RE: Court case7 Oct 2021 23:34
Israeli got shot down pretty quickly by his brother Mooky as both stated. It was one of what is probably hundreds of ideas only that Israeli comes up with.
This does NOT make it ever something that was likely.
As we have recently also heard and they mentioned regards forms of raising funds for example a rights issue, a float on US exchanges are other possibilities.
This does NOT make them preferred option or "likely".
As I understand it's like many things in law it comes down to a legal interpretation.
From all I have seen Cineplex will say at no point we're they over $725m debt and on one hand you can argue that.
Cineworld will and have repeatedly said they were 'effectively" over the $725m. (Non regular actions such as moving accounts payable from 30 to 90 days, not paying rents, studios etc.) As I think both brothers have noted it was effectively a different way of having extended lending and as such Cineplex although not on the books as such WERE indeed over the $725m debt level.
Once a legal position is known/decided on that then I have no idea why pretty much all of the rest of case I have witnessed so far is of any relevance.
What others were or were not doing regards paying or not suppliers, landlords etc is in my mind irrelevant.
Whether Cineworld had issues being able to finance the deal latterly or not again irrelevant.
To me and like all here I am no legal expert it comes (mostly) down to were Cineplex in breach in particular regards debt level and not following "normal" course. Nobody else is "on trail" here so others actions during last 18months seems of no relevance.
It would appear to me a strong case to say they were is there.
Legal view on all matters will be interesting when we get outcome.
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