NUH (ASX) NUH media thread

Originally posted by Teddyward: ↑

Current court actions have changed that timeline where IMO VA has capitulated to inevitable to allow RT first security and IMO it resets RT ability to get VA to do what it wants or appoint its own manager and receiver above VA if VA is not receptive responsive after that point etc. VA would be aware, you can read the tone, VA it is going through process to allow unsecured creditors to make representations however it implies it won't be funding anything and for a individual creditor to do so would be expensive and as already VA opinion is that First security would be allowed fairly pointless. Yep IMO sucking up time and fees in process.
Bottom line RT have 1st security - $2,5 mill plus interest and costs . 2nd meeting probably comes forward and all unsecured creditors will know their position. With a singe secured creditor if they appoint a R & M there would be no public disclosures on actions or value or even full reports as responsibility is only to RT until the $ owed are settled. IMO VA can either work with them or have Manager and Receiver put in and then sit it out till they are finished. With 1st security RT will effectively take what it wants at its valuation unless another offer is put forward suitable bid acceptable to VA. VA then still gets fee to wind it up for any leftovers.

VA knows Bennets are not numptys so RT properly advised now and there will have been blunt simple informal communication as VA doesn't want to waste $ in court when it can put those $ in its own fees IMO .

For those that have never dealt in Asia saving face and honour play a large role in all business. If NUH had not been frank at every level in past negotiations or when it was going down the tube etc you won't get a positive response. Yes $ matter but saving face at every management level is very important.. Note the published emails, letters and the subtle without detail and I suspect there should have been other communication that had happened over along period which both parties are happy to not have published. IMO.

The only outstanding question is if NUH assets are worth more than 2.5 mill and if VA can justify that or has any offer from a external or if RT takes the lot and NUH proceeds in effect to liquidation RT will leave enough cash to keep VA happy and to complete their job.

All guesses as usual .

Expand

Indeed, guesses as usual
KPMG have not capitulated to anything, they have made their position clear and they nor anyone can stop RT going to the court to seek leave.
Other creditors are within their rights to lodge their positions and no doubt some may well.
But no application has been made by RT to remove the VA KPMG and I note no service of a default notice has been made to either NUH or the VA.
Being first in line creditor doesnt give them ownership of the IP nor does it resolve the chip issue for RT. RT still needs NUH’s permission to use and monetise the chip notwithstnding there is the issue of NUH ‘s codevelopment payments to RT.
As Rigormortis has said, this would have been already wound up in week 5 or a DOCA implemented. And why would RT have to make a seperate application, it could all be done in the one DOCA or receivership hearing.
The lights are still on and staff are working and getting paid, I would suggest there is a lot more going on behind the scenes than simply moving to recievership and liquidation.