Member Info for adzy2k11

I do agree that given Shetty, Prasanth and Buttis did provide personal guarantees, conduct misfeasance and commit fraud, there could be a very slim probability that they are not covered by limited liability... given the scale of this extra debt that might be the route NMC are being advised to go down.

LOL this made me laugh... to be fair, from what I've heard from expat friends, I do think their healthcare system is good.

While company status offers valuable protection to a director, there are certain situations where limited liability can be disregarded, leaving the director responsible for paying the company’s debts.

These include:
Overdrawn director’s loan accounts
Signing a personal guarantee
Debts have accumulated due to fraudulent means (such as taking on credit you knew you wouldn’t be able to repay)
Director misconduct
Continuing to pay shareholders dividends whilst the company is insolvent
Withdrawing and/or using company funds for non-business activity; this is an offence known as misfeasance
Disposing of the company's assets at undervalue or no value

I know this is unlikely, but Shetty and Buttis did provide personal guarantees, conduct misfeasance and fraud... I'm sure NMC will be working their hardest with legal advisors to try to offload this liability... I don't have much hope they will be successful however.

yeah, might be worth a cheeky long at 5p.

It was never there! or was being moved in and out willy nilly just to make the accounts look good at that snapshot in time...
Just like NMC had $500m of cash too, but it disappeared...

I suspect it's bank of baroda who have provided these extra debts to Shetty

https://www.khaleejtimes.com/personal-touch-is-key-to-bank-of-baroda-success
https://twitter.com/BondHack/status/1235540831479750656

It's pretty evident from his interviews and from other stuff I've read that Shetty ain't the most financially savvy person... so I doubt he's done this alone... I'm dying to know who the debt belonged to and what it was secured/spent on.

I didn't even short from the top, but was very easy short from 50p to 10p... we need to get away from the stigma around shorting stocks, it's no different to going long - we're all just speculating on the future direction of price again...

probably crying wishing he had listened at 80p, 60p and 40p

doubt it, never heard of a situation where shareholders are compensated anything after fraud has been discovered.

no sh*t sherlock...

KOH - I really have nothing against you, but it's just shocking how delusional you seem to be justifying how you could be right... you've been totally wiped out here and still not willing to admit you might be wrong...

thank you Shetty.

“significant constraints on the Company's access to the daily liquidity the Company needs to manage its business effectively and its ability to negotiate longer term financing”

Plus independent investigation costs to come...

so emotional... ofcourse I don't know how to do fundamental analysis on a company with a fraudulent owner... how can you trust any of these financials is beyond me...

as you will know, and as I've disclosed on here already, my short is doing very well thanks.

Hey jmrider, I think the reputation for uae is gone, regardless of a bailout. Nobody will trust these f*ckers again. But investors have short memories so I’m sure in 5-10 years all will be forgotten and we’ll be on to the next fraud.

If uae govt really wants to show it doesn’t tolerate fraudsters then it won’t get associated with this whatsoever.

The volume is 1200 shares.

Yesterday’s decline was on 4x ADV which is probably more accurate.

Either way, its not a great indicator but one we should nevertheless pay attention to. Try track the converts and sukuks, they are trading at 20% of par...

We are flat since the open on Monday MrD - just gyrating between 5800-6200... I still believe we bottom around here and form a U-shaped recovery.

We won’t be going to 3600.

Was buying up till yesterday... but won’t disclose his average... what a way to lose another 23% in one day following his own advice...

deos - seriously mate, the sooner you accept your loss the easier this will be for you.

Having false hope here is pointless and will only prolong your suffering.

Please do yourself a favour and write this off, and if you do get a few pennies back then that’s a bonus.