Member Info for adzy2k11

https://www.surveymonkey.com/r/HZHXVSS

I'll keep updating this. So far 17 replies:
1) 15 people invested during or after December 2019
2) 1.4 million pounds lost by just 17 people
3) Total of 99,554 shares held (0.05% of company)

Please spread this link to other relevant NMC boards. We can then send this information to the lawyers.

ask your broker mrD... not has that before myself.

sorry - try now.

Stewarts Law seem reputable - everyone should email supson@stewartslaw.com

Flood his inbox with as many emails from you all as possible.

I created a poll.
https://www.surveymonkey.com/r/HZHXVSS
It would be good to know how many shares in total are owned by everyone on this board. This information can then be passed to the lawyers. They are more likely to pursue the claim if the aggregate amount lost is larger. I will share updates results. Please everyone answer the survey honestly, it’s completely anonymous.

“In Administration, the existing Board of Directors of NMC PLC cease to have decision making powers with immediate effect.”

Thank god for that.

Also this below quote seems strange to me:

“ADCB has “never provided unsecured loans to NMC’s principal shareholders,” it said in a statement.

The Bank’s assessment of NMC was based on financial statements published by the Group, which were audited as a listed company since 2012.”

So why did ADCB never question why any their $1bn of debt wasn’t on NMC’s balance sheet?! Only explanation is that it was take out after 30 June 2019?

I just can’t see how you can hide $4bn of illegitimate debt across 80 institutions for very long. No matter how sophisticated Shetty and Manghat were, there’s just bound to be have been some leak quickly, which leads to be believe the debt was taken on recently (last one year max) to help expand their empire into India. Maybe it was a mad off like ponzu scheme where they used new borrowing to pay old borrowing... The Indian banks have been very quiet but I do think the remaining $2.5bn belongs to them. NMC need to publicly disclose all the lenders, amounts, and details of the debt. They know it, so why haven’t they released the information?

Rastuss - yes they discovered a discrepancy, so did James @ Jeffries, but nothing their estimates suggested ~$300m extra debt than nmc had stayed. I guess that turned out to be the first $335m off balance sheet facility they discovered. How was the other $4bn of debt being serviced? Also remember if it’s Arab banks then it might be Islamic financing and I don’t think they have the same traditional interest mechanism as western banks.

The rulers of UAE had a close relationship with Shetty, they need to work with the Indian government to bring Shetty back and reclaim the money. This makes abraaj look so minor. That guy was jailed so let’s hope Shetty is too.

This recently disclosed ~$2bn exposure for Arabian banks is part of the non-disclosed debt. If it’s been around for some time then how was this being serviced previously? And why did the Arabian banks not ask why it wasn’t disclosed on nmc’s balance sheet? Sounds like gross negligence on their behalf and if so they don’t deserve a penny back.

The $2.1bn legitimate debts facility disclosed debt on nmc’s balance sheet was provided by citi/J.P. Morgan/standard chartered, $400m or so was unused and it breached covenants when it fell below 30% holding for Shetty/Buttis.

So there’s still another $2.5bn outstanding here. Wonder when those owners will come forward

I would guess you would have to go after the board of directors directly.

Rahman - yes you can join group litigation, try emailkng Karolina at slatergordon as one of the posters suggested

Agree with MH01, don’t wait for others, if you have lost money then start emailing the solicitors yourself below. The more emails the better. Good luck all.

Read the cliffordchance report...

Group Litigation Orders: GLOs are a case management tool available in the English courts that provide a straight forward ‘opt-in’ procedure for claimants to join a class action. This is particularly effective for encouraging retail investors to join a claim. The RBS Rights Issue Litigation (where there were 9,000 claimants), and the Lloyds/HBOS case, are prime examples of the successful use of GLOs in shareholder disputes.

‘After the Event’ insurance: ATE insurance products cover
the claimant’s liability to pay the defendant’s costs if the claim is unsuccessful. This, together with third-party litigation funding, has reduced the notional downside of bringing high-value and complex shareholder claims as much (if not all) of the costs exposure associated with an unsuccessful claim has been shifted onto the funders and insurers

Specialist claimant law firms and claims managers: Claimant law firms have long been a feature in the US securities litigation market and are now driving many of the UK’s group actions. These firms can take the lead in co-ordinating claims, reaching out to prospective claimants, arranging the funding and insurance coverage, and then conducting the claim. Claimant firms can operate under conditional fee agreements, and so are incentivised to pursue claims to trial or settlement.

Guys, try Sean Upson @ Stewart’s law, he successfully led the Tesco claim.

https://www.stewartslaw.com/people/sean-upson/#head-nav

Read this: https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2019/10/ihl_au19_pxx-xx_advertorial_cc2.pdf

Maybe try Haines & Associates? They are bringing the case against Yellow Pages.

https://www.cityam.com/?p=1233834

Good idea. Might be an idea to set up a social media page so everyone that’s affected can join?

Goodluck dogger69. It really is unacceptable - would love to know what you have planned?

Did anyone actually invest before the MW report? Or were you all mostly looking for a punt after the share price fall?

Nothing for them.

According to Wazzan, one way to ensure NMC has a future is to create a brand “new company”.

This would be “with funding from potential investors who will acquire the goodwill and assets at arm’s length independent valuation and kickstart the business again with a clean sheet,” he said.

“The purchase consideration could be partly financed by rolling forward part of the existing debt to the new company. The purchase consideration together with the realization of the assets that have not been acquired (such as receivables) will be utilized by the [court-appointed] administrators to pay off creditors in accordance with the law.”