Member Info for WolfofWarks

Walter Mitty syndrome.

You’re clearly living in your mum’s basement in Rotherham.

Nobody with even an ounce of intelligence devotes every other post to slating others while adding the grand sum of f-all to the discussion.

Best way to deal with a bully is head on.

Bullbears - Mooky's still got his medium hand to play and keep his snout in the trough - in that he knows the company inside out and has decades of experience. Leaves a very bitter taste though.

Do we definitely know that Mooky is the beneficiary of this deal? Those reports earlier last week seemed to point to him being ousted.

Bullbears - If I could advise you to take anything from this it would be to learn how to look out for red flags and get out when you spot them. Or if in doubt follow the IIs. When they are bailing get out with them as it's always PIs who end up holding the baby.

Hi Penta - In bankcrupcy proceedings it's the creditors who vote the plan though, not the shareholders.

Stanley - Agreed the lawyers are the real winners here. The lenders are losing billions though, the new business is a crap shoot and still dependant on recovery and question marks over free cash flow. If the company was worth more than the debt this wouldn't be happening as there would be sufficient value and therefore a willing buyer.

Elvis - set your clock. Years 3-5 they'll IPO it and make their money back and more.

Patience - In what way were shareholders misrepresentated? The company made it clear from the start that wipeout was the most likely outcome. That's quite a serious claim you are making there.

Novice - this happened everyday of the week. Companies fail and then spin out of the bankruptcy process as a new company.

Mothercare for example is now a thriving online company with a decent contact with boots.

‘ My understanding is CW can't come out as a new co as they haven't ceased trading so haven't gone into liquidation CH 11 was to refinance and move forward as a going concern for all or cease or sell’

The whole point of C11 is to save the company as a going concern and avoid going to C7 liquidation.

Penta - what about the billions of debt they have had to write off? There are no winners here.

LTH - this shouldn’t really have come as a surprise. The company advised on this from the outset and changed their wording throughout as the reality became clear.

The writing has been on the wall for a very long time. The going concern statement in the 2021 accounts read like a car crash.

‘Retail, how could the shareholders not benefit from a sale of assets on the book of a company where they hold interests? Where would the excess over 271M go? Anybody having any claim on it?’

Because the liabilities way outweigh the assets. Proceeds from ROW will simply reduce the debt pile on which the RSA is agreed.

Forgot C11 spilt and ROW. Cineworld Plc as a whole owe $6bn across the whole group. So for the lenders all assets have to be taken into account whether they are under C11 or not.

Remember that part of the DIP was used to clear the ROW debt as well. So the adhoc lenders are owed the whole piece.

Penta the adhoc group have complete control when it comes to the voting %.

Tegop - I’m not sure sure what you are going on about or how it relates to my post?

RoW is it on the table for shareholders.

It is owned by the plc and you have a share in the plc. You do not have a separate share in ROW. So when it is sold it goes into the central pot. Your Plc share is about to be wiped out.

There is not even the mechanism for paying equity holders anything for ROW as the company cannot pay a dividend out now even if they wanted. There isn’t the distributable reserves plus C11.

Patience - because C11 is a protection mechanism from the creditors while the process is being played out.

It does not mean total assets cannot be sold to clear the indebtedness.

I was in a meeting the other day and it just so happened indirectly that an investment banker from JPM in the US ended up on the call. He was advising us on the likely decrease in interest rates that will be coming as part of our turnover is connected with the construction industry. His thesis is that the current level of debt in the system is not sustainable at the current level of interest rates and the stress that we have seen with the smaller regional banks and CS/DB is only the start potentially if interest rates continue to rise. So I think at the first signs of this coming into fruition this will be a buy for definite.

I was reading in the IC the other day the PSN are particularly exposed to the ending of HTB due to them being at the lower end of the housing market, which at the time I thought would actually be a positive catalyst. Other HBs in the mid to upper markets customers tend to be less reliant on low deposit mortgages, have more equity, cash deposit, etc.

So this is one taking a more prominent position on the watchlist. Other positive catalysts are rental properties dropping off the market, meaning rents are increasing even higher than inflation and there will be an increased compulsion to go that extra mile for FTB to get on the ladder.

No one is paying $11bn for Cineworld.

His shareholders would have a fit.

You think you're moaning now, wait till the labour crowd get back in.

Evraz - Give us the lowdown then if you're in regular contact with the company?