On the same day Rolf appears to have resigned. The person standing next to M. King for the infamous teleconference was Rolf because it was about Stella. Of any part of MFS Stella probably had the most debt {that had just been refinanced with non-recourse to mfs 6 months earlier}...
Now Chapman is on the board representing OCV interests..and in this type of situation you would think that he might be able to make an announcement to shareholders..holding valueless shares but surely with some legal rights.. Chapman was OCV CEO but now Deloittes could explain these terrible results..They must have these figures if they are caring for creditors interests??
Couldnt CVC spend lots and make the Stella Group profits look bad? Rolf may have resigned in disgust??Just speculation.
How does the media come by the financial results of a PE controlled entity,in such timely fashion...anyway ? It is good to know but some-one? must have wanted all to know.imo.
UBS seems to have supported right through... I thought that they bailed when the SP fell. Fortress doesnt seem involved in finance here?
Has PIF extended loans to Stella Group? I just cant believe that figures are so bad. This really looks like LBO's step 2.imo.
OCV Price at posting:
99.0¢ Sentiment: None Disclosure: Held
