Ann: HY23 Results Media Release, page-81

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stayer

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28/11/23

17:55

Post #: 71152402
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Originally posted by joewolf ↑

They were not sharks - an EOS shareholder would think that. EOS was toast - As I understand it the banks had not had a great relationship with them and there didn't seem to be an easy and clear answer to fixing the company. Remember the Spacelink mess-up - never should have gone there its the realm of Tesla's and deep pockets. Personally from my point of view as a former shareholder in EOS - the management pumped this whole company (EOS and Spacelink) up like a pump and dump. .

So SOL walk in as a rescue partner but at the time the only other alternative was administration. I had sold out of EOS a long time earlier after over promise and huge under deliver. I was hugely unhappy that SOL was putting funds into the mess. They may have known better but I was told it was rescue. High risk and high reward.

I don't think they are reaching This is my logic. Currently or up to a point they (SOL) had all assets as security - Now EOS wants to take $16 Million off the table. EOS will say we have a hugely valuable business - personally I think no-one can say that - If it is why not just go to a bank and repay SOL and take back your security. They get SOL to agree to the guarantee but really it could not do anything different much like my kids coming to me and telling me I have to pay for them to do something they agreed to. Really they need the business but were offering assets they did not have control over as security. They knew that.

If I was SOL I would have said I dont want you to ever ask for that again - here is the cost. If you dont like it get some other sucker to fund you.
That is my take. I think SOL would be much happier out of EOS as a financier.

All my reading of how events have unfolded. Then you get the stubborn EOS who just keeps talking and never paying rolling this over and over. I think it is truly showing up a weakness in SOL management. Not really the behaviour I want to invest in.

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EOS maintains they ( SOL) were told of this (drop off a portion of security) beforehand , and a " fee" was mentioned.

the fee is over 20% of the security value...outrageous in many ways, especially if it was flagged

the fee seems to be in the order of magnitude of 10 to 20 times fees already charged by SOL

SOL Price at posting: $33.16 Sentiment: Hold Disclosure: Held
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0 Great analysis

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