RE: Spiderman Box Office....BIG NUMBERS....19 Dec 2021 14:33
Good Afternoon all, good to see all the familiar posters hanging on to CINE!
I have been to Spiderman movie yesterday with family and friends. It was quite emotional for me walking into Cineworld cinema but the movie was absolutely stunning watching it on the giant screen and the place was fully packed. I estimated $250M in 2 weekends but seems like $250 could be reached by the end of this weekend! I think lenders looking at the Spiderman numbers and also for the yet to come Matrix numbers, am feeling confident that lifeline will be given to CINE one more time. The fact that Spiderman breaking the record for Sony Pictures and the numbers being close to EndGame release in 2019 despite Omicron proves that cinema is not dead! It is a business that will continue to run for several decades to come. There is no doubt that CINE has a profitable business.
Another news is that I managed to contact Shane D'Souza! One of the lead counsel for CINE. He accidentally picked my call and later responded via email too! Although I could not get much out of him as you know he can't say much considering the legal side of things but he said appeal is in progress. Obviously, he will not know when the appeal will be heard. It can take upto 1 year too.
Also another thing is that Barbara said if the parties don't agree with the costs then both parties should submit the revised costs! But the thing that is not clear to me is that she mentioned that CP should submit their costs within 21 days and then CW to submit 21 days thereafter! So I don't know if CW is not entitled to submit on their own? She says after CW submits, CP can submit their replies within 7 days after CW! So if the appeal is filed then I wonder if it is again going to Barbara or if it would be taken up by another court. I think appeal should be taken up by another court/judge.
Also with regards to loss of synergies, Barbara said she has gone with the calculations provided by Mr. Rosen and said that although Mr. Carlucci argued that loss of synergies should go to CW but Mr.Carlucci did not dispute on Mr. Rosen damages calculation of $1.2bn CAD and she said that Mr.Carlucci did not provide any amounts for the damages that CP are entitled to! I too remember that Mr.Carlucci was only going through the loss of synergies figure derived by Mr.Rosen so it looks like it will be hard now to come up with any revised figures! It will be contested by CP and we need to see whether Barbara or another judge would accept it or not.
But it seems like the appeal process will go on for long time and in the mean time, the big movies could help sort CINE finances. The big box office numbers from Spiderman will definitely help Mooky in negotiations with the lenders. I can't see CINE going bust like some are saying but we need to see whether lenders would push Mooky to raise equity or they are happy to take more debt. I think Mooky will be forced to sell part of his holdings to fund part of the damages and rest by len
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