Member Info for WolfofWarks

I'd be amazed if the CFO actually counts the beans :)

Ny understanding is that that effectively putting more money into the pockets of the rich, while putting some in those of the less well off to alleviate some of the COL crisis, the money is less likely to stoke inflation because it's more likely to find it's way into the market by way of wealthier individuals investing (pension, ISA, tops ups, etc) than fuelling a consumer boom. The investment then helping to fuel growth along with measures like the removal of the cap on the bankers bonuses.

One other measure that seems to have slipped under the radar is the removal of the recent IR35 legislation so those who run personal service companies can choose whether they are an employee or not.

Isn't it usually dividend or buybacks and a balance between both. So for example if you are suggesting because the buy backs are going on the dividend should be increased, the reality is they are both an (alleged) return of capital and the key is to find the balance.

I'd be amazed if US investors had any appetite for buying Into a sanctioned Russian company. Is there anything official on this as I would be interested to read about this. Can't find anything obvious on Google.

Mine on IG went in on 22nd.

So basically because you don’t understand the contents of the court dockets (not your fault they are written in legal text) none of what I’m saying is correct?

The RNS confirms they have been given immediate access to $785m of the *cough cough* $1.94m facility.

What have I left out? I know the judge has approved the part of the DIPF relative to the operations? I posted up several articles the other day that covered a lot of the court reporting.

Jeff - I’m just pointing you to where you can read up on it as you don’t seem to believe anything I say. I’m just pointing you to the source. I don’t make stuff up like yourself and Ian as if fact. I tell you what the company via RNS or court process has said. Whether you guys want to believe or apply your own interpretation is another matter.

This is where I think you guys don’t understand what is going on. Everything in a c11 is court approved as it’s a supervisory process. It’s the US version of an administration in the UK.

Jeff - regarding going concern have a look at the annual report. It’s all detailed in there. There has been grave doubts over going concern, this was before the cineplex judgement - they make specific reference regarding not taking it into account.

Jeff the second docket is after the first day hearing. These are the filings signed off by by Cineworld lawyers.

Isn't that the point the of having the BOE set the rate though? It is an independent view by economic experts rather than set by politicians who only hear from their advisors what they want to hear.

I've come out of the budget quite happy for once.

Ian - this might also explain why they couldn't agree the D4E previously and have had to go down the C11 route, although I suspect those negotiations between the D4E RNSs would have been agreeing the DIPF in preparation of the C11. It's a large and complicated facility to come up with on the fly.

Ian - from Docket 46:

"18. In addition to the RoW Loan Transaction, the Debtors assessed strategic options with respect to the Prepetition Priming Facility. That facility was put in place in November 2020 and was designed to provide the Company with incremental liquidity to give the Company time to recover from declining operational performance hastened by the pandemic and stave off a premature chapter 11 filing. The facility initially comprised a new money tranche (Initial Term B-1 Loans) and roll up of $110.8 million owed under the RCF (Initial Term B-2 Loans). Despite continued underperformance, the Ad Hoc Group came to the Debtors aid in supplying additional term loans under the Prepetition Priming Facility in July 2021 in the amount of $200 million (Incremental Priming Term B-1 Loans). The structure of this facility and the Prepetition Legacy Credit Facilities, taken together, limit the Company’s ability to raise additional financing. Indeed, I understand that pursuant to the terms of the Prepetition Priming Credit Agreement, the Prepetition Priming Lenders must consent to any priming of their collateral. I further understand that pursuant to the Prepetition Senior Intercreditor Agreement and the Prepetition Pari Passu Intercreditor Agreement, the Prepetition Legacy Facility Agent and any holder of a claim on account of the obligations thereunder may object or otherwise contest the priming of their collateral by any DIP financing, unless the Prepetition Priming Agent has consented to such priming financing. Given the timing constraints and related exigencies, and on the understanding that any postpetition financing package would likely require refinancing the Prepetition Priming Facility, the Debtors offered to use proceeds of the DIP Facility to refinance the nearly $1.0 billion of obligations outstanding under the Prepetition Priming Facility. Accordingly, by refinancing the priming loans now, the Debtors are assured that they have the required support under both the priming and legacy facilities to avoid what otherwise could have been a protracted priming fight. Prior to these Chapter 11 Cases, the Ad Hoc Group, which holds a majority of the obligations under the Prepetition Priming Facility, has in fact directed the Prepetition Priming Agent to consent to the proposed DIP Facility. I believe that the Priming Loan Refinancing is a pivotal component of the DIP Facility, which will allow the Debtors to access the cash collateral of the prepetition secured lenders without the need for a non-consensual priming fight. Given these considerations, and as discussed further herein, the Debtors made the business decision to agree to refinance the Prepetition Priming Loans and account for such refinancing in the sizing of the DIP Facility."

Ian - is was not declared illegal - this is a civil case not criminal proceedings. Plus if you read the reporting properly you would understand that the payment has been delayed. The financing is still in place it's just not all been accessed yet.

If you read the dockets I have pointed out to you it makes clear why the facility is so large - there is reasoning behind the refinancing of the $1bn debt because unless it's cleared due to the conditions attached it makes it almost impossible for them to come to an agreement with potential other lenders. So unless at some point Cine makes this payment from the DIPF they are screwed as there will be no realisable way out of the current debt hole.

Ian - give dockets 46 & 170 a read.

Can you please show me where the judge stated the payment of the $1bn is illegal.

Cineworld will come out of C11. The unknown at the moment is whether it’s in the form if this company or Newco.

Shorting this at this point is potentially high risk, the short action was when it was over £1. I have no financial interest in this.

I’ve only ever held two short positions on CFDs and they were EasyJet and Bab**** and were some time ago now. I’m a long investor.

I’ve told you before I don’t believe many PIs short - most are on HL, etc. Shorting is the preserve of the big boys - investment banks, hedge funds, etc. It’s the meme crew who think wide spread shorting goes on. I very much doubt that’s true.

Hi Hexam. That’s very interesting. Coincidentally I think the 31st October is the date the $1bn payment was delayed to. It could all be tied up in a bow very soon, for better or worse.

Hexam is one of my favourite posters not just on this board but on LSE as a whole.

As soon as someone mentions rampers, derampers, shorts, etc, it’s usually because they don’t have the intellectual capacity to actually discusss the subject matter.

Not necessarily there own fault because not everyone is an accountant or fluent in finance but to outright dismiss their opinion because it doesn’t fit your own is daft.

Look at old FigTreeHarry based on little intelligence. Ramped this to high heavens, made his money and has now done one. How many folk did he influence to buy at 6p who are probably sitting on a 50% loss now?

“ Thought the 1.9b is a figure agreed between lender and company on what the company could comfertably afford to pay back if it goes pear shaped”

This is absolutely not the case. The facility is $1.9bn. $1bn is sat in escrow, $270m has been used to pay down ROW loans (per court filings) with the residual left being the amount available for the forecast cash flow. The cash flow is actually filed in one of the first dockets lodged.

If it goes pear shaped (which it already has hence the filing of the chapter 11) there absolutely no way the company could pay $1.9bn back. Look at the balance sheet. Most of the assets are goodwill on all of the acquisitions, right of use assets, plant and fixtures, etc. not much of any tangible worth.