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Hex - "if CINE goes into Chapter 11 (and I agree that it is an ‘if’)"

I thought CINE filed for Chapter 11 three months ago?

The temporary suspension was initiated by the regulator not by the company
https://www.londonstockexchange.com/news-article/market-news/suspension-argo-blockchain-plc/15751483

I'm not knocking it as a strategy, just cautioning against posters like Splatted going all over other discussion boards ramping up the prospects without risking them.

"The contract price is repayable in six equal instalments commencing immediately. The gold delivered is sold at the spot price of the day at the time of the transaction and is subject to a minimal discount and refining fee."

That's the risk there

Splatted - before ramping this all over other boards check you understand what the RNS means, and the one before it? 'Non dilutive finance' in this case means mortgaging against future production by advance sales. Whatever is raised now is useful as capital for ramping up production capacity but it also means reduced future income from the proportion of production that has been pre-financed. The capital will be spent and there will be no future income from that part of the production that has now been sold. Looking ahead that limits future profits and places increased leverage on any projected surplus production, risked against future gold price markets/margins etc. It's positive yes, but there's also risk. Beware anyone touting multi bags without risking them.

ARB's strategy was intended to predict and weather the crypto bear market, which made it attractive a year or two ago. They were naive and unlucky but also poorly managed, they got shafted by their own bank but continued to make mistakes, including both governance and operational mistakes. If your business model is about turning electricity into money then first priority is to minimise the cost of electricity. They invested millions but failed to do that, while giving the market impression it was in hand, and focused on efficiency instead, which they then also failed to deliver consistently.

Jtan - unfortunately your style of posting just isn't best suited to getting a positive response from anyone. You do the same on other shares. If you want to be taken seriously make serious posts.

"The BOD and Team always let you down with timings."

No-one has let anyone down, there's no point blaming other people for your false expectations or impatience

"Perhaps a last minute change stopped them calling it?"

Perhaps so, it seemed odd that the date was there in the past tense on 7 December yet no action had been taken on it (unless it was a website hack, but then it would have been denied).

You're right that the US subsidiary would likely file for Chapter 11, which is responsible for Helios. I also wondered if they might try to hive off the Canadian company without liabilities as part of a deal, which still exists as a data centre management company there.

AB - "Ok I've looked at web archive"

I've posted this last week, checked it again yesterday, and posted the link to daily Chapter 11 petition filings. No subsidiary has filed on, before or since 6 December.

Mooh - I wouldn't assume note holders get paid in that scenario. It would all depend what the majority of them agreed to. Chapter 11 allows for various 'reorganisation' plan options. They could try to negotiate exchange of secured and senior debt classes for equity (and with unsecured debt being either impaired or unimpaired). Basically, swap the debt for shares if a sufficient proportion of those class creditors agree, although not clear that they would obviously. But for the moment there hasn't been any Chapter 11 filing so it remains hypothetical. We'll see.

no Chapter 11 petition has been filed so far

the Directors?

No reference yet to Argo or its subsidiaries in any Chapter 11 filing logs. This seems to show the web site scare or hack story was factually incorrect (i.e. they didn’t file bankruptcy on 6 December, or since). They might be preparing one but no sign yet.

https://www.dailydac.com/chapter-11-bankruptcy-alert-system/

Buzzcoin posts on multiple different share chat forums about inside 'news', 'whispers', 'stories' etc, I wouldn't read too much into it

Why would anyone invest in this and start posting here for the first time on the day the company goes into bankruptcy rumours?

If they’ve made provision for US bankruptcy and then hidden that from the markets for 2-3 days, allowing insider trades or shorts to close then jail may be more of a worry than administration ;-)

Filing for Chapter 11 in the USA would be used to avoid administration (unlike the UK). The management could retain control of operations and disposal of assets, with a global injunction on creditor actions against those assets, and retain access to US capital markets. A two thirds majority would be needed to approve a reorganisation package I think.

sorry, 9 December, three days later. It does seem a bit unlikely but I wouldn't be surprised by anything at this point

If it's true that Argo US subsidiaries filed for Chapter 11 on 6 December and the market was not informed that day, or the following day, then that might explain FCA intervention to suspend trading on the morning of 8 December. All speculation of course.

However, the mini header on this version does say "On December 6, 2022, certain Argo entities filed for Chapter 11 bankruptcy in the US."