Member Info for valuewalk

I'm at an average of 8p or so. Let's hold and hope. The results were not bad at all, I expected to wake up and have been closed out of my positions. I suspect we can hit previous highs given enough time, Amigo has always filled a very useful gap in the market- they are quick and easy to deal with, almost 100% recovery rate of sums owed due to taking security.

Our risk is the SoA of course.

@ Mouse,

Indeed. I've heard that even with all of the lasers and other equipment we now have, we would find it extremely difficult to replicate the Pyramids.

If Covid had a 100% mortality rate, who would be left? I reckon just the North Sentinelese, who are a Stone Age tribe. There would be, as you say, nothing left to prove our existence after a few thousand years. Maybe some top secret AI somewhere would hum away for eternity, oblivious to the death of its fleshy creators.

Last I checked we are only at 1.5% for short interest. Seems very low. Clearly the shorts won't put their money where their mouth is....or they're just scared after recent events.

Interesting the way the spread just widened so much. Think the brokers are slowing the market a bit?

Doubt it. The FCA won't take kindly to Administration, not to mention the company is balance sheet solvent and cashflow solvent. The recent RNS said the same.

Not sure why we are slipping. Scheme of Arrangement looks strong. Another £15-35 million put in, plus 5% of net profit over 4 years.

What's the story here? This was in the news two days ago, I see nothing in the RNS at all and no comments? $22 million would equal £17 million, or about £0.23 per share - which is more like it. Albeit I feel they still sold out not to pursue the full $60-70 million arbitral award.

We shall see what happens. I have voted No and will be keeping hold of my shares. Equity might be our best hope, this was not sale to a bona fide purchaser nor was it at good value. A cursory check of the balance sheet tells you that.

The threat that Flybe PLC will be wound up if we do not vote in favour of their scheme is an absolute lie. It is designed, I can tell you, as a lawyer, to trap those with no knowledge of the law. Flybe PLC cannot be insolvent, it has £178 million in assets and no trading activities....This is an empty threat by some desperate scumbags.

A respectable price or I, for one (two? three? four?), shall do my bit to scuttle the ship. The difference between 1p and nothing is £1,400. It's a matter of principle, I hold a razor to my nose and shall gladly cut every, last dangly bit of connective tissue off and brave the agony to spite my face. Give me 20p or give us all the men from Begbies Traynor :)

Erm.....the test for an interim injunction is the test for an interim injunction. Does not matter a jot about some employees. Our judiciary is not so corrupt as to take their eye off the ball for emotional reasons, not most of the time anyway.

The test will be that laid down under American Cyanamid...the main point being, will an undertaking in damages be provided/will damages be an adequate remedy? Hosking may have to put up a few million in case they lose, although they are probably solvent enough not to need to.

Yeah, I agree 100%. When the Southern District of New York court rules on this we should see at least 15p, but more like 50p.

Try harder next time crooks. You are trying to buy £178 million of debt for £200,000? GTFO. You mean to suggest we could not get more for it than that if we (as Plc) simply called in the loans and let the IPs pick over the bones of Flybe Ltd? Fraud, fraud, fraud.......and not in the least bit tactful.

What a crude job. The oligarchs didn't buy stuff for 1/1000th of its value, they paid 1/10th like proper crooks.

The debt is not really a huge issue, the bigger question is where the Pound and the price of fuel is going. We can service the debt, for now, and could issue more shares to buy breathing room (or, at least we could have done before the stitch up began). It's no excuse for anything I'm afraid.

Plc, last I saw, has assets of £178.2 million in the form of loans to Ltd. I see no reason why our newly constituted BoD can't call those in, subject to their contractual terms.

@ Tiger & Pianista

It's on page 142 of the March 2018 annual report as "non-current receivables", this being because Flybe Ltd could, quite clearly, not repay the sum of £178.2 million within 12 months.

If you see page 143 of said report it reads, "Amounts due from Group undertakings are £178.2 million (2017: £178.2 million)". So, basically this debt is sitting there, now none of us have seen the contract for the loan(s) but if the balance has not moved up/down at all from one year to the next my hunch is that it is interest-only and Ltd are paying Plc a few million a year.

Only issue we have with forcing Ltd into liquidation is the cross-guarantees given by Plc.

As for 27p I can't comment on the maths, because doing a Members Voluntary on a company the size of Flybe, with so many moving parts, would not be a simple process. Nonetheless, I am 100% with you in saying that the company is solvent and that we would do better if it were just folded up and the equity distributed to us....given that this is the case it would be incumbent on the BoD to do that rather than sell us out for 1p a share.

Equally, I'm intrigued by the idea of Flybe Ltd being sold and Flybe PLC shareholders (i.e. us) blocking the bid and then sitting on £178 million in the form of debt owed by Flybe Ltd.

Either way. I see something of a rise, if only on sentiment as to the possibility of a legal case.

I have no resentment against the employees, though I do think they're a convenient shield for the BoD. I noticed a Guardian article last week in which some arsehole, appropriately called Nils PRATley, was saying that the Flybe deal was a good thing because it suited employees and customers.......

Clearly quite a few members of the Fourth Estate need to revisit Company Law 101. We are the priority, not employees (trade unions for that) or customers (credit card protection/regulations for them).