Ann: Appointment of receivers and managers, page-80

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Henry Walton

1,443 Posts.

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31/08/19

10:26

Post #: 40258330
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Originally posted by Names little ↑

Hi Henry, that's the problem, nobody knows who to believe. This from the A40 appointment of Administrator announcement

"The Company has been negotiating the terms of a potentially viable restructure proposal from a consortium of unsecured creditors, existing shareholders and new investors (Consortium), in conjunction with its new secured lender. The Company sought, but was unable to secure, standstill commitments for the period it was seeking. "

So A40 saying they couldn't get GXY to give standstill for "period it was seeking" but GXY saying they were willing to give a week. Both could be true, perhaps A40 felt they needed more than a week, but that begs the question why they didn't take the week and then see if GXY willing to extend further once they had more information.

Anyway, obviously Corporate games going on, unfortunately it's us little guys that usually get burnt in the process. But that's just in my very humble opinion.

All the best

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If GXY wanted to give them a week they would have given them a week, it wasn't something that they needed to try to do they would have done it.

The guy was talking about a carve up as soon as they bought the debt, he spelt out his intentions very clearly.

You might think it's unclear, I suggest you read his comments about the carve up it's pretty clear.

A40 Price at posting: 8.2¢ Sentiment: Buy Disclosure: Held
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Ann: Appointment of receivers and managers, page-80

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