Member Info for WolfofWarks

Hi Tegop - I was always trying to drill into Elvis not to glean too much into the legal bills as they are largely summary information and can send you down a rabbit hole. Unless you are a fly on the wall you don’t know exactly what is going on.

There’s lots of preparation, planning, etc, etc, on items that might not come into fruition. It’s a complex legal process so you’ll see lots of information or reference to lots of buzz words that you would expect to see.

The information in the court dockets is far more noteworthy and of course the most recent RNSs.

There is quite a complex holding company structure.

If you have a look at the first day presentation I think it’s all in there.

LLC is basically a partnership with limited liability. Usually professional services where the ownership is by partners rather than shareholders. So think groups of lawyers, accountants, doctors, etc.

Some corporations do you use them as well but not sure who this works in practice.

Companies ownership is by way of shares. Those shares are then owned by the holding company.

It’s a parent sibling relationship.

Cineworld have said they haven’t had any bids for the whole company so where are you getting this information from?

You first sentence doesn’t even make sense. If I own shares they are an asset. The company is which I own shares in an entity in law. They are not mutually exclusive. It’s like playing financial word spaghetti with you.

Ian - the fact that it’s been sliced and diced into separate subsidiaries makes it easier to split up and sell the business as they are already organised into nice little boxes.

Not saying they this will happen just that your assertion that this makes it more difficult to split up and sell the businesses individually is incorrect.

These individual companies are the assets of the plc So when CW talks about an asset sales this is what it means.

It’s different terminology relating to the same thing. The shares in the subsidiaries are the assets of CW plc.

So whether you call it a share sale or an asset sale it’s effectively that parr of the business being sold.

Hi Tegop - I would have thought if Mooky was bidding to buy ROW that would be a related party transaction and would need to be disclosed.

The situation has obviously moved on from those earlier RNSs, for example a sale wasn't being considered at all then.

It's the Swiss that's causing today's carnage.

Tegop - That's quite a confusing post and I'm not entirely sure what you're going on about. I think you confusing two different things. Best looking at it as two different steps. 1) assets such as ROW, etc, are sold in order to make inroads into the debt and 2) any remaining debt is then settled by the D4E transaction. This doesn't involve shares being exchanged for parts of the group though. They will create a new entity which will be owned by the lenders in which everything will be transferred.

'Share purchase agreement means buyer will pay cash to shareholders for ROW right? Anything outside of ROW's debt of course.'

No in order for that to happen you would need to be selling your Plc shares. ROW is an asset owned by the group. It isn't an asset under the c11 protection - the debt was cleared by DIP to facilitate this. That doesn't mean it cannot be sold, just that that part of the group is not included within the automatic stay that the C11 parts are covered by.

The only way the company can return cash to you is either by a dividend or a share buyback which is indirect but makes you individual share more valuable.

No Tegop, that's not going to happen. Any proceeds from any of the business will go towards making the lenders good.

It's an asset of the business that will be sold. You would receive money if you sold your shares, but that is not happening here.

In order to pay you any proceeds CW would have to pay a dividend, I doubt they have the distributed reserves even if they were not in C11.

Thanks for your contribution Sammy.

Always insightful.

I’m going to go sit on my’are hands.

There seems to be a combination of negative factors at the moment that seem to working against us here. Lower commodity prices, global stability issues, credit Suisse, etc, etc.

The market seems to have it in for the miners.

I'm not sure we're even near seeing the bottom yet, they'll start looking beyond Credit Suisse next.

I suspect the ROW business might end up the only part being sold.

'Quite right I did misunderstand your last post. So ‘capital structure’ doesn’t mean anything to do with existing shares then is that right?'

This whole process is aimed at reorganising the groups capital structure. Whether or not some of you understand that is another matter entirely.

Maidit - the FTSE is not down because of the budget FFS. Have you got any idea what is going on in the business world outside of watching CW share price?

'all the insight here of a prison inmate you see a gaurd smile at him and believes its a sign he will soon get out of prison :)'

I think of it more like CW is tea bag from Prison Break and Ezyeh is desperately grasping at his turned out pocket.

Just catching up on CNBC - they have a source who seems to think that the Swiss National Bank are going to make a move over the weekend to shore up their liquidity.

I've been spending a large part of today moving company money away from Credit Suisse.

I don’t think you’ve quite understood my post there chap.

I haven’t Google’d jack.