I understand Stowaway's position and agreeing with newtothegame's concepts over the past months.
Its really been a shocker of a situation to everyone involved...even King seems surprised his whole empire collapsed...he truly must have believed it was all untouchable and a well set up profitable organisation.
But he, Adams and Peacock really did some bad business, bought assets way to high and geared themself to the maximum.
The idea he had of refloating the funds arm shows us the first crack. $500 million was it? When the funds arm was already owned by MFS holders...that was one whacky idea.
In a way, its good that everything has happened as it has.
Many have lost money, many have suffered. Many are still holding though.
There is a chance though that Chris Scott, Craig Chapman and others can pull out of the mess.
We know its ugly, but this OCV team took on the mess and have to date been doing whatever they can to work out exactly where the company stands and to corrects all of its mistakes.
It will come down to the creditors, we all know this.
OCV has a court date next Monday I think with Challenger over the 100 million supposed default...that will give some shape to OCV's position.
The PTQ court date now in September will also be interesting.
However, we all know the new OCV team has had Korda in there trying to find every little piece of bad and let the OCV team know. Also...this board has shown they are really proactive and dont just wait for the bad to hit them. The PTQ and Challenger situation would have hit like a brick, but I think we can at least be assured that they are trying to tackle the whole OCV problem before it tackles them.
If OCV could get Challenger, PTQ, NAB and ASIC on side, then relisting is around the corner....if not...yeah...we are all screwed.
Stowawy is correct in my opinion about the under 50 cents if it re-lists. I think we all know if it does relist, we are looking at a much lower share price than the 99 cent close 6 months ago, but if it does re-list...thats a start.
Keep in mind also...the new OCV has solid experience in business and if they get a chance to relist, then they will be trying to generate new business and become a new company shedding the old MFS colours.
We have done well not to crack it until now. The OCV team have done well to run in there and take control. It all looks bad, but I swear...if the OCV team can get this company re-listed after the old MFS ran it into almost certain liquidation and then ran away....I'll personally put OCV on a massive Pedestal and I'll actually be holding my shares for the long term and most probably be buying some more. Why? Because sorting this situation in my eyes would be like Miracle Business moves and to pull it off means they probably have the talent to do some other excellent business moves down the track.
OCV Price at posting:
0.0¢ Sentiment: None Disclosure: Held
