Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I guess it mean the loan will be repaid and NEW have missed out? If it becomes a success?
Come on guys can you both just ignore or filter each other please? Its getting tedious!
Thanks aka! Bloch completely misrepresented my post whether through ignorance or deliberately who knows? Giuseppe is now DIR of MTV Services and also a creditor to the tune of >£800k He has made a proposal to the admin and my guess is he is planning a management buyout. The value of which will probably depend on whether there is anything left of the service contracts and Siyaya project ($3-5m)? There was also the MOU with ABT which could be what he is interested in going by his recent publication?
I find it annoying that someone who sat on the board through it all as NEFD tweets about financial regulation?
Any monies raised from the sale of assets would be distributed in the following order Secured creditors preferred creditors unsecured creditors shareholders Unless there is a bidding war for the assets then can see anything getting as far as shareholders
As I understand it the administrators have a max of 12 mths to try and maximise the sale of any assets. Then what is on the table is given to the secured creditors at a percentage in the pound if there is not enough for 100%. If they want the IP then they would have to put a proposal to the administrator to basically buy MTV Services which is what Giuseppe has done I expect? I suppose there is no reason why all the secured creditors couldn't join together & make a proposal to the admin for MTV Services? Not sure who holds the patents?
The administrators have to 1 o 3 things a/. Rescue the company as a going concern or b/. achieving a better result than if the company had been voluntary wound up or c/. Realising property in or for a distribution to one or more secured or preferential creditors The administrators have said a or b is not realistically achievable. Currently Eddisons are trying value what property there is while Giuseppe has made a proposal to do what? we don't know. My take is - MTV Services is sold to Giuseppe unless there are other interested parties?. If this happens Giuseppe walks off with whatever goodies there are secured creditors are paid some or all and we get zilch!
I use the filter & know what he is saying anyway. We can all look back and say what has happened.
Wonder how long we will have to wait for Giuseppe's offer to be known? Do wonder if the Nomad hadn't pulled out of AIM whether Len would pulled it off?
My thinking exactly! Potential but if his proposal is a management buy out the IP will be gone we will get nothing! If he injected cash to keep MTV going then different but why would he do that?
Are MTV Services still trading? If they are then they must still be running the service contracts with Mediaset & Digiturk? Siyaya was allegedly worth $3-5m over 5 yrs ABT Platform $2.5m May not be any profit if they laid the engineers off and have to subcontract? Siyaya was sub contracted out anyway. Question being is there any ongoing value? Administrators said there is no potential to rescue as a going concern so looking to sell assets which would be MTV Services to pay creditors. I'm guessing Giuseppe's proposal is a management buy out? That would leave shareholders with zilch unless it was really large which I doubt?
No need to insult the monkey! They have rights and feelings!
Seems he should have been the one to run MTV not Len? Currently a director along with M.Pilsworth of MTV Services Ltd joined when Len left in September. He is also founder of http://melio.tv/
Thanks! Posted that yesterday & what I did notice was they launched TTV US but didn't tell shareholders that Granite weren't interested in their half of the deal and were trying to sell their half of the partnership. They also didn't seem it was fair to tell people that icube had new owners and they weren't interested in doing any marketing.
mufcm - Sorry but can't open your links
Your probably right regarding the aim but I believe the patents will be picked up for peanuts as what is left of the business has no money. The MTV services did hold the contracts so if they are still in operation there may be money coming in ie Siyaya was £5m over next 4 yrs. time will tell?
Motive Television Services seems the only part of the company that is still active. Therefore the only bit with any potential value that could be sold off to pay creditors. Presume if it is sold off then us shareholders would no longer have an interest? The only way it could benefit shareholders would be if a £6m + cash injection was made, creditors paid etc. Can't see that happening so I'm still not expecting anything back.
No probs! Believe Marc Ortmans is a creditor as well?
Motive Television Services is only one active https://beta.companieshouse.gov.uk/company/07517889/officers
Pardon my ignorance, only recently been looking back in, but where does it say Marc Ortens is chairman?