Member Info for Dannyspaniel

Damn sight less than 2.7bn

Government supporting airlines cash flow. This should do well tomorrow

I agree. Do not get sucked in, I lost 100k in nmc.

Nmc promised an independent review. It uncovered all sorts of shenanigans. Take it with a pinch of salt if Shetty etc involved

No idea but fraud can be pretty much anything! I have no idea what is going to happen. Hopefully, it will be established that debts are not nmc’s, shares will open at 9.84, as it’s established that nmc have the corona antidote, multi bag up to £27 we can all sell and buy the FTSE at a 60% discount.

On the basis that it appears FIN was set up using money fraudulently obtained through secret loans from nmc (allegedly) I would be surprised if FIN survive the week tbh

We are passengers here. No doubt the II’s SHI bought in at 1200 and 1250 have the capabilities and will to explore any opportunity to get something back. Crazy that this hasn’t had more prominence in the press.

I have accepted a 100% loss on NMC. However, now that fraud is uncovered, it’s feasible that remedial action could be taken to a) unravel what has been done b) claim damages from billionaires including proceeds of previous sales. If the allegations are evidenced against ceo and shetty’s Mob, new management installed then nmc may continue. This could mean cancelling shares, personal litigation and debts being written off if they don’t belong to nmc. Green shoots???

What I would add to this discussion is where the motivation is to save the company and provide s/h value. Most of the board had gone and the balance are non execs primarily. I like that they have specialists in but they need a whole new board to make this work. If they can get the right hires and the cash flow sorted then maybe there is some hope for something back. However, to hide this debt there has to be more to it, and I can see inflated figures/asset prices being discovered. There was £600m in the bank in the 2018 accounts ffs. #workingtwomoreyearsbeforeretiringcrookedarabbarstewards

I agree with the last point. How was this debt kept hidden and where was lender due diligence? Were assets secured, shares pledged more than once?

I agree it looks awful, and while I have remained positive their is no sugar coating this. Until they establish or confirm what the debt is, can it be called in, what is the servicing cost and are there any assets backing it we can’t know if it’s the end of the road for shareholder value. That said, looking down the barrel of 100% wipe out.

So. Lenders are in the brown stuff, as are shareholders. Can we envisage a situation where they carry on trading and pay down debt over a long term out of trading profits? This used to be £10bn company. Will anyone new deal with them. Can they expand. Looking for any green shoots . Got 20 years to make back £100k lost on this one. Grrr. Bad day.

If the debts are long term and managed by cash flow and operational profits etc, then there is the possibility of a value at some point. It just depends on what the debts are. Assets are about £4bn according to accounts. What a dogs dinner.

I know! I am struggling to understand a) why they aren’t in administration, b) were there not costs in the accounts associated with this debt that would be a red light, c) and what is the immediacy of these liabilities and what was the point if suspending the shares. Absolutely shocking. Outright lies.

You never know, maybe the results will be good?

Question for the floor. Who is buying the ADR shares???

Imagine that,£20 and buy everything else in the FTSE at half price!!!

The calling in on debt probably also affects short term liquidity. We simply don’t know the answers.

I have written off 100% loss here, but I think the company will survive and there will be some value left, albeit depleted. Just depends how much faith there is is underlying business. How can you take £325m out of a business bank account?

And why didn’t Shetty etc sell all their shares?