Member Info for londondan

It's been amusing watching the ramping focus slowly change here over the years.

We've gone from 'Jakarta, NY Wheel and 25 GOW projects in the pipeline!' to 'Alright, Jakarta is dead, but NY Wheel is going to be huge! 4 acquisition opportunities being reviewed! We'll get millions from the GOW projects Starneth signs up!'.

That became 'StarSanctum! NY Wheel might be suing it's developer and Starneth hasn't signed any deals, but that's a good thing!', which quickly gave way to 'OK, well we might get the StarSanctum money back at some point and American Bridge is in 'advanced discussions' to rescue the NY Wheel'.

Now, as night follows day, we find ourselves at 'OK, so the NY Wheel project is dead as a dodo and we've got no projects or revenue, but the company is now so worthless, someone more competent might buy the empty shell for a cheap market listing!'.

Good times.

I agree that things are looking up here. All good news over the last couple of months. However I see too many boards descend in to mindless, empty ramping and I'd be keen not to see it happen here.

I can't see any kind of bid materialising until there is some certainty over Brexit. No potential buyer is going to commit before the lay of the land is clearer.

Again, maybe just ease off on all the ramping Stew. These random price predictions plucked out of thin air (which are invariably wrong) don't achieve anything.

Not much to talk about really is there? We'll find out soon enough whether there is any future here, or if it'll just be a slow death by cash burn.

Great stuff, very pleased with that. Onwards and upwards!

"In the term agreement, filed in Delaware Bankruptcy Court this week, the Wheel would drop any claims to recover the auction parts sale proceeds in bankruptcy court. And the NY Wheel wouldn’t stop the Mammoet-Starneth’s liquidation plan from moving forward."

https://www.silive.com/news/2019/01/ny-wheel-reserves-right-to-file-for-bankruptcy-court-papers-say.html

Just in case anyone believes the ludicrous, misleading claims apparently made here that the project could still go ahead.

On that, we're in agreement. At this point a RTO is literally the only prospect this share has left for any measure of success, in my opinion.

"To the very best of my knowledge there is no hope for the NYW now, so to suggest otherwise is to mislead."

Correct. The parts were auctioned and sold to 3 scrap dealers earlier this month.

"is this seriously going to bounce/suck in new suckers every time they get a payment? :)"

All being well, yes. We'll just have to hope that they don't look in to the company's historical performance or track record of success to date. Still no guidance from the CEO on what the next steps are for the business of course. At the moment it seems to be 'receive funds from Dallas Wheel, spend said funds keeping the lights on for another few months'.

Indeed. You know it's bad when even Jetski has given up the ghost.

Big drop today, seemingly apropos of nothing. Rather odd. It's not like there can be much more bad news here, now that the business isn't invested in any projects and the NY Wheel parts have been auctioned off for scrap.

"Your agenda is clear to see."

Indeed. Although I do admire his optimism in thinking that a few atrociously-written messages on a bulletin board will talk down the share price of a company this size. You have to laugh.

Up we go again! 60p gone. The market is waking up to the fact that this was badly oversold.

Another lovely little kick up today. I'm enjoying watching this share at last!

"Two recycling retailers and an international wholesale company earned winning bids totaling $309,697 for various parts of the ill-fated New York Wheel."

$300k. It'd be funny if it wasn't so sad. Parts almost certainly now going to melted down for scrap. At least this puts an end to the lie that the project might restart at some point soon I guess.

https://www.silive.com/news/2019/01/ny-wheel-auction-bids-parts-likely-to-be-melted-for-scrap.html

I'm not one to say 'I told you so', but... you know.

Indeed. I haven't had the time to work out the outstanding CLN amounts but it's not what it was, thanks to all the dilution we've seen here over the last couple of years.

$327,000 USD to be returned over the next 6 months. That's £254.5k GBP at today's exchange rate. Plus the forty grand the company is still owed from Star Sanctum, to be paid before early June this year.

So, just short of £295k incoming over the next six months. More or less the current market cap of the business. How much more is still outstanding in CLNs? (Genuine question - I haven't looked yet.)

There must be value in a RTO if there is a suitable group on the lookout. The business doesn't have anywhere near enough cash to make a meaningful investment in anything and I can't imagine people will be queuing up to lend it any more money, given its historical performance.

Monthly instalments over 6 months, not 12. With interest at a reasonable rate, which is a damn sight better than the Star Sanctum fiasco.

Personally I'm fine with the instalment approach - the CEO evidently can't be trusted not to waste large sums of money, so portioning it out to him as slowly as possible is almost certainly a safer approach.

The CLNs. Now there's an interesting factor...

Hilariously, a RTO would probably see me make a profit here. A previously unthinkable outcome.

Let's hope that's the plan because I can't see anyone giving this BOD any more money, regardless of the terms.

Trader's paradise here again today - don't get caught holding the ball when the music stops.

I will however give credit where it's due. This is the first sensible piece of business I've ever seen this CEO do. The Dallas wheel is going nowhere fast and that money is far better deployed keeping the lights on here. What he'll do with it now however is anyone's guess. Whelk stall? Magic bean plantation?