Cineworld Share Discussion Threads

[lthtrust] 27/6/2023 08:04

The shareholders will lose the home leg. Shareholders are at the back of the queue, both in the UK and US. Not all of cineworld's creditors will be re-paid in full. The shareholders will get NOTHING.

[monte1] 27/6/2023 08:01

Sorry matey but you are delusional, deluded and deluding.

[pwhite73] 27/6/2023 07:51

Judge Marvin Isgur - "hopelessly insolvent case."

This was a temper driven and emotional outburst by the judge that he may live to regret. Clearly CINE is not hopelessly insolvent otherwise he would never have granted C11 in the first place. The simple matter is the Texas court has a reputation to protect and it was wishful thinking that after nine months of deliberations and some £40 million in legal fees that the judge was going to wind the clock back to zero on the request of a bunch of penniless out of pocket shareholders.

I for one put no importance on the statement 'hopelessly insolvent case' for if that were the situation CINE shares would have been suspended months ago.

Look at this as a football match with an away leg and a home leg. Shareholders will lose the away leg but let's see what happens when they play at home before their own fans.

[lthtrust] 27/6/2023 00:53

As Judge Marvin Isgur stated in the "order denying motion to reconsider" on the 21st June 2023:
"Considering the evidence at the June 16, 2023 hearing and the contents of the Ad Hoc Group’s Motion to Reconsider, it would be inappropriate to force the Estate to bear the substantial costs of an equity committee in this hopelessly insolvent case. The Motion to Reconsider is denied.".
Will the UK court agree that currently Cineworld is indeed a hopelessly insolvent case ?

[pwhite73] 26/6/2023 23:31

loglorry1 - "I bet you £10k admin happens this year."

The administrators Alixpartners have been working with Cineworld prior to filing for C11. So technically they have already been appointed. The announcement of them as administrators is a mere formality.

Docket 489 05/10/2022 - "Upon the Application (the “Application”) of the above-captioned debtors and debtors in possession (collectively, the “Debtors”;) for entry of an order (this “Order”) authorizing the Debtors to: (a) retain and employ AlixPartners, LLP (“AlixPartners”); (b) designate James A. Mesterharm as Chief Restructuring Officer (“CRO”), each pursuant to the terms of the engagement letter by and among the Debtors and AlixPartners, dated as of August 30, 2022"

The real test comes when Cineworld tries to seek the approval of the High Court to implement the C11 proposals. I suggested some time ago the Shareholders Committee should not waste their time in the US courts but save their efforts for the UK court.

I hope they've now seen the light.

[werethereisawill] 26/6/2023 22:34

Jennifer Lawrence . Tom Cruise and Harrison Ford are coming to the rescue of Cineworld !
Wish I could say the same thing about Wes Anderson lol

[loglorry1] 26/6/2023 22:04

Happy to take same bet with you Werethereisawill. I'll even up the ante and throw in a years unlimited cinema pass.

[werethereisawill] 26/6/2023 20:31

Administration is happening but like when the Americans thought they are buying the Tower of London !

[williamcooper104] 26/6/2023 20:14

I'm good for £10k too

[loglorry1] 26/6/2023 20:10

You are nuts PWhite. I think nobody is as thick as you appear to be and you are just winding us up.

I bet you £10k admin happens this year. I'll put mine in escrow if you do the same?

[werethereisawill] 26/6/2023 19:55

Good for you Millstone !

[voicingdissent] 26/6/2023 18:28

Cineworld, the world’s second-largest cinema chain will file for administration in the UK in early July as part of a restructuring plan that is set to wipe out all existing shareholders.



No more Cineworld pick n mix for Millstone Investor !!!

Millstone could have sold, Millstone should have sold, but Millstone didn't sell

[bbmsionlypostafter mk2] 26/6/2023 13:26

To be fair, Cineworld (CINE) has explicitly warned the fools who still own its shares that as part of the Chapter 11 process they are going to lose everything. None the less, flagging up to staff as we revealed HERE, some two weeks before you tell investors that the PLC is going into administration seems a bit naughty to me. But today came the formal fess...

[pwhite73] 26/6/2023 12:57

loglorry - "PWhite you claim to know what's going on but if you did you would know that the rights issue is not taking place in the current CINE top co."

I know full well what's going on. The point I was making is that there is a difference between lenders writing off debt and a rights issue. A rights issue by definition is a financial facility where shareholders can recapitalise their company. CINE are claiming the company is insolvent yet are offering a rights issue to the creditors only.

Is the newco in the Cayman Island insolvent as well why it would need a rights issue from day one. Furthermore I don't buy this splitting of the Plc from its assets and then trying to convince customers "its business as usual."

If you look at any major UK company that has gone into administration it has involved the closing of stores/branches and the laying off of staff. This is not the case with CINE.

[loglorry1] 26/6/2023 11:08

PWhite you claim to know what's going on but if you did you would know that the rights issue is not taking place in the current CINE top co. It's in the new co after the assets are transferred. It't toast.

The lawyers involved know what they are doing. The would not write that they expect the plan to be quickly implmented using administration in the UK if it was not possible as you say.

It's good to question things but really you are sounding like a loon now.

[monte1] 26/6/2023 08:38

#16402

It is the public offer & issue of shares to all of the Company’s shareholders. All of the post restructuring shareholders.

[pwhite73] 26/6/2023 08:29

RNS 26/06/2023 - "the execution of a rights offering to raise gross proceeds of $800 million".

A rights offering is the public issue of shares offered to all the company's shareholders.

[williamcooper104] 26/6/2023 08:05

They are if it's done as part of a prepack That's the joy of being short here The admin is well advanced Do you really see value here???

[williamcooper104] 26/6/2023 07:58

There you goCINE to be suspended in July follow f appointment of administrators to the listed top co For those still short they confirm it will come out of C11 after the transfer of TopCos assets - so won't be waiting for ages to get paid out Of course still a couple of weeks to trade this

[johnjames876] 26/6/2023 07:45

Only the traders are pumping away and buying for a quick profitNo on is invested here