Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I once heard the tale a lowlands farmer with a few quid used to frequent the drinking holes of hill farmers in the 1930,s.......he would have his ear to the ground for farmer that had hit upon hard times,after befriending the poor target hill farmer and a couple of drinks later he offered to lend him a cow.....after a few months the lowly hill farmer was still struggling and the benefactor came to his rescue again offering another cow on unbelievable decent terms......
Finally the hill farmer was so indebted to the canny lowland farmer he had to hand over the keys to the farm.....including the borrowed cows.......the lowland farmer rinsed and repeated this exercise till he had acquired many thousands of acres of land.....roll on to 1939 and WW2 all the land was turned over to food production....making the canny lowland farmer immensely wealthy......
And there be a tale!.....sound familiar
Sorry garykc it’s just a case of looking at ACG group related material and seeing what unravels on a weekly basis.......
Atlantic Carbon Group Plc: Chapter 15 Petition
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England and Wales by Alastair Beveridge, of the Netherlands, as the Foreign Representative of Atlantic Carbon Group Plc, at the U. S. Bankruptcy Court for the Southern District of New York.
https://www.offshorealert.com/atlantic-carbon-group-plc-chapter-15-bankruptcy-petition.aspx
White Oak put ACG in administration,documents on companies house,registered address changed from strand to Manchester administration office
Oak are gonna get fat out of this.......at our expense.....a hedge fund dressed up as a bank is just that......
I now feel this is a royal rogering by White Oak, the primary lender to ACG, they are in fact a hedge fund dressed up as a bank.....
This royal mugging disposed of Atlantic Carbon Group UK plc and all the shareholders then Atlantic Carbon Group inc US operations will be flogged off incumberent of whinging shareholders
Whether the dynamic duo are sat in the wings waiting with the cash shell DS to scoop up the US side is to be seen....
This is my opinion only but the smell is very pungent
I would imagine if the guys contact number area code is 0161 it’s Manchester!
Interesting the ACG CFO has recently ticked/liked this old Warren Buffet quote on his LinkedIn page
1) False promises to get someone to do something, e. g. to accept a job or a responsibility
2) Plagiarism of someone else ideas and credit-taking for someone's work
3) Lies of omission to withhold relevant information.
4) Spreading rumors to damage someone’s reputation.
5) Cheating to get a financial or positional advantage.
6) Misrepresenting own accomplishment to make oneself look better at expense of others.
"Honesty is an expensive gift. Do not expect from cheap leaders." Warren Buffett
Ok my last one for a while as the mood is deservedly down due to circumstances.....
Seth Schwartz is still imho a very reputable guy and I’m sure he is still going to work hard to try and get the company through this.....we always have references to his restructuring at centennial resources.....that company was virtually bankrupt and was indeed re financed and rejuvenated......so here’s hoping
“Mr. Schwartz consults on coal procurement activities and served as President of Centennial Resources, a medium- sized coal producer, during its bankruptcy restructuring”
Any thoughts on who brought Schwartz in?......let’s not forget the holding amassed by best&co is due to spiral down the toilet along with our holdings.....this administration could salvage something as it’s basically a protective status until lenders and creditors agree new terms?.......
I still can’t see clearly what went wrong,rather cunningly the AGM was kicked so far down the street nobody could get to ask the questions that needed answering!.......
I’m hoping this is gonna be re structured as we all lose out directors and all if it’s broke up......
Just a thought
Was the attempted relisting a ploy to find out the percentage of holders left.....
I’m gutted........what’s the likelihood of the DS investment vehicle set up to buy assets like ours scooping up the best bits and then the dynamic duo re appearance as advisers?.......
If anyone needs to contact our new ceo to vent off
schwartz@evainc.com
What a bloody mess......my confidence in Seth is waning
http://www.atlanticcoal.com/News/News/2019/Letter%20to%20Shareholders%20re%20GM%2017.7.19.pdf
I think so far it’s just standard loan arrangement with white oak,the giveaway will probably start when their term loan ends next yr ?
Unless things go in our favour for once!
You do have to wonder if we ended up out of pocket fighting the bloody underground fires that nobody else would touch,that went on for 2yrs and used a heck of a lot of resources......yea good for the community and all that but we currently have books that don’t balance in our favour
Unfortunately the whole sector knows the situation with ATC now,going back to market anytime soon is out of the question,but if Seth turns this around and makes it as viable as we believe it could be....a listing in the future is a very economical way of financing the operation not just perpetually knocking on the door of white oak......
We have had some expense this last 12months,railroad,fees for failed reverse takeover etc.....
Let’s hope we get some answers at the Agm......anyone plan on making an appearance if it’s UK based?
Well I wasn’t expecting that....the liquidity event looks further away than ever now,the only positive I can pull from this is Seth Schwartz has identified value in this and is happy to put his name all over it......
Let’s hope things liven up after tomorrow,there’s more life in Dracula’s crypt at the moment.
Mid continent settlement order set for 9/10/19......both parties appear before magistrates to try and settle pre trial
For me the inclusion of details of white oak reviewing the company could be clue to something?.....those details did not have to be included in the Agm notice,just a simple delay notice would have been easier......we had revised loan arrangements last yr and I’m sure white oak reviewed the company prior to reducing the interest on the remaining loan,which imho should be well paid down now.
This is clue to something different,the appearance in London in July with the books could indicate?...another LSE listing?......white oak being predominantly mentioned imho would be a positive for further funding/expansion or acquisition....maybe
AGM notice was 04/06/19. AGM held on 26th June 2019.....unless I’m mistaken that satisfies the 21day rule??.....