Member Info for Malpenn

https://www.sharebuyers.co.uk/shares/revealed-the-key-quotes-from-the-amigo-court-hearing/

Although the FCA came in hard yesterday to warn Amigo and a show for the press, they can't be the ones that push Amigo into administration. Then the customers who they are trying to protect get nothing.
Our council did a weak job at defending our cash position, which led to doubt about if this was the only deal possible, the judge was questioning the FCA when he was applying the truthful nature of our BoD, the FCA went too far there and I think the judge saw other areas on both side he wasn't happy with but that is the role of the judge.
Switch off and come back on Monday.

It's not their place to negotiate but they did say that if an offer came through that they are okay with then they would provide a letter of non-objection.
It was hard for shareholders to listen to the FCA yesterday, talking about wiping out shareholders but we have to trust our board.
It's not lights out yet but a rude awakening if we thought this would sail through.

Great content and it's shocking that the structure of Amgio's cash position wasn't detailed to the Judge when he was tearing strips into the fact what we were not facing administration.

I would be inclined to reword it and send it into the court and say you had connection issues and couldn't raise it during the questions section.

Hannah.Wood@justice.gov.uk

The FCA was positioning that a rights issue would be possible pre-arrangement, no way in hell would investors take part now the FCA have shown their true colours in this matter.
If there was an offer on the table about what would be accepted or written into a non-objection letter.
It's clear there needs to be give on either side to make a deal happen.
Switch off for the day and never invest in anything where the FCA can stuff investors from a total U turn in their public communications.

That's what I found so frustrating today, it took a PI in the questions section to raise the point that our position was really that serious and that bondholders could pull the plug and the idea to create new arrangements is just fantasy.
Disappointed in Freshfields for not putting weight behind exactly why our BoM said it's this plan or nothing.

The problem before is that we knew our cash would never cover all the claims, so we needed a pause in paying claims - isn't this exactly the pause we need.
We continue to improve our cash balance, directors offer their share options and I think we are PI shareholders accept some dilution and we start to build a negotiation platform.
Never did I think the FCA would come down so hard on PI's but that is their stance.
As PIs would we rather take a haircut or lose all our holdings.

Had a few beers so please don't shoot me down.

The FCA did say they accepted Amgio would not pay out redress until a scheme was in place, this was agreed back in December and their stance would continue.
So our cash position isn't under immediate threat from paying claims, we continue to collect the loans book.
The bond holders see that money isn't going out of the business, so hopefully don't pull the plug - I know there are some lending rules to the bonds but I think those have been put on hold.
So our cash position improves, I don't think we are under immediate threat of administration but we can't restart the business until the SoA is approved.
The pressure on the FCA increases because redress claimants want to know when they are going to get the money.
At some point negotiations have to bring about a deal, the judge heard that it's estimated £15million per scheme attempt and he knows their isn't the money for many of those.

Customers who went via CMC are stuff being their balances will not be adjusted until the customer pays the CMC their 30% in cash, which I guess the customers do not have.

The delays will mainly impact customers, while we continue to collect our loan book.

Sure amigo can negotiate but we are not paying any claims until we have a solution and we continue to collect the loan book.

Delaying payment of claims further doesn't benefit customers and continuing to collect our loan book without any adjustments benefits us.

I think the judge has to explore what other options were presented to customers. In this case none but we have been dealing with the FCA for months and only last week did they raise their concerns. If it wasn't fair or didn't reach their goals at the start they should have advised. Any scheme costs money to out together and the FCA have potential wasted customers redress.

Key point made was that FoS accept this scheme, rather their able body view of what else could be available.

It's not up to the court to decide if wide range of other options and the FCA failed to raise concepts until last week.

Doing okay I think

Look at bottom left, might depend if you have joined via Team app or web where the counter is located.
I see 97 now, not sure what the limit is.

Currently 90 connected

The day has come.. at last.
The only negative factor is that the FCA doesn't believe the scheme is fair "in the current format", this gives us a position to negotiate at the very least. I totally believe that Gary has good relations with the FCA and the percentage of votes is our favour can't be ignores alongside the FoS voting in our favour.
Pleased we are suspended today, this is a matter of law and all the previous cases I've read from today's judge all side on what is best for the creditors. It was a masterstroke that we are including % of future profits because that makes it even more visible we are doing the right thing and being fair. Amigo isn't a cash cow for these claims because along with the behaviour of the CMC's there is a high percentage that are false.
We have Freshfields representing our company today and don't underestimate this team.
Come on Amigo we want to launch V2.

The case is scheduled for 6 hours, stating at 10:30

Starting at the top of the Tweet, very interesting..

https://twitter.com/MoleCapital/status/1392209146695540736?s=19

Interest paste from Twitter (MoleCapital)

https://twitter.com/MoleCapital/status/1394689995697528833?s=19

Looks like it expected to last 6 hours..

Whatever dreamland you live in would it not occur to you that JPM have a rather excellent legal team and they would have a full awareness of the legal options in the case and that they have continued to buy shares.
The market is speaking loudly today and the share price has been held down by design recently.

10. I am satisfied by the evidence that the scheme (if approved and sanctioned) is likely to lead to a materially better return to scheme creditors than would be likely in an insolvency of PGS and other group members. PGS has taken advice from independent advisers, Alvarez & Marsal, whose analysis shows that, absent the scheme, scheme creditors are likely to receive a return representing between 34.0% and 69.3% of the current par value of their loans. The difference between the low case and the high case mainly turns on the realisable value of certain valuable proprietary intellectual property owned by the group. Alvarez & Marsal have agreed that PGS may rely on their advice in relation to these matters.