15225 replies to this topic

[Tiekkie]

Not much volume but I can't remember such climb (€ 0,2367) in Sunday trading hours from 17:00 till 19:00 @ https://www.ls-tc.de...f-int-hld-aktie

now we know why we had a spike yesterday.....

[Midas1]

Can you view the court case? If so where, thanks

 

[Tiekkie]

Rich *******. He is 80, and about to die a very rich man anyway. The run in the Pepkor share price and TT liquidation being used.

Narcissist behavior.

and they were going to get R15 per share...now they will get over R19...how greedy can one be

[Bubble]

Just Wiese strategy to squeeze a bit more out of the deal for himself

 

Rich *******. He is 80, and about to die a very rich man anyway. The run in the Pepkor share price and TT liquidation being used.

 

Narcissist behavior.

[Tiekkie]

What time will the judge deliver her verdict on the Liquidation case. Because this is obviously what is causing the delay. And as for Wiese he is being a d%%s because he was the first one that supported the settlement

[Polla]

 

Update On Global Litigation Settlement Proposal @ https://www.sharenet...0&seq=23&scode=

 

Just Wiese strategy to squeeze a bit more out of the deal for himself

[Peanut_Butter]

2% Jump atleast 🍫

[Tiekkie]

more delays damn

what is positive for me is the letter of support SNH received from Hamilton

[Tiekkie]

Update On Global Litigation Settlement Proposal @ https://www.sharenet...0&seq=23&scode=

more delays damn

[Africa1962]

 

Update On Global Litigation Settlement Proposal @ https://www.sharenet...0&seq=23&scode=

 

here is all goes to **** again

[Squideye]

Update On Global Litigation Settlement Proposal @ https://www.sharenet...0&seq=23&scode=

[Tiekkie]

What time can we expect the court to start?

10 am

[GutfeelTrader]

What time can we expect the court to start?

[Tentative]

Crazy how quick we went from wild valuations to possible liquidation on this forum haha. Kinda Steinhoff in a nutshell   

 

I have no idea about SA law, but it seems a dangerous precedent to set, liquidating a company outside of your jurisdiction? I'll just let it happen I guess - here's to a good Monday all! 

[Tiekkie]

The only thing that bugs me is Steinhoff Liabilities.

Let say Steinhoff have R 13 billion in long term liabilities these long term liabilities would be guaranteed otherwise no bank would approve a loan without securities?

Lets say Steinhoff enters into Business rescue would this liabilities not become a burden on it’s subsidiaries if the subsidiaries was listed as a guarantee/security?

Wiping out some of Steinhoff’s liabilities?

Of sit ek die pot mis? 🤣😂

for me its simple. Pepco and Pepkor has almost no debt or very little. They have not paid dividends in a while and I can understand why. My prediction is that after a settlement is reached this week... they both will reinstate div payments then SNH will be in a position to pay off it's debt faster...after the restructuring of its debt. Watch this space

[Tiekkie]

https://www.business...ettlement-vote/

[Squideye]

S155 VIRTUAL MEETING

 

WEBCAST: Persons other than Verified Scheme Creditors (or their proxies) will be able to observe the Meetings via a live webcast by clicking the applicable link below and, when prompted to do so, selecting 'I am a Guest'. Certain browsers may ask for a 'Meeting ID', in which case please enter the applicable Meeting ID below. The Meetings are scheduled to commence at 10:00 SAST on 6 September 2021.

 

____________________________________________________________

 

Link to live webcast of the Meeting of the Financial Creditors (10:00 SAST):  https://protect-za.m...web.lumiagm.com

 

Meeting ID: 107-992-348

 

____________________________________________________________

 

Link to live webcast of the Meeting of the Contractual Claimants (11:00 SAST):  https://protect-za.m...web.lumiagm.com

 

Meeting ID: 102-443-103

 

___________________________________________________________

 

Link to live webcast of the Meeting of the SIHPL Market Purchase Claimants (13:00 SAST): https://protect-za.m...web.lumiagm.com

 

Meeting ID: 182-061-884

[rtyde]

I have shares in Steinhoff and don't want a liquidation but I understand Tekkie Towns case and in some twisted way I support them for it.

Imagine trading in a brand new car for a better new version just to find out a year later its not brand new and was actually repaired after a car accident and sold to you as brand new. Wouldn't you go to the car dealership and burn them to the ground? Imagine losing a R 2 Billion shares value I would probable try to get them liquidated at all cost aswel.

Can someone please explain why they think steinhoff have a good chance not being liquidated?

From my view point its 50/50 and thats whether Tekkie Town can proof steinhoff is insolvent or solvent as that would trigger the way the law would handle it and which companies act would be use to deal with the liquidation.

Let's adjust your example a little bit, shall we? Imagine a fake car traded to you by the former manager of the dealership, who meanwhile was fired and investigated. Now the dealership sells good quality cars at an extremely low price because their reputation was tarnished. It is up to you to 1) sue the former manager for your losses as well or 2) even to sue the dealership for breach of contract since your contract was not with the manager but with the dealership.

 

Instead, you decide to ask a court to liquidate this dealership, knowing that the liquidation will lead to new customers (who were very happy at buying the new cars from the dealership for a very low price), having to return their cars and getting 0 in return. Basically, you are insisting on getting your old car back by damaging all the new buyers at the same time. Well knowing that by your actions you are dooming every new buyer to the same fate as you have been through.

 

I think it transforms Tekkie guys into selfish assholes. They could have got everything back in terms of money if:

1) They buy Steinhoff shares at the open market

2) They dismiss their liquidation application

3) Support the settlement proposal

 

This would have made them richer than before because Steinhoff shares would have probably doubled, plus they would also get money from the settlement. Also, they could have suggested that Steinhoff pays them in Steinhoff shares (at 10 cents a share), this would have turned them into substantial minority shareholders of Steinhoff and they would have become once again partial owners of the business. Hell, they could have even got voted into the directors of the company.

Instead, they prefer to ruin the party for everyone just because they got duped by a person who is no longer with the company.

[Peanut_Butter]

The only thing that bugs me is Steinhoff Liabilities.

Let say Steinhoff have R 13 billion in long term liabilities these long term liabilities would be guaranteed otherwise no bank would approve a loan without securities?

Lets say Steinhoff enters into Business rescue would this liabilities not become a burden on it’s subsidiaries if the subsidiaries was listed as a guarantee/security?

Wiping out some of Steinhoff’s liabilities?

Of sit ek die pot mis? 🤣😂

[Peanut_Butter]

I am not a lawyer but from below i t seems it only applies if liquidation is taking place.

However liquidation has not been establish so first one needs to establish the company definition before moving forward.

Looks to me the TT lawyer are jumping the gun!

9. Continued application of previous Act to winding-up and liquidation
(1) Despite the repeal of the previous Act, until the date determined in terms of
subitem (4), Chapter 14 of that Act continues to apply with respect to the
winding- up and liquidation of companies under this Act, as if that Act had not
been repealed subject to subitems (2) and (3)

I don't think he is… if you look at steinhoff’s balance sheet you can clearly see it’s liabilities exceeds it’s assets for 2018, 2019, 2020 in those ratios it shows steinhoff is insolvent but can steinhoff proof that these legal battle fees and claims and other expenses occurred by the legal battles the cause that the company cant rebuild itself eg. Advisor, legal fees , Auditor fees , directors traveling expenses and the list goes on amounted to 5 billion rand in the last 2 years. The sad part about these professional fees is that those fees are enough to wipe out the entire loss in the equity statement.

The only good thing about an accumulated loss is the tax benefit…. So for me anything can go tomorrow in court.