Member Info for buried_treasure

SteamyWee

Off topic for SATS, but I wonder if you might pop over to the BMV board and give us your view on latest developments regarding St Sath and his 2 Bernies.

I so much enjoyed your not so veiled threats against me for my bear case last time you looked in.

I gather you are in over your head here too. When will you learn?

So there you have it.

Screwed_mole, Frankie963, noswej, your shafting is almost complete. And almost total.

I would urge anyone who has lost money here to use that link to the FCA posted by tbcx so we can get these grifters and their enablers kicked off London markets for good.

But as I have said before, if you learn from this experience the lesson can be cheap in the long run.

So what lessons should you learn?

1. Put the people involved here - St Sath, Denis, Morley Kirk, Harry Chathli, all the advisers, enablers and hangers on, on a personal s**t list. Refer to your list whenever you are looking to put a new share in your portfolio and if any of the names you've already encountered come up don't walk away, run. My personal list from the last 40 years is now over 650 names even after frequent culls of those I know have gone to meet the devil, but still grows steadily each year. That alone probably tells you something about regulation in London.

2. Whenever you see the words "related party transaction", sell and run. The vast, vast majority will involve a transfer of value from the current equity to the related party. In some instances it has already happened when announced. Be it a vend in of worthless assets, a promise of funding that pumps the price but never materialises, security arrangements, loan restructuring... whatever. "Related party transaction" is your cue to sell up and leave, and add a few names to your never again list.

3. When a bear case is made look at it seriously. Do not insult the messenger with ad hominem attacks. By all means question motives - these are shark infested waters - but bear in mind it is almost impossible to take a short position in anything smaller than about £100M mcap. Market abuse and insider dealing on the short tack does go on, but its incidence is miniscule compared to the number of stocks that are pumped and promoted by the well known paid shills - some of them involved here - to allow myriad other forms of wealth transfer from PIs to insiders.

4. Do your research. You haven't got to own them all. All you need to do to beat the market is avoid anything joining the -90% club. Once you've seen a few, you can spot them a mile off. The stocks that look like the cheapest on the market are often the most expensive. If you are tempted to average down, bottom fish, catch a falling knife as the old saying goes, remember this can still fall 100% from here if another set of promises you were suckered into believing do not come true.

Later, some words for a few choice individual posters here. But for now it's a lovely day where I am and the golf course beckons.

You cannot say you were not warned.

"At 1p it’s got to worth a buy ." (sic)

Another mug comment.

Shares that have dropped 90%+ from ATHs are usually not the cheapest on the market. They are often the most expensive.

You shouldn't need reminding it can still fall 100% from here.

Going down quicker than a $5 hooker.

Par - 5p - a distant memory.

Still on the skids I see.

That is just total cobblers miker.

Enjoy the poverty that confirmation bias has in the post, you utter mug.

"It's only a loss when you sell."

The bulletin board mug's mantra.

What if you never get a chance to sell because it goes busteroony? What then? You sit there sucking your thumb and wait? For what?

Argo

Bens Creek

Canadian Overseas

That's only the ABC of it.

Angelsey had a totally different structure to TM1. All operations were wholly owned and some had to be handed over for the unsecured debt to be extinguished having taken a haircut.

That structure will not work here. The operations are minority owned and the debt is secured.

Troajan

You keep saying "debt can be restructured" without even putting forward a single 'how' or reason 'why'.

Debt always asks two questions.

Serviceability - how is the interest (and usually capital repayment) going to be funded?

Security - what assets can be realised if the loan goes bad?

TM1 cannot answer either question satisfactorily. A restructure would be new money for old. It will never fly.

Recyclus MAY be able to answer those questions, but only with a totally clean slate - i.e. with no obligations to TM1.

That's the reality of this situation. You are in denial if you think otherwise.

"Debt can be restructured"

Not in the topco in this set up it can't. Not where the operations are minority owned and a massive debtor to the topco. Not in a million years will anyone sensible buy in to that.

The senior debt in TM1 was intended as convertible to equity (death spiral). Except the spiral became so tight so quickly that it trashed the price and choked off liquidity.

In that scenario the debt takes a haircut and the equity is... you guessed it.

"The solution if there is one needs to be immediate, or near as damn it."

The only immediate scenario is not a "solution" that you are going to like.

Running through the options

TM1 cannot issue new equity because it is suspended and below par value.

TM1 cannot raise new secured debt because that would rank behind Atlas. There is no way they will cede seniority.

TM1 cannot raise new unsecured debt because that would rank behind Atlas and alongside everyone else.

Recyclus cannot raise fresh equity because that would rank behind the £9M owed to TM1. New money for old. They were advised by someone naive that they could raise EIS investment. That was a complete non-starter and would not pass the most basic DD. No shares have been issued since.

Recyclus cannot raise new secured debt because that would rank behind Close Brothers. There is no way they will cede seniority.

Recyclus cannot raise new unsecured debt because that would rank behind Close Brothers and alongside everyone else, including TM1.

If (BIG if) the Wolverhampton battery crushing plant can be shown to have value, i.e. is going to generate free cash flow in the very near future, there is a way to save it and the jobs there.

Put the assets, the lease and the employment contracts through prepack administration into a clean new vehicle. That newco can raise fresh equity and debt.

That only needs Close to ring Leonard Curtis just up the road. Nobody else has any control over that or input to it. Not Recyclus unsecureds, shareholders or directors, and certainly not anyone involved in TM1.

Close roll over into newco and there is a small amount paid out to TM1 which gives Atlas x pence in the pound. Atlas accept it because the alternative is total wipeout.

TM1 unsecureds get nothing and TM1 equity is completely worthless.

The only other scenario is the one where Wolverhampton is not short term viable. That is a liquidation where the assets are sold to be operated elsewhere and the jobs are lost. Close and Atlas take a bigger haircut, but TM1 unsecureds and equity still get 0p.

Feel free to post other alternatives. But bear in mind I will also then feel free to tell you why they will not work and who will veto them.

"mms are stupid" has to be Bulletin Board Mug of the Week winner.

Market makers are many negative things, "stupid" is not one of them. They are forensic and impossible to gaslight because their living and the very solvency of their firms depends on them being able to run numbers, make decisions and pivot instantly.

Good luck trying to outsmart them. They will win every time. Enjoy the penury your folly will bring you.

Screwed_mole [damn you, autocorrect!]

"This will keep on up until the next update."

I can now buy as many as I want at 0.2375 - roughly the same price as on Monday before St Sath and the dead horse flogger Chathli wrote their substack post and put it out as an RNS.

You've also got Zak Mir sniffing around it no doubt for another chunky retainer.

All you need now is the Sunday Roast parasites doing an interview and the kiss of death will be complete.

"Value adding"???

You have an odd idea of value, Frankie. Maybe thats why you're nursing a '50k paper loss'.

Shrewed_mole says "I have it now confirmed that the FSA regulations for the Bluebird business model has already been completed."

Did someone say market abuse???

Today's RNS says different to shrewdie's assertion so that would be quite significant inside information if it's true. If it ISN'T true, well, that's an open and shut case.

Alans55

As previously and consistently stated, to drive chancers, grifters and plain old outright wrong'uns out of London markets.

If Sath puts his £2M in at 2p and uses £1M of that to buy BTC (you know, as he said he would) I'll wish him luck and move on.

At the moment it looks odds on he'll be gone before I will.

Anyone heard from Richard Jennings?

Frankie, have you bought your ticket to Sharestock yet so you can get yourself beaten up by Tom's friends from Wrexham FC?

Oh and also, a reminder that Frankie sold out recently with a '50k paper loss' just after a load of bullish posts.

He seems to have got over that rather quickly.

To remind everyone, the last time shrewdie was this vocal and confident..... he sold out three days later.

Just sayin'.

Buried_treasure RNS translation service

"Yadda yadda.

A load of stuff we said would happen hasn't.

Yadda yadda yadda.

Related party transaction.

Yadda yadda yadda. "

---Ends---

HEY SATH... WHERE ARE THE TWO BERNIES YOU PROMISED "IMMEDIATELY" ALMOST SIX MONTHS AGO???

There is a queue for that role.

Frankie963

Shrewed_mole

Noswej