AFR article post BRTV creditors' meeting, page-112

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chakay

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01/06/18

13:11

Post #: 33433054
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Originally posted by Barren_Wuffett ↑

https://hotcopper.com.au/posts/27050904/single

Sound familiar? You've got it all wrong.

I believe they use to charge $400 upfront but then they must have figured out they could make more money if they filmed as many businesses as possible and upsell as much as possible. Once the video was made the client would be 100x more likely to sign to a package. It's just common sense.

If they made 100 videos, that would became 100 leads. It was just a matter of going back to each client and hard selling them until they "agreed to something", either on paper, email, text or verbally. Didn't matter, just had to be something. Then it could be "booked" and funds could then be released from FC Capital. If it fell over it just meant they had to close another one the next day in order to stay ahead.

BIG survived on the little money that was legitimate and through 3B issues.

I don't know why it's $45m. Who knows what kind of fees, add ons, and penalties have been added. If I was a creditor I'd asked for a whole lot more.

Expand

So FC Capital get financials monthly as part of there covenants.

Lets see how that must of looked each month:-

Revenue 0

Expenses $4M

Loss $4M

Cashflow from borrowings $7M

Its all good boys - Lets go and lend them another $7M next month.

And FC knew nothing about it ?!!!!!!!!

Cheers

BIG Price at posting: $2.22 Sentiment: Sell Disclosure: Held
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