Member Info for WolfofWarks

I'm reserving judgements for when they actually release results.

I would say that directors and senior management all being paid in shares saves the company money by keeping salaries down, and aligns the managements interests with that of the shareholders.

I've had my Dividends from Rio and Glencore today and have M&G & BP next week so I think I'll be having a top up here.

Ian- where are you getting your information from?

“ Have you seen the terms of that loan? Nothing has been posted on their site or RNS’ed?”

Again poor it’s in the court docs. They have first lien. It’s common with DIP finance and C11. Google it, do some research and educate yourself my friend. No wheels are being reinvented here.

Ian - in the court docs the $1bn has been deferred till end of October I think it was. This line you keep peddling about it being illegal is a load of nonsense. It’s being held in escrow at the moment.

Jeff - they’ve put up $1.9bn but are paying themselves $1bn back and using a further $270m to buy the ROW debt, so the actual new finance is only $600m odd if my maths is correct, and it gets them right to the front of the queue in either D4E or an insolvency.

The only issue with that is they hold 20% of the shares, heavy retail interest (who don't historical vote and are passive investors) nearly 10% of the shares being sold short - probably to retail investors.

I think governance wise it probably would have been hard work for activist investors to have the scheme voted down, especially if the family had the support of the Chinese investors.

This is where your remuneration committee needs holding to account.

Hector - I thought Poor had some boll ocks but opening a CFD on this - fair play.

I think the 3% surcharge on second mortgages was more aimed at cooling the some of the housing market by making the scooping up of buy to let properties less lucrative, along with the non deduction of mortgage interest against income tax due on self assessment.

Jeff - they can’t just decide to take the company over unless they were deciding to buy up all the shares. They would have to pick it up in a bankruptcy/administration process. Hell they might even be allowed to swap some of their debt for it :}

Quiggers - only problem with this example is the company is underpinned by large valuable assets that can be securitised and re-financed.

They would have had to re-write large portions of the report and guidance.

There's also big questions over going concern - which usually has a presumption of 12 months, so the DIP will probably be cutting it fine I would think.

"Cruis, given you bought this share at 95p then not sure you have much credibility here especially amongst those of us in at under 2p"

Well foresight is a wonderful thing. Given the hope at the time he invested his decision is probably more logical then trying to catch a falling knife, unless you are in it for the trade.

Firstly Poor, you're a good chap so keep it civil. Don't drop down to the level of a knuckle dragger.

"Wolf, nothing concrete has been told by anyone. Three weeks ago, you were saying cine is going bankrupt, apparently it’s not. All we have been told by rns is they are looking at the options."

The company is virtually bankrupt, it's run out of cash and available credit. Chapter 11 is a bankruptcy proceeding and the current round of financing is to keep the lights on while the D4E is sorted. I must have told you this at least ten times, the company has told you via 3 RNS and there are 400 documents on an insolvency specialists website outlining every twist and turn of the court actions.

Read this reported statement from Cineworld's lawyer in the court case:

“We need the money tomorrow. The only party who would provide it are the existing lenders. There is nobody standing by in place with a loan,” said Christopher Marcus of Kirkland Ellis, an attorney for Cineworld.

A company with options does not file a chapter 11 - it's a measure of last resort to get a stay and keep the wolves from the door.

Hi Jeff - my comment is not about possibilities, it’s about what’s happening as we have been told by the company and the court via both RNS and the kroll site, sprinkled with a touch of media reporting.

Once we see evidence if other possibilities then I’ll be happy to discuss them :)

Just to add I’m a very interested observer.

Hi wellington - the shares I am invested in have pretty dead boards to be fair (biggest position is glencore) so when I’m posting on shares that have been beaten down I’m posting based on their failure and my understanding of it (if that makes sense). I’ve got about a third in the US. I’ve given up on AIM after getting burned several times over the last couple of years and keep SNG in my portfolio now to serve a reminder every time I feel tempted to buy into the next big thing.

I can’t stand pristine ramping though, that’ll lose folk far more money than my cautionary approach.

Hi Hexam - that's interesting, not sure how I missed that first time round. They are proper investment banks, hedge funds, etc.

It's amazing how they have managed to get into bed with so many different lenders. I guess that's what happens when you go to the market with a loan note offering. You end up with more wolves at the door.

In the initial court filing the number of unsecured creditors is in the range of 50,000 - 100,000.

"Wolf - In the presentation you posted yesterday it lists 24 lenders who make up the ‘ad hoc loan group’ which is later indicated to cover the $4bn or so of current loans falling under the prepetition agreement."

Hi Hexam - which page is that on? I'm much be blind as I can't see it.