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Absolutely FunInvestor, imo the cineplex counsel is just a waste of time, money and space. We just had 3 days of a screeching demon of a lawyer shouting at our CEO about the finances of cineworld, despite the fact that it had no relevance whatsoever to the acquisition. We had the money set aside, full stop. Cineplex has in practice exceeded the $725m because if you defer rent payments it doesn’t just disappear, it still needs to be paid back, and that would have been our liability if we didn’t terminate the agreement, full stop there also. I have no idea at all how the judge can rule in Cineplex’s favour, what do they have to back themselves up?

In addition to that and imo, this can reach 300p again, but it will take a long period of time. I personally have the patience to wait and reap the reward as well as the dividend, which will be higher later on than pre-pandemic thanks to cost-cutting. Of course, there are others amongst us and probably institutionally that would be happy with a quick buck from an acquisition at 150-200p. What I personally have seen from the court case as well is that Mooky and his team see this company as a family business, even the lawyers referred to it as that I believe. I would not be surprised if it transpired that someone has approached to acquire us by now but Mooky didn’t even let it go to a vote because he didn’t like the idea of it in private hands, and personally I’d be in support of him on that matter.

Look at what’s happening with Morrisons, a family business that started as a small grocer up North by Ken Morrison and he built it into a big corporation in the UK, now an AMERICAN private equity group is coming to scoop it up, I would be appalled if I was Ken Morrison…

onesharewonder- AA was in and out of private equity ownership, same thing with Krispy Kreme who floated on the US market a few months ago. The idea is to make more for the private equity firms imo, AA was floated for £1.4bn when it was floated in 2014, and the private equity firm got about £1.2bn out of it I think. Now another firm has got it for just under £300m, so it’s just money changing hands and these big firms making profit at the expense of private investors. A big shame really, glad you were able to get a payout from it.

Thankfully, we have a committed leadership team at CINE imo, and I don’t think Mooky really wants to see the company in private equity hands (I can certainly tell you I don’t). The talk about taking cineworld private back in the start of the pandemic was because it was completely uncalled for and cineworld had ongoing concerns about the company itself. Now that we are self-sufficient and doing well (so it appears), I don’t think we need anyone buying us out right now. If they want to buy us out, I think they should wait until we (and our sp) has fully recovered to at least 200p minimum, then we can talk about an acquisition.

not a problem anewman, have a pleasant evening :)

I don’t think so anewman, it’s done and over now because we terminated the agreement due to breaches by Cineplex, and I don’t think either side is willing to reopen negotiations after all of this legal trouble.

Very sharp as well anewman, he definitely knows what he is saying. I have also noticed that it’s a different person on the Cineplex counsel at the moment, so perhaps we won’t have the crazed harpy in the cross-examination this time so that’s a bonus.

They were considering it I think back in April when the sp was seriously depressed, so then I think the shareholders would get a small premium for the buyout but it wouldn’t be anywhere near the pre-pandemic sp.

Very happy it didn’t happen, I still believe we can make it back to 180p and beyond lol. Israel just said that in the end it got too complex and they dropped the idea.

Wow, there was conversation about taking cineworld private. That’s crazy to think. If that happened this bb wouldn’t exist

Hello iParsnip, I will give my view of that

The good: cineworld continues to recover as expected and we meet our c. 80-90% of attendance needed as per the base case scenario by the end of the year. Even better if we exceed that. We win the Cineplex case and also win our counter-claim. There are no further restrictions or lockdowns put in place in the regions where we operate

The quite good: we meet the c.80-90% required in attendance by the end of the year. We also don’t have to pay anything out to Cineplex, or a very minimal amount. There are no further restrictions or lockdowns put in place either.

The bad: we have some kind of lockdown or new restrictions that hinders our recovery towards the requirements laid out in the base case scenario. It would also be bad if we have to pay anything out to Cineplex in the region of $200m-1bn+.

The ugly: we have a full lockdown in a major region where we operate and we come short of expectations and do not even come close to the c. 80-90% of the requirements in the base case. It would be very bad if this was joined with a heavy payout to Cineplex, perhaps exceeding £1bn.

The ugliest it gets: we become insolvent and that’s the end.

In my personal opinion, I think we are currently in the ‘quite good’ scenario. Cineplex isn’t getting anywhere with its defence by the looks of things, and so far there are no new restrictions or lockdowns in sight in the regions where we operate. The c. 80-90% is looking a bit optimistic to me right now, but I’m fairly confident that we will come very close to that this year. For 2022, I have no doubts for 80-90% as long as there are no major problems.

Hope this helps :)

LOL I was crying in laughter at Asda XD

The CP lawyer was trying to make it look like there was no schedule for the movie release in that document he was showing and to make it look like the document we made for some kind of financing or something was not valid and he was about to whisk it away when Mooky said to stop for a moment and he read out the EXACT place where it said it XD

Then, the CP lawyer started to lose patience and he took off his glasses and everything and he was questioning Mooky on a document and trying to corner him. Mooky asked if he should read it and the lawyer said NO NO NO HAHAHAHA

Mooky has got the lawyer right where he wants him it’s hilarious, the lawyer isn’t able to corner Mooky at all. I must congratulate and commend Mooky here, he has been impeccable, the lawyer was quite literally about to explode.

I think the CP lawyer was saying that he is only going to spend a little bit more time on this segment after the lunch break and Mooky also said that the lawyer could ask Nisan about something ‘in a few hours’ earlier so I assume Nisan may be up next. All very interesting indeed…

I also really like how Mooky is taking the time to read every document thoroughly and not just straightforwardly answering the question without understanding the context first.

EXACTLY BLUEBUXTON, I saw the exact same thing. And he says ‘so once again you’ve been untruthful’ where did Mooky say he was being untruthful before?

I’m glad to see our counsel stepping in where required.

And why is the CP lawyer continuing to bang on about our finances? It was YOUR company we were acquiring, not the other way around

court back in session, GO MOOKY!

spot on smalltrader. Just look at that, cineplex was already over $725m just one month into the pandemic and they were expecting us to go through with the deal at full price. Are they ok in the head?

If I wanted to buy a house off you and if it was fully furnished when we signed the contract, and then if you took out all of the furnishings before I moved in, would you still expect me to pay full price for it? At the end of the day, you need to give what you advertised and agreed upon. We agreed no debt in excess of $725m and they breached it even 2 months before we terminated the agreement. Mooky was even saying that they gave CP a chance to rectify the breaches and they didn’t do anything, what the heck does the lawyer have to show for ‘his client’ that he cares for so much?

StanleyPro, the cineplex lawyer is trying to be dominant and trying to put Mooky under pressure. It’s all scare tactics. Mooky is taking it in his stride. I hope Nisan is able to properly defend the emails and messages tho lol, that is going to be juicy :)

StanleyPro I loved that too. There is some interesting evidence that the Cineplex lawyer just brought up about the no deal at 34. Interesting to see what Cohen says there later on :-)

GO ON MOOKY! The Cineplex lawyer wanted to move on quickly after calling Mooky a liar, and then Mooky straightaway challenged him and said he wanted to respond. Very good job so far, the cineplex lawyer is trying to demonise Mooky but he isn’t giving him a chance.

Waiting for the Pepsi to make an appearance :-)

Hello reedy, here you go:

https://www.ontariocourts.ca/scj/cineplex-v-cineworld/

Just press on the date for today and then it will take you to the YouTube livestream. It starts at 3pm

Good morning SmallTrader, thanks for this info

Mooky has said that if we even get 75% of 2019 in 2022 we will be completely fine. That looks easily achievable to me.

Very true lpd, that is a fantastic addition there.