladium which is down 50%... you’ve probably marked the bottom with your post. Congrats.

My portfolio is holding up very well in aggregate. Were you all in on nmc too?

Rastuss - what happens if the bank that made the illegal loans is bankrupt itself and complicit in the alleged fraud? Why would nmc be on the hook for that?

https://www.tradingview.com/chart/NMC/CX3TIhUx-NMC-is-showing-a-good-setup-0-168-rectracement/?amp&__twitter_impression=true

This made me laugh. Has this guy been under a rock the last month?

I should add that the fact that these lenders have kept very quiet during all this time very likely means they were complicit in this fraud and didn’t follow the right procedures. If your lender goes broke, then do you still have to pay the illegal debt?!

If the rumours are true then the loans have been given illegally in exchange for bribes by Shetty and co. so as to disregard normal procedures and hide this from the board. In this case these Indian and uae banks themselves will go bankrupt under litigation...what happens to the $2.7bn debt in in a scenario where the banks themselves go under are held liable for fraudulent loans?

“then the loans will presumably just be unsecured loans”

According to UK corporate law it seems to suggest that if limited liability does not apply (due to fraud) then the directors are liable. If the directors don’t have the assets then they will be forced into personal bankruptcy and the banks write down the debt as bad loans. Not sure if this applies to nmc.

I also have just seen a document to suggest AJMAN bank were engaged in bribery and providing illegal loans to NMC. They themselves are on the verge of bankruptcy. The saga continues!

“ Whom would the relationship manager at the respective banks have called at NMC to query them?”

Lol... I’m sure it doesn’t work like that, just like when we apply for a loan the banks have access to a credit report and details of existing facilities... so I’m sure there is something similar for large organisations... i doubt they rely on “self-reporting” of debt from NMC... what’s more likely is that the debt was provided by subpar Indian banks who turned a blind eye to existing debt because of the large fees they were getting ... akin to how Deutsche bank lended to Donald Trump repeatedly, despite him constantly defaulting on previous debts with them. I bet DB is one of the lenders to Shetty too.