Member Info for adzy2k11

KOH told us to come back in a few months for NMC too... trust him at your own risk.

looks like his twitter is still alive...

How about the $2.7bn undisclosed debt on NMC? used for non-group purposes....

That is called fraud.

MrD - try join a UK class action if you can. But just to set expectations - a friend had 100K in yellow pages and is still fighting 9 years on...

This is horrific I know, but better that shareholders and put out of misery sooner rather than later.

I suspect these will be put in suspension in the morning. The 65% owner on FIN has near enough committed fraud, that money (whatever is left of it) needs to be frozen.

but where's the cash from the sales then? Shetty and co. just ran off with it?

Those Buttis getting out at 1200p makes all the sense in the world now.

I could have never imagined this in my wildest dreams... what a shocking fraud.

People on NMC have lost it all, FIN you still have (had) a chance to salvage something.

The company’s $360m convertible bond fell to just 20 cents on the dollar, according to traders

FIN and it's in underlying assets are probably owned by NMC.

but who do they owe this debt to?? and why didn't this party speak up earlier?!

....and there we were thinking it was "only" $335m in extra debt.

looks like we all (including MW) got this way wrong. It was ALOT worse than any of us could have expected.

But I just can't imagine how this could be possible? I've just never heard of this amount of hidden debt. Would love to know how they managed it.

Yup, doesn’t look good according to ADR... likely double digits soon.

I doubt it, What level would the ftse have to be?

There’s more similarities than meets the eye

1) debt l-fuelled roll up story
2) siphoning of cash and Use of off balance sheet debt
3) accuses short sellers of defamation and Threatens legal action
4) regulator enquiry over senior company officials alledging to have misrepresented its revenues
5) constant delays of publication of an internal investigation by an independent committee
6) ceo/chairman sacked instantly
7) breached debt covenants soon after MW allegations
8) same players involved here: muddywaters vs Chandler + Wellington
9) then filed for bankruptcy protection 7 months after shares were suspended (my guess is NMC will do the same)

The list can go on...

Haha, probably is mattcookson - he thinks creating a new account with an Arab name to ramp will make him more believable and prop up the share price of a suspended company!

Who actually still has a short CFD here? What’s the obsession with blaming shorts for the share price fall? None of us can borrow shares and go short in the traditional sense so I really don’t understand these rampers who rage on about shorts... classic dumb money mentality.

If you want to blame anyone it should be shetty and co!

MrD - read the RNS again. They told us they would not be able to do the accounts before 30 April, plus the new debt and cash discrepancies mean they likely have to restate previous years accounts leaving them really no choice but to suspend given the listing rules attached earlier.

Abdullah is a new username for an old ramper we used to have on here. I wish the admins would get smarter on duplicate accounts from the same IP address!

Never has a company been suspended to help “protect” investors. The reason it was suspended was 1) lack of ability to trust financials given new debt and cash revelations and 2) because they can’t meet their annual report deadline of 30 April - which would put them in breach of listing requirements and lead to suspension anyway...