RE: It's not the end.... Yet....6 Jun 2021 07:37
Definitely not 100% doomed yet. This is my take on the complex situation and you're welcome to correct me if I'm wrong in my assumptions. All we have access to is the RNSs. I've naively been in here since the WDC false dawn a few yrs ago:
Shard want their money back as ICON defaulted on a payment Friday.
ICON are going after DS and the old BoD. When DS was here, ICON lent greencastle (DS's com) £1m, who in turn gave them a juicy contract for the online work by the ex unilad crew. Then the ICON BoD jumped ship to greencastle taking the contract etc with them and keeping the £1m. Greencastle then sued ICON in a ploy to avoid repayment!
ICON are counter-suing greencastle cos they royally screwed us and possibly broke the law in doing so. So administrators coming in may well accelerate legal proceedings there and hopefully the greencastle mob might be sweating it more than ICON over this development.
Also, with all the recent talk of a £50m injection from existing backers EHGOF and acquisition of 'hot space' drone start up Sting, if this is real then there's no way they'll let a 500k debt fold the company and lose their main market listing in a situation the new BoD claim to have been working hard to turn around.
So, if the new BoD and all their talk is true and the administrators are fair, then they should be able to fend off Shard with a repayment plan, while also getting everyone to then redirect their guns at the greencastle mob.
If on the other hand they're all full of it and as bad as each other, then we will be doomed after all, but then it probably would've gone down the pan sooner or later anyway if this is the case.
I've been here since the WDC BoD bled the company dry with their egotistical bluster and lavish spending. Then DS stepped in with his false promises and trojan horse BoD from unilad.
Now the new BoD APPEAR to have been working hard setting up a new company in all but name and had to really pull up trees to get the last set of accounts out, such was the suspicious mess left behind by the greencastle mob. If Brandley et al are true to their word I can see this being sorted but it's unpleasant now for PIs that's for sure.
I was in REDX when Liverpool City Council called in administrators there. They were suspended immediately. It turned out REDX has totally reneged on their loan with the council (who were then being smashed by govt cuts) and didn't even try to repay anything after a big placing. Administrators helped start the process of a company restructuring whereby they were able to clear their debts, bring in a new BoD and since relisting they haven't looked back. So my previous experience of this sort of thing wasn't disastrous but obviously each case is different.
Anyway, sorry to be long winded but it's a muddy situation. What do you all make of this? Happy to be corrected. GL to everyone locked in here, let's see if the new BoD are who they say they are, and if they get through this, ICON sh
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