RE: FOBO OTW15 Jul 2022 15:57
Sadly, Napalms' views, as I have scanned through, are pretty much spot on.
We can tie up the stock with a legal framework to legally relinquish control, which is the MOST important point in the true sale debate, but I am expecting, given the super positive nature of the Board of Directors at SYME, there to be an innovative method to prove that Control has been truely relinquished.
The proof is in the pudding and as we have debated before, we need to see the first IM across the line, Accounts for the client company to be prepared, reported and signed off by Auditors AND given a rubber stamp by the FRC. This being said, the FRC do not have ultimate jurisdiction with regards Accounting Standards across the globe, however they govern a large majority.
For me I would be thinking that the IoT bolt on might have something, for example as soon as the stock is moved, touched, scanned etc, control is reattained they client company must pay for it. It could be that there is a separate section of the client company's warehouse where SYME stock is stored in exchange for a peppercorn rent.
I would personally like to know what legal rights to stock, sold to SYME's SPVs, held at the client company warehouses would any liquidators have? In the event of a Client company going under. This would be a good test.