Its time.
Fictional April 2016 Supreme Court hearing
The WOLF OF PITT STREET Chapter 7 part 2
THE WOLF
Hear that shuysters, they bought it hook line and sinker
Phase 4, they thought was a ramp but we shut it down. Those F@@$$# D$$### buyers were killing us, those chinese wanna get this baby cheap no way, the new York big boss wont let it happen boys
SHUYSTER LEADER
In my learned opinion, its very important that we keep this out of trading for as long as possible, the DOCA has a legal loophole they were cleverly exploiting by buying on market cheap shares with low debt on the balance sheet, I have advised them not to issue any financial statements or projections, keep it shut down until the NP hits 5.00 and BRL goes to 4.50, Junior Team Leader, tell the Judge the same line, don't tell him our confidential discussions here.
JUNIOR SHUYSTER
yes sir, I I will go down there and tell the Judge, what if he is the new Judge and he starts enquiring, just keep adjourning it with any excuse yes? I know Ill tell its being sold with interested bidders.
THE WOLF
DO whatever you have to do, Bigboss will have my head on a plate, he cant lose US$400M of those poor firemans pension or the DA will cart him outa there in handcuffs
...later that day
HIS HONOUR No 2
Well its been 10 months since the August 1st meeting, what the hell is going on here!
You submitted to my colleague last time of a recap and maybe sale.
Now I read that Tomboy claims you are covering up a takeover move here, is this insolvent or not?
BAD WOLVES COUNSEL no 1 - errr ummmm, Your Honour, we need another 6 month delay of the 2nd meeting as we actually made a US$2.4M cashflow profit since the VA was imposed
HIS HONOUR No 2- you've had a 10 month extension already 4 months later than it should have been applied for and now it looks like its profit producing and has sufficient liquidity and where are these valuations & financials since August? If it can pay its debts as and when they fall due and is actually increasing cash WHY are we all here
BAD WOLVES COUNSEL 3 - your honour, the reason is the VR is trying to sell it, it is breaking even for 18 months, staff have been sacked its a disaster, we need more time,, pppleeeaaseee!
His HONOUR - why cant they sell it while its relisted if its profitable, you stated nothing about a sale but about a recap, are there any offers? If not why are we here?
THE VA- your Honour, its has sufficient liquidity, it is cash flow positive, we need time until its making US$100 pa cashflow as the CFO said it can
GOOD WOLVES COUNSEL No 2- You Honour, my clients have 20% and have been buying they want it relisted so they can buy another 20% cheap, enough delays, if its not insolvent it MUST be relisted asap
BAD WOLVES COUNSEL no 5 - we cannot allow that to happen, we oppose a relisting until it 5 bags and until the SP will be 50c, we will tell you anything to delay a relisting till we want it, we are protecting the SP and the shares of our clients and to hell with all the other holders or these good wolf buyers
HIs Honour - Well BHP & PAN MCR are all loss producing and still listed yet you are profit producing!
this is ridiculous, this should not be in VA VR, get out of here. Tell me the real reason, maybe tomboy on HC knows and you are all leading me on! I will grant one more extension only as I can see the SP & creditors are protected for now but don't BS me again!
