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for what it's worth the extension was approved. I see this as a positive development, gives more time for other potential events to unfold, twists, turns, opposition (ex: our letter), lawyers, parties actions, potential bids, offers, bargaining and so on.
Tegop, but you are in the letter. Each and every individual holder is part of the letter.
So you can be free of bias :)
:)
Retail, thanks for defending the cause, but for perfect clarity, I don't see what wolf has to say and will never see. I filtered him. I imagine he is one of the many green boxes.
I believe we should all concentrate on the little that we might still attempt doing and ignore the noise-makers.
I agree Penta, my strategy is to explore all possibilities so that we are prepared to take action if the worst will happen. With the judge we made our move. Now lets have some lawyers interested. Lawyers on such cases are usually paid a success fee.
I have also contacted LOWENSTEIN SANDLER LLP and HEYMAN ENERIO GATTUSO & HIRZEL LLP who worked on the same case against Cineworld and won. I hope I get their attention.
Please get involved and make some noise, any noise.
I have approached BALLARD SPAHR LLP which have represented the Regal dissenting shareholders. I urge the other holders to take similar actions in any direction they can with law offices and media. See below for your reference:
"Dear all,
I represent a group of individual shareholders considering to prepare for a potential class action lawsuit against Cineworld Plc and its Creditors, currently under the ongoing Chapter 11 proceedings.
These parties have recently entered a Restructuring Support Agreement (RSA) which is structured in such a manner that it completely ignores the interest of Cineworld shareholders by evaluating the company's market value significantly lower than what it should be.
We are looking for ways to prevent this RSA to advance and be approved by the Texas US Bankruptcy Court presided by judge Marvin Isgur. Details here (particularly Docket 1471): https://cases.ra.kroll.com/cineworld/Home-Index
We are also looking for ways to be included in an amended RSA.
Looking forward to receiving your feedback."
I don't think injunction is the proper move here, see below. That is why we need to engage with a lawyer.
Can I apply for an urgent injunction?
Yes. You can apply for an urgent injunction in the following circumstances:
If you’re facing a threat of violence or harassment (domestic violence or stalking injunction).
If you’re being blackmailed.
If there is an imminent threat that your sensitive private information will be posted to the internet or disclosed to unauthorized third parties.
where should this be filed Kevin? In UK? Can we get a lawyer to look at it?
On to the next collective action: dear holders, I suggest we start preparing for a class action lawsuit. We should start by determining the correct jurisdiction for the case and identifying a law office that would work with us. Please contribute with ideas and suggestions, we need to work as a team here, none of us can do this alone.
To be honest I invested 2 days work and 80 Euros to get this done, but I will be extremely happy if this helps moving the needle with the Judge. I guess we will never know, but tonight I will sleep much better.
The letter is now on its way to Texas. To be delivered to Isgur personally on Monday, April 10.
To: Honourable Judge Marvin Isgur
From: A group of individual shareholders of Cineworld Plc
Regarding: Plan of Reorganization for Cineworld Plc
Dear Judge Marvin Isgur,
I am representing a group of individual investors which have collectively agreed to send you this letter, for your kind consideration while approving the said Reorganization Plan.
Our group consists of long-term holders of Cineworld share, which have supported the company through extremely adverse times and held the hope that once a restructuring will finally come to pass, it will include the individual shareholders into the new entity and the new ownership structure.
Unfortunately, we were misrepresented during the Chapter 11 proceedings and that has led to a Restructuring Support Agreement (RSA) which is completely ignoring and eliminating us.
Please be so kind to take into consideration the fact that the future value of Cineworld over the mid-term is expected to recover to pre-pandemic levels and be significantly higher than its current Debt. We strongly believe that this value would allow a certain minimal recovery for the individual shareholders, alongside secured and unsecured creditors, without creating a prejudice to these parties.
Therefore, we are kindly asking you to take us into consideration while deciding over the soon to be proposed Plan of Reorganization. We strongly believe that a minimal inclusion of the current shareholders in the future path of Cineworld would be fair and consistent with the financial and moral support that we have invested in the company throughout its hardest days. As a reference, the RSA is suggesting an allocation of 7.5% of the new common stock to the future management team of the restructured Cineworld. If there is such space, willingness, and ability to spare a percentage of stock for parties which have had zero contribution or investment in this company, then why not do the same gesture for the long-term supporting shareholders? It may not be much in the greater picture but a fair gesture of recognition for individual shareholders, and one that would make a lot of difference for them in the context of these individuals having invested important amounts or even their life savings in some cases.
Dated: April 4, 2023
Bucharest, Romania
Signed by
I___G_____, holding 546,179 shares
in my own name and representing a group of Individual Investors, some of them mentioned in the Annex below
fellow holders, the books are closed and this is the final update: we are 44 on the names list, holding 18,125,692 but we are of course addressing the letter in everybody's name. I am on my way to the DHL office now. I will keep posting updates on this initiative. Fingers crossed.
name & number of shares on my email pls, email address down this thread
I will go to my DHL shop in a couple of hours. Last call if anybody wants to be included, please send the email asap. I am signing and sealing the letter soon.
Update: 38 people holding 15,785,768 shares
to all heavily invested and having significant paper losses (and I can tell there are many of us judging from the amount of emails I got) I can tell only one thing: 1% chance is higher than 0%
I believe that miracles can happen. If not, when it is over we will pick up the pieces and move on. But not one second earlier.
Update: 31 names on the letter, collectively holding 14,969,052 shares
Reminder: the list is open until Tuesday (tomorrow) when I will mail it to Texas via postal service. If you want to be added, a short email with name and number of shares need to be sent to "i.grama at yahoo dot com".
Last update today: we are 24 signatories holding 10,176,772 shares
The list is still open until Thursday
Good night all
Sent
https://www.gotomee****/JudgeIsgur