Member Info for latpulldown

Remember also the 3 seperate principles established in AB Stable re Ordinary course.

1. Failing to seek buyers consent is wrong. If not forthcoming you litigate. (Queensway deal and consent to push out all payments - to as much as 156 days)
2. Ordinary course IS NOT ordinary response to extraordinary events. It is the routine conduct of business under normal circumstances.
3. Extraordinary changes to the business and which departed radically from normal and routine operations and that were wholly inconsistent with past practice and would lead to significant challenges in resuming operations were a Breach of the Ordinary course.

You saw the graphs and the tables.

dyor

On the ordinary course remember the Moral Hazard Statement that the company you are buying at closing is the same as the one you initially offered for. This being included to mitigate the moral Hazard of sellers acting in their own interest and to the detriment of the purchaser.

By the closing date on what we heard last night the deviation from the normal course was over $200 Million. Outstanding rents, outstanding payments to studios, outstanding supplier payments all being transferred to Cine.

I don't think it will matter Alexp01. Very good witness that having previously given evidence in many cases so will know what to expect. Articulate, precise and really easy to understand.

The size of the deviation from the ordinary course here is simply astounding.

I also thought fwiw that the ICA process witness was superb btw and the cross examination I found without point and failed to hit the dartboard with any darts.

Re "ordinary course"

HNS, everything you hear you have to view in its entirety. Remember that the evidence our witnesses give in chief and the accepted documentary exhibits are tendered and admitted in evidence. This is there, it exists as evidence. It is then for Goodmans to try and pick holes to either serve their own case or to try and cast doubt on our evidence, or to try and get it inadmissible. Judges decision though, not Goodmans.

You mention "the ordinary course" This afternoon or evening all should get perfectly good clarity from a specialised accountant at KPMG on how much in financial terms Cineplex strayed from "the ordinary course". Listen out for the numbers.

Been out of focus here for a couple of days with other matters but with brief look ins and check backs in the evening.

My assessment of the last few days fwiw is that whoever was manipulating this share price down in recent days stopped yesterday and signalled such with a very large buy (or buys). Probably the last of an accumulation strategy or having gone long. No surprises really its started to rise today.

My valid question is this. Why are we under 80p? What with the new Bond Movie turning out exemplary audiences in the UK and the US actually not that bad either. Don't forget also to add the through the week audiences to weekend numbers. Q4 has just started and its a damn good films slate between now and the end of the year.

Several more good films released this weekend for all that to see. I'm pencilled in for Venom Let there be Carnage and Halloween Kills but you can also choose from The Last Duel.

Variety as they say is the spice of life.

The KPMG witness last night introduced the term liabilities to proceedings. You might wish to consider this in your interpretation of whether Cineplex breached the $725M debt covenant in respect of deferring Accounts payable such as rent to landlords, payments to suppliers and payments to studios.

"Types of Liabilities
Businesses sort their liabilities into two categories: current and long-term. Current liabilities are DEBTS payable within one year, while long-term liabilities are DEBTS payable over a longer period. For example, if a business takes out a mortgage payable over a 15-year period, that is a long-term liability. However, the mortgage payments that are due during the current year are considered the current portion of long-term debt and are recorded in the short-term liabilities section of the balance sheet."

"https://www.investopedia.com/terms/l/liability.asp

Who do we think?

https://deadline.com/2021/10/no-time-to-die-monday-box-office-domestic-1234854716/

It's midnight mountainous. Nothing more, nothing less.

Night.

mountainous, get yourself off to bed.

Night all.

darned machine posted prior to my wish,

I believe they were looking at further dates in November. Those we wait to hear on.

Personally and given Cineplex experts have all been alllowed to give their evidence then in the interests of fairness we should be afforded the same.

I believe they were looking at further dates in November were being talked. We wait to hear.

In fact if you look at the court schedule from now on it gets very sporadic with many gaps and spacings and not the clean run that we have been used to. Some will have other commitments and what looks like perhaps some holidays in between.

This is it on the remaining listed dates at the moment.

October 12: https://youtu.be/D3-YQR_PGN4
October 13: https://youtu.be/TfGepQSXz4U
October 20: https://youtu.be/upT-7PHX38o
October 21: https://youtu.be/h-NKtWtkfh8
October 22: https://youtu.be/AQ4KCih8BUY

One to substantiate our counterclaim of 54.8Million Canadian dollars.

Small Trader I'll be very surprised if the Uk this month doesn't finish ahead of pre-pandemic numbers given Bond, Venom, Dune, Halloween Kills etc and many good supporting films and for that to continue to December and beyond.

It's a Non-court day tomorrow and it should be a pendulum swing on the evidence front. Things are drawing ever nearer to a close with the Cine BoD giving evidence and then we have the good fortune of several of our own experts to come. One being to shore up our timely progression of the ICA process. There are also two I believe (maybe 3) coming from KPMG the global accounting and auditing firm. One to quantify on deviations from "the ordinary course". One other, a properly qualified land valuer, is there to give evidence and quantify things on the Queensway deal and surrender of the restricted lease covenant (without permission anyway). Then there are also others I believe to present evidence on market conditions and you would expect one to substantiate our counterclaim of 54.8 Canadian dollars.

HNS_77, I conversed widely with friends, neighbours and associates and with some encountered the same cautious response. That may in part explain why the through the week sales have held up so well this week. I know personally of several that are going this week (Tuesday) and there are several others eyeing up half term.

It's all about gaining the custom back through the door and winning hearts and minds of those re-engaging. If all those retruning for the first time in a while return home safely then that will be the biggest convincer of all that it is a safe environment to go back to.

Barometer cinema called this one absolutely spot on with its attendance levels and off them I said not to be surprised if the UK "full week numbers" came close to or surpassed the "opening weekend numbers". You had the updates throughout the week and its surpassed it.

Next weekend (15th October). Bond will still be running, Venom 2 opens in the UK and so also does "Halloween Kills" and The Last Duel.

Then the next weekend (21st October). Dune opens. And across the back of it will be Last Night in Soho and The French Despatch.

Just one more point to make and that is that in concentrating solely on Box office opening weekends you overlook and miss what can be substantial ticket sales that occur through the week. Bond midweek sales being the pertinent example.

Good Evening Plumber95 and congratulations on what is one of the only correct interpretations of the numbers.

Bond slightly under the $60M estimated numbers in the US with $56.1M.

BUT the point you picked up on, and that others seem to have missed, is that Bond in the UK has more than compensated for this by OUTPERFORMING with "phenomenal" numbers ( Those words are not mines they are Deadlines words).

Bond opened in the UK to the tune of $35.3M. (See Variety article below)

It has now at the end of the second weekend, and with all the through the week sales, surpassed that with a further $35.7M to reach $71M. That is a first class cumulative audience.

Deadlines comments.

"Bond’s UK gross has reached a phenomenal $71M after two frames with just a 28% drop — it is now Uni’s fourth highest grossing title ever in the market."

No data yet on our RoW side of the business but Europe seems similarly strong.

The articles.

https://deadline.com/2021/10/no-time-to-die-second-weekend-venom-2-dune-china-global-international-box-office-1234853488/

https://variety.com/2021/film/news/james-bond-no-time-to-die-uk-box-office-1235081172/