STAGGERING WANTON DESTRUCTION3 Nov 2021 11:55
I remain staggered at what the former BoD tried to do. The scale is nigh on incomprehensible.
With the SH at circa 1p pre-Hearing, the MCAP, with circa 2.4 billion shares, was circa $24 million
At one point the SH cratered to circa 0.6, ie MCAP circa £14.4 million
Fees paid attempting to effect failed 'restructuring' circa $17 mill (est) + CA fees, say circa $20 mill in round
In other words, the then ENTIRE company MCAP sacrificed on failed 'Plan' to 'save' the company.
Someone, somewhere, somehow, for my sanity explain to me how this was not attempted fraud on a a grand scale.
I still wake in cold sweat hearing Justice Zacaroli's immortal words (I paraphrase)....'It is difficult to understand why, if the company is worthless, so much effort and money has been expended trying to transfer 95% of nothing to bondholders.'
The effect on shareholders lives - catastrophically immense.
Ice cold fury multiplied a thousand times. Accurate feelings- unprintable