Cindrigo Share Discussion Threads

[csmwssk12hu] 13/7/2018 13:28

Yes could be news on contractor hopefully

[deltalo] 13/7/2018 13:26

Boom time, this is going to blow as its starting to get noticed. Very tiny mkcap so we could multibag easily. Gla

[sep800] 13/7/2018 13:05

Been waiting so long for positive news now lets hope MG will bring us update of NYW
Be great to hear AB ready to start. Seeing some big buys todays tells me positive news coming, conference call should tell us what we know. I won't want to be out of this until we hear what he has to say. I see some on hear getting impatient and selling but look at those buying must be all positive news from court hearing has always stated the NYW will be completed now.
MG either directors buying again or news been leaked out
GLA long awaited the re rate here as M/C only £0.5M thats crazy considering the potential income due of £2-3M once GNYW is operational

[abeygale] 13/7/2018 09:41

Good news out today and offering above the bid for all my shares after a buy of over a million went through.

[abeygale] 12/7/2018 10:15

Wish I had the funds now to buy back the ones I sold.

[abeygale] 11/7/2018 10:25

The share price is more than covered with all the other investments. The New York Wheel is just a huge bonus. I do not see why anyone would sell at these stupid prices.
The only thing that makes sense is they are selling in hope to buy back at 0.20p.

[abeygale] 10/7/2018 10:00

There is still a target price of 1p even without the New York Wheel.
The Texas Wheel Challenger has a 300K stake in, and has been offered to help operate it.

[ianio5691] 06/7/2018 09:11

Whilst costs have escalated to an almost obscene level, I think there is more than the completion of the project at stake, for a lot of the initial investors.

A lot of the initial funds were raised through a scheme that offered Green Cards to foreign investors - over 300 Chinese investors/immigrants looking for Green Cards were signed up.

If this does not go trough, they will forfeit their Green Cards.

These are exceptionally wealthy Chinese immigrants, not your run of the mill job seeking migrant.

The investment will be a drop in the ocean to get a coveted Green card - so what will they do?
Invest more or hand their Green Cards back?

Somehow I don't think raising the additional funds needed will be an issue....





Visa-seeking Chinese fund giant NY Ferris wheel


by Steve Hargreaves @hargreavesCNN
July 15, 2015: 11:32 AM ET


New York is building one of the biggest Ferris wheels in the world, and it's partly funded by Chinese investors hoping for U.S. green cards.

The wheel, under construction on Staten Island, will stand 630 feet high when it's completed in two years, according to Travis Noyes, chief marketing officer at New York Wheel, the firm developing it. Its 36 pods will hold about 40 people each, offering panoramic views of the New York skyline during a slow rotation.


The idea is to capitalize on the two million-plus tourists who ride the Staten Island ferry each year past the Statue of Liberty, but never get off and spend money on the island itself. The wheel will cost $35 per person to ride and is just one attraction at the site, which will also include an outlet mall, hotel and restaurants.

But it's expensive to build -- over $500 million for the wheel alone. To help finance construction, its developers have turned to foreign investors.

The U.S. government runs a program that grants green cards to foreigners in exchange for job-creating investments in the United States. Known as the investor immigrant visa -- or EB-5 -- it requires a $500,000 investment in a high unemployment area (or $1 million in a low unemployment area). Each investment must also create 10 jobs.


The program has grown in popularity over the last few years as it's become more widely known and as wealth increases in the developing world. Over 10,000 visas were issued in 2014, up from under 800 in 2007, according to the State Department.

So far, New York Wheel has raised over $170 million from 300 Chinese investors. The project is slated to employ 400 people on a permanent basis and create roughly 5,000 construction and indirect jobs in an area where the poverty rate exceeds 20%. New York Wheel has raised the rest of its funding from a variety of debt and equity investors. (Technically, it's an "observation wheel," not a Ferris wheel, as the cars are not suspended from the frame.)


The temporary immigrant visas are expected to be issued to the Chinese investors and their families within the year, said Noyes. After two years -- and if all the required jobs are created -- the families will receive permanent green cards, after which they will be eligible for U.S. citizenship. In addition to the visas, the Chinese will receive 2.75% interest on their money with a six-year payback period -- provided the project is a success.

It makes sense that most of the immigrant investors in the wheel are Chinese -- most of the participants in the immigrant investor visa program are Chinese. Plus, Chinese make up the third largest group of foreign tourists to New York, behind the British and Brazilians.

[abeygale] 05/7/2018 09:09

I just feel that CHAL is a gamble, because the New York Wheel project may be abandoned. If that happens then there is still hope at around 0.20p with the Texas Wheel.

While VAL looks more certain to me.
Anyway I will not be selling my last thousand in CHAL. As if the wheel is back on then we will be well over 1p.

[dave4545] 05/7/2018 09:04

lol

Selling Chal for Val !!!!

[abeygale] 05/7/2018 08:52

Looking dire here. If I had any common sense I now be selling what I have left, and sticking it all into VAL.

[ianio5691] 02/7/2018 11:43

50 days into N.Y. Wheel deal, little progress on project

By Tracey Porpora, Staten Island Advance, N.Y.

Sunday, July 1, 2018 | 2 a.m.

STATEN ISLAND, N.Y. — Fifty days have passed since the New York Wheel got the green light to hire a new contractor, and word on the project's progress remains mum.





In May of this year, the Wheel was given 120 days to get the project to build a 630-foot-high observation wheel on the St. George waterfront back on track after it was derailed in May 2017. That's when its former contractor walked off the job and was subsequently fired.

The agreement was hashed out in May, and spokespeople for the NY Wheel said they can't comment as to whether they are close to hiring a new contractor.

When the agreement was reached, the Wheel issued the following statement to the Advance:

"The New York Wheel is committed to the development and completion of the project, and the revitalization of the Staten Island waterfront destination that it will promote. The settlement paves the way for the Wheel to continue to finalize its financing arrangements, and arrangements with a new contractor, American Bridge, the builder of the new Tappan Zee Bridge, and ARUP, a world-class, global engineering firm, and complete construction," said the NY Wheel.

"Both American Bridge and ARUP have experience in building observation Wheels of this type having been involved in similar wheels in London and Las Vegas. The New York Wheel has also already commenced discussions with the suppliers that will be necessary for completion of the project," the Wheel added.

American Bridge and ARUP have not answered Advance requests for comment.

120-DAY STANDSTILL

The agreement hashed out in the spring between the Holland-based Mammoet-Starneth and the NY Wheel in Delaware Bankruptcy Court allows both parties to enter a 120-day standstill period, extending through Sept. 5.

The agreement is a culmination of more than a year of court battles between the two parties.

It allows the NY Wheel to come up with the necessary financing to complete the project and hire a new contractor, according to court documents.

The NY Wheel can terminate the deal at any time before the 120 days are up if it can't obtain financing, court documents say.

In addition, the agreement dismissed the lawsuit the NY Wheel filed against Mammoet-Starneth for breach of contract.

BANKRUPTCY HISTORY

The project to build the observation wheel on the St. George waterfront has been stalled for more than one year. Problems began when Mammoet-Starneth walked off the job on May 26, 2017, and filed for bankruptcy in December.

To date, the NY Wheel has been ordered by Delaware Bankruptcy Court to pay nearly $2 million in storage costs, according to court documents.

The payment of the storage costs was ordered by the court after Mammoet-Starneth wanted to auction off the parts of the Wheel as part of its liquidation of assets, according to court records.

Mammoet-Starneth LLC has been given an extension until Nov. 27 to accept the terms of its bankruptcy agreement, which includes severing ties with the Wheel, according public records.

"As part of the settlement, the debtor's [Mammoet-Starneth] exclusive period to file a plan was to be extended through this November 27th date. However, if [the] New York Wheel were to determine to terminate the settlement agreement, it retains the right to seek early termination of the exclusive period," said the NY Wheel in a statement.

A spokesperson for Mammoet-Starneth has not answered the Advance's repeated request for comment.

FINANCING NEEDED

While the NY Wheel told the Advance $400 million of the $580 million allotted for the project through private investors was already spent when the project was indefinitely delayed last spring, it's unclear how much financing is needed for the project to continue.

Since this is a privately-funded project, the NY Wheel has no obligation to disclose how much financing is needed for the tourist attraction to come to fruition.

In 2015, former NY Wheel CEO Rich Marin told the Advance the project was fueled by $195 million in senior debt from the Highbridge Strategies hedge fund unit of JPMorgan Chase, $111 million in equity, and $174 million from CanAm Enterprises as part of a federal green card program known as EB-5.

[verulamium] 29/6/2018 00:06

arab3 - very few for more than a few minutes at the moment, I should imagine. A huge number of tourists get the Staten Island Ferry to get the best free views of the Statue of Liberty. Unless it's changed recently, you have to disembark on the island and get back on (you can't just stay on the ferry). Give the tourists a good reason to hang round a bit longer, and they will.

[arab3] 28/6/2018 21:57

how many tourists visit Staten Island % wise ?

[kingston78] 28/6/2018 12:01

Does anyone know whether the company has sufficient money to last the year, or will it place more shares to raise funds to keep going? The share price is dire.

[sep800] 28/6/2018 10:34

Looks like bottom again,buying pressure back in lets hope after all this time the contractors are ready to start

[gary graham] 27/6/2018 13:35

Hey I believe that carrilion are going to be appointed ha ha as the posts are quoting anytime now yeah same line of bull s__t

[rakepat37] 22/6/2018 12:51

Got a feeling news on its way. I'm sure we will here something next week, seriously low shares in issue, one wif of goods news and we should explode

[city chappy] 20/6/2018 08:04

Will rocket once the new NYW contractor is appointed.

[redhammy] 19/6/2018 11:17

All of today's buys are mine. I sold out last week, did ok elsewhere & now back waiting on news.

[dave4545] 19/6/2018 09:12

2.7 mil bought in 3 trades today out of the blue those ones ???

[dave4545] 14/6/2018 08:23

Those 2 x 500k sales are not mine before anybody asks. I'm holding for next spike

[abeygale] 14/6/2018 08:22

It is good to see that everything is going to plan here, apart from the share price. Having a lot of patience will reward here.