I do not personally believe there will be a meeting. In order to pay security alone, HML would have take out a personal loan from the great leader. This is just stalling. Even the security guards would end up on the list of creditors ahead of us and I'm pretty sure they won't accept credit.
And although it's far less certain to me (because any actual cash will have been engineered into JBL at this point) some event is probably about to occur that will, among other things, cause JBL not to have an annual meeting either. But it depends on a number of variables basically how much cash they've got left and/or dumb enough to give more personal loans to JBL to continue this farce. Anything else that was tap-able would have been tapped by now if Stu is a creditor - even high priority one.
However, one thing I don't know, is whether there are legal mechanisms to attempt the claiming/making off with some of the subsidiaries/and or their residual business and/or assets in some way. Because I believe from memory our main holding was the JBFG equity which was the proverbial bag carrying the debt, but not the subsidiaries. Indeed some loans previously over the subsidiaries from either HML/BHD were quite specifically transferred to be over JBFG though it's hard keep track at this point.
If it is possible well... stay in your seats because the insanity train has yet to reach crazy land!
And while I have not checked for any recent court filings on the JBL vs NSX matter, I'm pretty sure the magnificent Mr Hodge (QC) - who was so righteous in his defense of the countless victims of financial misconduct during the Royal Commission, and scathing in his criticisms of the financial services industry and their rampant criminality - ...he is probably not going to accept payment in JBL scrip unless it's printed on $100 bills. I'm certain he would at least appreciate the irony of where it came from.. us.
Maybe if he ends up as a creditor himself he'll pull a few strings for us, you never know, stranger things have happened.
HML Price at posting:
$1.99 Sentiment: Hold Disclosure: Held
