Member Info for bluerill

John - Not sure what the purpose/meaning of your post was, but I'm not a big fan of oversharing what amounts to little more than someone's personal trivia and vibes. Whether you've got a big position or wallpaper, or how you feel about Eco's future this week doesn't help add value to the conversation for those of us who actually do think there's some a business here and are interested only in advancing that position, positively or not, with relevant information or insights.

As I suspected, the bottom paragraph from the admission document below confirms my memory: a portion of any settlement WILL go to 'the enlarged group', aka ECOB. The only thing I got wrong was the percentage accruing to the current shareholders, which will be 25, and not 20.

'...The Company is currently engaged in several disputes in the UK and in the Republic of Kosovo. In particular, in 2019 the Company began arbitration proceedings against the Republic of Kosovo for damages in excess of €195 million. This is a result of the alleged failure of the Republic of Kosovo to protect the Company’s rights over its Malesheva quarry. As a result of these proceedings, the ICMM has since refused to renew certain of Fox Marble’s licenses in Kosovo and it is therefore currently unable to exploit the areas covered by these licenses. Whilst this litigation has been funded by third parties to date, in order for the Company to continue to pursue this litigation, significant additional litigation funding will need to be obtained. There can be no guarantee that the Company will be able to procure this funding. Whilst the Company is confident of its legal position, and has had that position supported by a legal opinion from an eminent Barrister and King’s Counsel, litigation is inherently uncertain and there can be no certainty of a positive outcome in the Company’s favour. Should the dispute be protracted, this could have a detrimental impact on the f inancial position of the Company and its ability to conduct business in the Republic in Kosovo and additional challenges to the Company’s existing licenses may arise, whether by the ICMM or other government agencies in the Republic of Kosovo.

The Enlarged Group is entitled to 25% of the amounts remaining after the deduction of the items referred to under Preference Amount (a)– (f) as found in the Definitions of this document. This amount is in relation to the Company’s continued management of the Kosovo Dispute....'

Yes, that's quite right, gaza, and I understand why you may be reading that in the way that you are, but as I recall, the company put out that clarification so that there would no confusion as to the record date Fox Marble shareholders needed to be able to demonstrate they owned the shares, because after that date, they would not be eligible to receive the new pref shares, which of course were created just to distribute settlement proceeds should they eventually arise (this statement was made even more necessary I believe, because of the buying frenzy that ensued for a few sessions after the initial announcement re the pref shares and the eventual suspension of Fox Marble and requote as ECOB). However, it also my strong recollection that, despite the Company 'ring-fencing' litigation settlement proceeds for the new pref shares, that does not mean that the entirety of those proceeds will be withheld for that share class and that in fact, some will still accrue to the parent, ECOB, no doubt part of the 'further information contained in the Admission Document' cited at the end of your quote. This is probably why the sp is up a bit today.

Jesus joe, let's hope not. The relevance of today's RNS is that a highly credible player in the litigation funding space sees sufficient merit in the Company's claim to take up a full-funding commitment of course, but in addition, his hiring should increase significantly the likelihood of a settlement offer from Pristina well before any court proceedings, thereby reducing our wait time by a lot. However, this must also inevitably reduce shareholder's expectations for that settlement amount as Aqua has already theorised.

No, I don't believe that's so, Gaza. I've addressed all this in my previous posts. There will be something held back for the parent, ECOB, even though the lion's share will go to the prefs after the litigation funder.

Relevance,

Relevance,

Relevance,

There's no need to complicate this, unv. No one said anything about 'funding' Eco per se, though any payout, even in the low millions, would be relevant of course. As I explained to aqua, most of any settlement award will be split between the litigation funding firm and legacy Fox Marble shareholders who now hold a special pref share. However, ECOB, the parent company here, WILL retain a non-negligible portion though I as yet do not know exactly how much. Hoping to change that soon.

And while you're smarting from the fact that there's nothing in Bartlett's to address an attack of cringe, let's try a little thought experiment: Let's just say I concede your thesis, that somehow because I gut fish like you with prose that it is too wordy, too dense and without paragraph breaks so your big brain can relax a bit while you're trying to read. So stipulated. Tell me exactly then, how that all of sudden erases all your errors of judgement on key issues? Do we all suddenly forget that you thought SLE's share price was 0 because its listed as such on this poxy message board, or your bogus conclusions about pretty much every civil litigation article so far, particularly about the TRAM cases and the 2 failed deals with them, or perhaps your cacophony of ignorance about how any deal backed by the E500m German bond that San Leon have use of, would actually work? You think that somehow throwing some flaccid taunt my way is going to make your well-deserved legacy of misinformation and malaprops suddenly disappear? Maybe you can salve your achy ego with a couple snappy quotes from men who were genuine intellectuals for a moment or 2, but the stench of mediocrity is never going to be erased by anything less than you engaging in genuine scholarship which means reading often difficult materials, asking relevant questions, and learning to be humble in your ignorance instead of searching desperately to find some kind of false pride on an anonymous message board.

Criiiiiiiiiinge

Nice try. On second thought, your therapist could easily have helped you with that. Try harder

Oh puhleeze. You desperately searching through Bartlett's for what you pray will seen as wit or wisdom is even more cringe than bs's thirsty quest for credibility from 3rd-rate website results off his google machine. Jesus man, get some game fast or stand down as this is getting ridiculous.

I reckon, yes. Still a multiple of the market cap

Sorry, aqua, that's not so. While I think the likely settlement will be higher than your figure, the lion's share of any payout, after the litigation funder takes its cut, will go to legacy Fox Marble shareholders who held on into the RTO with Eco. They received a special share class that entitles them to a majority of any settlement in this litigation against the Kosovan government, in addition to receiving their new ECOB shares. However, a portion of the settlement will in fact be retained by the Eco parent, perhaps as much as 20%, but I don't recall how much exactly.

I know I'm repeating myself a bit, but that was such a delicious moment in the history of this endless game of whack-a-troll, it can stand a bit of repetition. Believe me,

Absolutely awesome, bs! To your peerless record of bringing endless under-researched googling results not to truly inform, but primarily in aid of trying to pump up your ego, you can now claim one of the greatest self-owns on this or any other share chat board ever. Desperate to follow-on the vacuous argument of your presumed ally whose moral bankruptcy you simply refuse to even recognise, let alone condemn, you arrive like a proud puppy with a dead bird in its maw, and instead end up pooping your pants, and THEN, instead of apologising and slinking back under your laptop, you try to walk the whole thing back while simultaneously throwing out another limp attempt to insult me and Sam . Boy I bet you wish this were the ADVFN board with its lovely edit button, huh? Once and for all, stand down until OF surfaces with a deal or an RNS update, or both, and end this near-constant humiliation. Leave that latter bit to

See now, that's another lovely example of how we are so different, only-the-kids-who-scored-above-37k-were-allowed-to-go-to-big-boy-school. According to you, I expose my foolishness when I attack the messenger and NOT the message (that was, in fact, just the usual misinformation and assorted 'issues' that have been around forever and are already very well known; frankly, San Leon has been in the process of being wound up for a decade. In toto, this POS's post was a big fat yawn and not even worthy of comment), yet in your case, you manage to confirm what a titanic, ignorant douchebag you are each and every time you attempt to comment on any topic of relevance from finance to corporate law, civil litigation, share pricing, math, grammar, journalism, or how to construct an argument. No prizes for guessing which end of the greater fool theory I'd rather be on, you dopey knob.

'...Afamefuna - well, it certainly isn't a great situation that we find ourselves in. Scanning Nigerian newspaper sources can, given the content, seriously damage one's mental health, but thanks...'

You utterly spineless, ethics-free, 100-proof coward. The most disgusting, morally bankrupt poster in the history of these miserable message boards, and you actively sanewash his poisonous presence because he occasionally vomits up a moronic screed aimed at others who are mean to you. You and your little coterie of uptickers, instead of condemning his outrageous behaviour as beyond partisanship, prefer to engage in some kind of demented enemy-of-my-enemy fantasy and signal boost his ignorant blather. And then you wonder why I'm so tough on you. You should be better than this.

I'm kind of shocked no one saw what I believe is a very reasonable interpretation of the primary message of yesterday's RNS: This company is for sale.

You have a long-standing, clearly frustrated controlling shareholder replacing the bosses suddenly with an 'interim' CEO that the RNS prominently highlights was a important part of a management team that ended in his previous company getting privatised and 'sold at a SUBSTANTIAL (emphasis mine) premium.' Maybe I'm showing my age, but I'm near-certain 10 years ago that RNS would have caused a much bigger immediate reaction in the share price because there would have been a quorum of hedge funds speculating that the new, 'interim' guy has not been installed in a bloodless coup in order to produce a 5-year turnaround plan in the hope he gets promoted to his role on a full-time basis. Rather, they'd see it as a guy with a track record in M&A in the sector, getting parachuted into an underperforming business that is a natural bolt-on for a bigger player - most/all of which the new boss will invariably have a professional relationship with - in order to smarten it up (ie., slash costs mostly) and make it as attractive a target as possible in the shortest time possible.

The final, wild card reason for this theory is Lombard Odier itself and the fact that FUM is hardly their only (very) problematic position where they have held a dominating (read: very very illiquid) position for a very long time now. From fundholders to senior management at LO, I think patience may be running out and we are likely to see more of this more muscular type of activism, which seeks shorter-term results, from the fund manager going forward. Anyway, just a theory, but sine no one else seems to have put it out there, I thought I would.