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To all genuine holders here. I will not update this forum anymore. We are working to consolidate various groups and streams onto Discord and Telegram.
Looking forward to seeing you there.
I will just drop the conclusions here:
III. The conclusion of the call and the open points:
1. They have to run an analysis and determine if any action is feasible and has any chances of success
2. They have to think of a remuneration scheme that would fit the circumstances
3. We have to discuss and decide to potentially provide them with a list of names, share holdings and initial investment values
4. If the Equity is “in the money”, meaning that the valuation exceeds Debt, they see a fair chance of success and of pushing back the RSA
They will get back to me next week with their findings and decision / proposal.
hi all. Lawyers call finished (68 minutes). I am sharing the document with the conclusions on the hjgwhite discord server. I cannot do it here because it is simply way too large.
Please join the Discord.
points I want to discuss with the law firm:
1. Retail shareholders cannot be a valid counterpart for this discussion. They are scattered and impossible to consolidate. This project and the task of centralizing their interest needs to be undertaken by the law firm. There is no legal representation for the shareholders at the moment, and at the same time there is a significant appetite and need for such. We can guarantee that we will all be following the first law firm that decides to step in.
The law firm can start by reaching out to largest shareholders and offering representation during C11 proceedings and afterwards if an action class lawsuit will be needed. Then advertise to all other shareholders to onboard them.
2. Because the debtors are far from being “hopelessly insolvent”, we would like to request the appointment of an official equity committee, which will mean equity receives a greater voice in the Chapter 11 process, particularly that we believe that equity may be “in the money.”
3. One way to expedite the equity committee process is to seek support from the Securities & Exchange Commission (“SEC”). With SEC's support of an official equity committee, the UST may be more receptive to the idea. Otherwise, filing a motion with the Court may be the only other option in a fast moving case.
In conclusion what we expect is: We expect a Law Firm (1) to investigate the publicly available information which is plenty, (2) to determine the feasibility of the suggested action and (3) to launch a marketing campaign to enroll Cineworld shareholders in a massive action class lawsuit in case this RSA is approved and a Restructuring Plan follows it.
Hi all,
there is a centralizer we are building on Harry White's discord channel. Since I have centralized some of your holdings for the judge letter, I intend to add the holdings to the excel. I will only use your initials not full names.
I will only do this in the evening, so if someone disagrees pls write me on email.
see on Harry White's YouTube channel now
things are happening. All should put the shoulder to this: likes, shares, retweets, etc
look up Cineworld Revival on Tweeter
1.
Through this Restructuring Support Agreement, the parties are leaving Cineworld Plc as an empty shell and will probably try to delist it soon, while they create a so called Restructured Cineworld which will be owned by Secured and Unsecured Creditors and Management Team. No inclusion and no recoveries for shareholders although the estimated value of the enterprise has enough space for all.
2.
Enterprise value:
• 8.3 Bn in 2018
• 11.3 Bn in 2019
• 9.5 Bn in 2020
• 9.4 Bn in 2021
Secured Debt: approx. 5 Bn
Now, out of the current market value (which is not objectively determined), there was no room for any shareholders recovery, whereas only secured and unsecured creditors were included in the Restructuring Support Agreement.
Ideally, an independent analysis of the valuation of the company should be done before determining any Restructuring Plan or RSA. If the value of the company is determined to be higher than what is owed to Creditors, than there is more space to accommodate legacy shareholders. Bankruptcy was mainly caused by the pandemic, it is now over, forecast for future business is good. Creditors are being opportunistic and are trying to get a company cheap; when a valuation would determine it to be more expensive for them ( via a serious valuation of the company ), they may not be as willing to take it and this current RSA will need to be scrapped and new negotiations need to take place.
3.
The BOD is meant to represent the shareholders and protect their interests, which has not happened in any measurable way. There were no General Meetings, there was no vote on anything, there was no proper communication except repeating that there is no recovery expected for shareholders. The shareholders have supported the company with equity capital just as much as creditors have supported with loans, but now shareholders are completely left out.
4.
Only in my group there are 200 shareholders with an average holding of 250,000 shares. This means 50 Mln shares only in this group. Using an average valuation of 10Bln this would mean approximately GBP3.7 per share after Debt is paid. Total value of this group’s holding would be of $200 Mln. And this is only a small part of the free float of this share. It is just a matter of advertising this class action and get the others onboard. This could be a massive deal for the law office which would undertake it.
5.
We expect to be treated fairly for the moral and financial support that we have invested, and we expect to be included in any Restructuring Plan, of course proportionally with our class and rank.
6.
We expect a Law Firm (1) to investigate the publicly available information which is plenty, (2) to determine the feasibility of the suggested action and (3) to launch a marketing campaign to enrol Cineworld shareholders in a massive action class lawsuit in case this RSA is approved and a Restructuring Plan follows it.
Lawyers call now confirmed for tomorrow 11am eastern time, which is 5pm CET time.
Please send your ideas.
I confirmed I am ready for a call and gave them my availability. Now I need to prepare for this call.
My main intentions are:
1. Tell them that we are an unconsolidated group of shareholders, potentially holding in excess of $100 million shares under a correct business valuation.
2. Confirm that many of us are ready to sign them up for a class action lawsuit on a success fee basis.
3. Tell them that we are ok for them to find ways to reach out to any other shareholders (including Institutional), and bring them in.
4. Give them an overview of the case, what we consider wrong and what our claim should be.
For number 4 I need help from all of you. I have seen many well articulated ideas and strong angles in here, now we need to centralize them for this call. Please write to me here and/or on my email, I repeat it: "i.grama at yahoo dot com".
Let's do this !!!
One of the law offices that handles Regal dissenting lawsuit just replied:
Hi Ionut,
Thank you for reaching out. We are happy to have a call with you about the Cineworld/Regal issue.
Best,
Maya
Maya Ginsburg
Counsel
Lowenstein Sandler LLP
I will confirm the call and keep you posted. This gives me more hope.
Thanks Talatum, this is very much appreciated. If you could please post it here for all to contribute & approve.
hi Quick, letter is sent but was done on the behalf of all shareholders.
You can reach me here on the open chat or via email: "i.grama at yahoo dot com" with your ideas.
that would be a good start and we will work together to refine it. Open letter means that we can send it via any channel.
Thanks Talatum. Valuable input. Particularly an open letter to non-execs looks very good and promising.
Can you take this one on you? Can you elaborate an initial draft that we all could adjust or approve? And can you find the contact details of these people?
I urge all of us to use their ideas, networks, contacts and take some actions which should consolidate in a bigger boulder:
1. attend the GM on April 20 and prepare questions for the BOD
2. contact law firms that might want to represent us for a class action (I have contacted 3)
3. contact UK or US media outlets and let them know about this FRAUD
4. help creating a consolidated position of individual shareholders
skalahome, thank you for this info. Could you please structure it as a letter to lawyers including links and references and share it with me on my well-known-by-now email :)
it's locked for public. Can only be studied at the clerk's office. Interesting, no?
that is the approval
"and after due deliberation and sufficient cause appearing therefor, it is HEREBY ORDERED THAT...."