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"They have been outfoxed by the bidders who at the last minute dropped the price to about one fifteenth of what Laffin expected'.

I wonder how the journo knows this? I'm sure he's right though.

If so there was no need to panic, because there is nothing to suggest Flybe was not a going concern at the time,

However, it doesn't look like there was any attempt to bring back the other potential bidders, or seek the sort of lifeline that Tinkler's been offering.

The sudden capitulation looks like gross negligence. Kohn's investigation should be very interesting.

The BOD cannot liquidate Flybe Group plc without 75% shareholder approval.

That's probably why they have only said they "INTEND" to liquidate it.

Shareholders will want Kohn to carry out his investigation first, so I'd expect them to withhold their approval to liquidation. Even if they approved, it would still take time to complete the liquidation.

Caveat: we've all learnt the hard way about these shysters' capacity for dirty tricks. So have they worked out a way of forcing liquidation? eg once, after a "no" vote, the shares drop to a fraction of a penny, they or an associate could buy a controlling interest for peanuts (I suspect the rules on bidders or associates not dealing won't apply at that point).

Been out all day, just seen Keith's RNS. He's keeping 10,000 I see, for the right to attend and vote at meetings etc. presumably.

I'm sure he will have taken advice from his own lawyers on how to get compensation. Logically, we would all ride the coattails of Hoskings though, with their lawyers acting as a "clearing house" for any submissions from other shareholders, including posters on this BB.

The preference point could be very relevant: giving Connect preference would indicate that the BOD considered the company to be solvent, despite the credit card companies demanding more collateral. Tends to contradict COW's assertion that the situation was desperate.

Tav - how do you know that Keith Everitt has bailed out? There's been no RNS has there?

All that is going on at the moment is mere background noise, in the sense that it is irrelevant to what really matters to those who held shares when the deal was announced, namely the legal action or actions that will see us win compensation in due course.

In this context, one advantage of the Tinkler proposal (ie to provide finance if the deal falls through), is that it shows clearly that the Connect deal was not the only way out. In other words, there was significant value in Flybe, and we were deprived of that value.

The most important thing right now is to get Kohn installed as chairman of the plc, which though emasculated will not be liquidated any time soon despite the BOD's intentions.

962... no one could have predicted the 11 Jan bombshell, and I wouldn't completely rule out another one (good or bad) before 22 Feb.

All Tinkler has said is that if the asset sale doesn't complete, he'll basically organise alternative finance to replace the Connect loans in order to keep Flybe afloat.

His holding remains a mystery. The story behind it, which we may find out one day, is probably worth more than the holding itself!

But as a new shareholder, he won't be able to join Hoskings' class action, so won't be able to recover any of the loss he looks like incurring.

I don't think an injunction will be applied for now unless some new information comes to light. Why else would they wait so long?

So an application still can't be ruled out, but the chance of it happening is diminishing by the day, as is the chance of it being granted.

I think Hoskings is saving itself for the fight for compensation.

Smartie, understood, thanks. Might try it myself one day!!

They wouldn't have said "desperate situation", they'd have said something like "the collateral demanded by credit card companies had increased from x% to y%, but we are continuing to sell assets and talk to potential buyers".

"It was seen by many (including the biggest pro Flybe poster/experts on here) as positive and would have been approved, so what is everyone complaining to HL about? - HeresHopin

It's irrelevant that the resolutions may have been passed anyway.

An invalid GM is an invalid GM, full stop.

Well spotted. Glad someone's awake!

Forgive my ignorance, but what is the purpose of this message?

397(1)(b) "dishonestly conceals any material facts whether in connection with
a statement, promise or forecast made by him or otherwise."

Just one example of many:

The timeline shows that:

- Stobart and Cyrus incorporated Connect Airways on 18 12.19.
- Virgin confirmed its interest in Flybe on 19.12.19 by RNS (while Stobart stayed shtum)

The Virgin RNS was misleading since they weren’t working alone at that stage.

The totality of the announcements made by Flybe and others indicated that there was more than one bidder at that time.

Flybe did nothing to correct that impression, whilst knowing that the parties were indeed working together.

Tav - £50m is in the Times article.

Tav - £50m is in the Times article.

962 - I know you are doubtful about the deal going through, but I'd be interested to know what specifically in your view will be the main stumbling block.

In other words, what is the main condition in the agreement without whose satisfaction the deal will not complete?

962 - I know you are doubtful about the deal going through, but I'd be interested to know what specifically in your view will be the main stumbling block.

In other words, what is the main condition in the agreement without whose satisfaction the deal will not complete?

If it's true as stated in the Times that the credit card companies were withholding three quarters of £50m of cash balances at the end of the year, this is a material - nay, devastating - increase from 14 November.

Why no RNS? There is no excuse: the shareholders were kept in the dark. If the FCA don't investigate this and take action, I would question why the FCA should exist at all!

Kohn also has 99.9% support from aggrieved ex-shareholders - not that that is much use to him!