Member Info for ElvisRocks

Wolffie (within reason) I don’t really care how much debt there is which is why I have not focused on it, my major play on this in the last couple of weeks was there would not be a wipe out and what was happening with the FCA, Takeover Panel and Invesrec had relevance (plus how I was telling you these things get played out), ironically with a bit of sugar on top where you were giving kudos an hour or so ago to accountants in a data room … all about timing, thanks Bloomberg!

No problem if you want to ditch the word sparring or irritation, call it fact checking if you like … i now feel like Simba in the Lion King, that RNS was OTT and the lawyers bill shows the direction of travel

Wolffie I’m not quite sure you did unequivocally say you saw Cine coming out of this as you were countering my position that the RNS was overkill, you thought not. I unequivocally as you know said lawyers grubby hands were over that RNS and whichever media announcement over the last few days, even with a hefty dose of salt, confirms there won’t be a wipeout… as Cine have just confirmed they intend to emerge in tact, ie as a Going Concern (another arm wrestle you and i have had) …

What exchange is that bulls … my lovely sparring with Mr Wolff himself, I can imagine he’s a little tail between his legs now and just converted to Little Red Riding Hood!

Bulls .. what Wolffie has been saying here about a wipeout is well bull..s..t, I’ve been arguing with him for weeks when he tried to put me on the naughty step … sounds like that step is consigned to Mr Wolff himself and there won’t be a wipeout!

.. or put another way, Young Mr Wolffs philosophy that the wipeout RNS is consigned not just to Dusty Bin but the permanent bill, told u so Wolffie, them lawyers up to no good!

Does anyone think we will get an RNS in the morning, previous evening Bloomberg (or Sabah Medings articles) have been a feature of night before announcements, eg night before entering C11.

Just put out an hour ago, if anyone has Bloomberg subscription access, pls can you post full article ..

https://www.bloomberg.com/news/articles/2022-12-04/cineworld-says-it-intends-to-emerge-from-bankruptcy-intact?leadSource=uverify%20wall

“calibre of forensic accounting teams that get brought along” …. my goodness Wolff, you’ve done a full 360 of that score have you not, I thought us beancounters were not fit for anything!

Thanks Hexam even!

Thanks Wolff

Wolff, in connection with the said Page 97, what is the abbreviation CIM, and who are AHG and UCC advisors?

Also week 2 has now passed, as probably has a big chunk of the data room process, it was only after the step at 2 weeks was hurdled the round 2 processes began which is where we are now, “leaks” starting to begin, in the Bloomberg article they want $1bn of greenbacks to sell Europe and Israel

Good pst antlev, seems Reuters also posting about the Eastern Europe sale, note the comment “Cineworld declined to comment when approached by Reuters” … standard stuff, but seems something is brewing somewhere…

Antlev, the very last sentence on the very last page of this PDF, PDF Page 97, the six weeks are up around the 15 Dec which is why we are hearing drip feeds of possible bids

This docket, Docket 722, was the biggie one when the judge made his decision on the $1bn finance. When Joe Public gets to hear about these “bids” I don’t know

https://cases.ra.kroll.com/cineworld/Home-DownloadPDF?id1=MjMwNzIyNA==&id2=-1

The share websites are picking this stuff up now, to me both were credible inferring / indicating possible bids, the Bloomberg one was a whopper helped by the subtle “as quoted by a source who wished to remain private”

What they are doing there is getting the message out ahead of the approx 15 December cut off for non-binding indicative offers to be submitted to the courts

https://www.proactiveinvestors.co.uk/companies/news/1000095/cineworld-leaps-on-report-of-possible-bid-from-vue-1000095.html

A real blast from the past … remember studying this at university all those years ago, finance firms probably now have a plug in calculator or excel tool to calculate this in 5 minutes…

https://en.m.wikipedia.org/wiki/Black–Scholes_model

Wolf, Hexam

On further investigation (helped by approx PDF Page 34-36) which describes this in business English as well as the financing, rather than the back end of the accounts which describe this in “Accountant English” the big fat interest charge of $150m odd ($167m fair value gain last year) is something to do with fair valuing all the share options and warrants in a volatile environment, I believe using the Black Scholes Model (a real blast from the past for me but cineworld do use it according to their accounting policies). Why it was a gain last year and loss this year I don’t know, but a quick search / recap confirms a complex formula will be used

C11 advisory fees are on a different line in the management accounts submitted to the court Wolff, (not part of interest charges) and amounting to a whopping $162m over the forecast period.

Wolffie is back … welcome back Wolffie …. big day yesterday when u weren’t around …

Also I think Wolff did high level reconcile for me, I’ll dig out that post

Hexam, back to the $6bn loans figure you computed this week, can you remind me again what was the loans figure before and after the DIP $1bn element

That element was a “repayment of debt” (as I understand it) but was matched by an equal and opposite inflow of $1bn together with significant change in the seniority structure of the various liens on the debts. Is that one simplistic way to think about it? Ie was $6bn still is $6n