errrrrr....ummmm............
P53 - para 141 (4).......
...........S&G and SGL made numerous statements to its investors, the market and the press following Completion, to the effect that the business was in line with its expectations. If that is true, there was no loss..........
Seems to sum things up succinctly.
Advance extract from the script of a 2018 Christmas pantomime in Melbourne, Vic:
"Your honour, what did you expect us to say - that everything was going well?"
"So, you lied to investors, the market and the press - is that what you're saying?"
"Not exactly, your honour"
"Then what ARE you saying? The AU police are waiting outside, you know"
"NO, NO, NO - we knew, we knew - I promise you we knew. Hang on a minute; NO, we didn't know - sorry - we didn't know we didn't know (looks in panic towards the pew to the front left and whispers audibly: "Ken - help me out here - what did we know and what didn't we?" Ken responds in sign language). "Right, your honour, I'll just compose myself. Errrr..hmm - no, your honour, we definitely didn't lie - we thought everything was going ok"
"Then what is this case about? WTG's lawyers are waiting for an answer. And you'll be served with an action for damages by the Court for bringing a frivolous and - I hesitate to say it - fraudulent claim, if you're now admitting, after all the accusations you have made against WTG's senior management, that you got what you were expecting, just failed to make the improvements you arrogantly told everyone you were going to because you claimed to be so talented"
"I wouldn't put it like that, your honour"
" I would - now get out of my Court"
"Before I go - and if you don't mind me asking, your honour - which of the above does your honour think will cost us (sorry - me) the least; my wife's already furious at having to sell the house so I could put the money in trust offshore until the hullabaloo dies down..........AND I missed out on several bonuses; only one of SGH's directors got one at all and that was only for half a mill, so it's not as if we haven't suffered enough already; AND my shares tanked."
The above is fictional and any resemblance to individuals or situations anyone may be familiar with is entirely coincidental.
Apologies - I wasn't going to make any further posts - just couldn't resist highlighting para 141 (4).
Unbelievable to read what's in the claim defence (which of course tells what's in the claim itself), I've never seen anything like it in my life..........truly astonishing. If that's the standard of SGH's senior litigators, then God help Anchorage Capital and the other poor lenders/equity holders - whatever they end up as being after SWC votes NO. They must be petrified (of SWC).
I'm not in either company - just saying. I'd consider buying some WTG if it wasn't for the presence of so many hyenas (hedge funds and investment banks) on the shareholders' list. They must smell something and they have an exceptional nose for money. Between them all they could do an AC and take ownership of WTG I should think. I'm steering well clear.
all imo/dyor
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