15225 replies to this topic

[DayTraderDad]

Another questions to the legal experts:

Lets assume CW wins the court case and the deal is reversed.

What will happen in the following:

1 - Can Steinhoff get a evaluation done of the business they bought and establish if it was over priced.
If yes could they claim money back due to the fraudulent price agreed by MJ?
2 - At the time of purchase PEPCO had 553 stores at present has 1603.
So will SNH give back the 553 stores and then keep the 1050?
3 - Same for Ackermans SNH developed 693-436= 257 store. PEP 2155-1883 = 272

For me CW did not put money in to buy share he gave business for the shares so therefore
if the sale is reversed then SNH does not need to give the cash just gives the stores back but what happens
to the extra stores?

Hi Captain any thoughts on this!!!!

[Tom]

https://www.biznews....ff-pepkor-court

 

"

The former owners and management of Tekkie Town yesterday launched an urgent application in the Western Cape High Court against, amongst others, Steinhoff NV and its subsidiary Pepkor.

"

 

Here former  TTs need to win 2 things:

1- The urgency.

2- If 1 was won then the application demand, otherwise former TT can apply on a non-urget basis, and see if they can win.

 

I'm not sure if they will win or not, as even if Steinhoff sell or not more of their shares in PEPKOR (more than what they already sold early last year in PEPKEOR), still in any case the plaintiff (former TT) can demand a compensation for the loss on their shares' price in SNH.

 

In my personal opinion, former TT, CW ,GTF, are all share holders, just like any other aggrieved share holders with no difference at all, and should they get any compensation, then the same compensation percentage should also be given to all the other aggrieved shareholders.

Edited by Tom, 11 April 2019 - 12:51 PM.

[DayTraderDad]

I wounder if SNH will be entitled to get a new evaluator to do a due diligence of the purchase price
of Tekkie Town to establish that the purchase price was not inflated like all the other deals MJ did.

What happens if it is found that SNH paid too much for the Tekkie Town business can greed come into the equation???

[Tom]

https://www.biznews....ff-pepkor-court

 

"

The former owners and management of Tekkie Town yesterday launched an urgent application in the Western Cape High Court against, amongst others, Steinhoff NV and its subsidiary Pepkor.

"

 

[Tom]

http://www.capetalk....elling-business

 

"

 

Former Tekkie Town owners in battle to stop Steinhoff selling business

 

"

Edited by Tom, 11 April 2019 - 12:32 PM.

[Tom]

https://ewn.co.za/20...inhoff-collapse

"

GILL MARCUS CONCERNED ABOUT EXTENT OF PIC DAMAGE CAUSED BY STEINHOFF COLLAPSE

"

[DayTraderDad]

For the legal experts:

If CW wants is gold back will Brait be willing to give Steinhoff the R15 billion it received as cash payment?

Surely if the deal is reversed it must be done on its totality!!

Interesting would Brait have R15 billion lying around???

[DayTraderDad]

‘No evidence’ of insider trading ahead of Steinhoff’s collapse

https://www.business...hoffs-collapse/

Next headlines in a few months time: " No fraud found in the SNH irregular accounting. All transaction done as allowed by accounting standards"

[DayTraderDad]

What people are forgetting every month PIC, AG, Coronation etc all receive vast sums of moneys from pension contributions.

This money needs to be invested it cannot sit in the bank account so virtually everybody is running around looking for
place to invest the money and its exactly that that keep MR MARKET in the long term rising.

IN exactly where would you find the R10 bil of SASOL shares? Which fund would be willing to sell it to you?

So once SNH is cleaned up accountants sorting out the accounts proper controls in place I bet many funds will return.

[DayTraderDad]

‘No evidence’ of insider trading ahead of Steinhoff’s collapse

https://www.business...hoffs-collapse/

[Investment novice]

https://www.fin24.co...nquiry-20190409
" R9.3BN LOAN TO LANCASTER 101 FOR STEINHOFF SHARES ABOVE BOARD - PIC OFFICIAL
The loan was approved by former CEO Dan Matjila long before revelations of the fraud scandal that led to the collapse of Steinhoff.
"

It's a pity that Lancaster get rich quick scheme using pensioner money was a massive flop.
They argue that the process was legitimate.
But how in a sane world can we justify such floundering of wealth. Why did the PIC loan out such a large amount to a company taking on single share risk. What was the interest rate and did the Pic not have better investment alternatives...

Perhaps let's get a loan from Pic for 20 billion and place 10b in naspers and 10 b in sasol

Sent from my SM-G950F using Sharenet Sharechat mobile app

[Tom]

https://www.fin24.co...nquiry-20190409

"

R9.3BN LOAN TO LANCASTER 101 FOR STEINHOFF SHARES ABOVE BOARD - PIC OFFICIAL

The loan was approved by former CEO Dan Matjila long before revelations of the fraud scandal that led to the collapse of Steinhoff.

"

 

[Tom]

https://www.fin24.co...nquiry-20190409

"

Steinhoff was a 'good buy' for PIC at the time, witness tells inquiry

"

Edited by Tom, 11 April 2019 - 11:22 AM.

[Tom]

https://www.business...g-shares-2019-4

"

Tekkie Town’s founders want to stop an ‘increasingly desperate’ Steinhoff from selling the chain they hope to claim back

"

Edited by Tom, 11 April 2019 - 11:22 AM.

[JK001]

A bonded house is technically owned by the bank, (so according to me courts cannot touch it, but courts decide on their own judgments, not mine).

While the nature of the loans against Steinhoff is different and from many different entities or individuals, and many of them do not have any rights to any securities at Steinhoff to secure their loans (e.g insecured loans, credits cards, overdraft, revolving facility, market traded bonds...etc.).

 

Just like many shareholders were mislead to believe that Steinhoff was such a great company, many creditors also didn't do their work properly and gave loans to Steinhoff, and now are sitting in a difficult situation.

So let's get this straight then Tom:

 

You obviously does not know the difference between a secured and unsecured loan (e.g. a credit card is an unsecured revolving facility).  But then again clearly from your writing the following people who in some cases are doing what they do for a living are idiots too:

 

Creditors - massive companies that are able to extend Billions of Euros in loans - mislead by who exactly, amazing they still in business being stupid and gullible

Investors - massive fund managers that look at many company's results on a daily basis - half a point for you as the results were misrepresented, but still implying they are idiots too.

private investors - dummies like me sure could be fooled cause those pages and pages just bores me, but not professional investors who supposedly look at it line by line. guess they also idiots.

 

Likewise, the responsibility of the brothers from Tekkie Town was to do proper due diligence and no contract is worth anything without a divorce clause.  So, you will most likely find a disclaimer in the contract that the share prices are variable and not guaranteed.   Big corporate companies have big legal departments and you would be dreaming if they did not cover all angles.

 

Tom, that leaves you as the superior alpha brainiac by means of eliminating the idiots, I bow in admiration and would vote for you if you stand for the election.  I know with your brilliancy you would educate all of these mislead idiots on where the light is shining.

[DayTraderDad]

A bonded house is technically owned by the bank, (so according to me courts cannot touch it, but courts decide on their own judgments, not mine).
While the nature of the loans against Steinhoff is different and from many different entities or individuals, and many of them do not have any rights to any securities at Steinhoff to secure their loans (e.g insecured loans, credits cards, overdraft, revolving, market traded bonds...etc.).
 
Just like many shareholders were mislead to believe that Steinhoff was such a great company, many creditors also didn't do their work properly and gave loans to Steinhoff, and now are sitting in a difficult situation.

Ok great SNH is bust so why continue to talk the share down with wild speculation its bust broken ZERO value. Great well done!!!

[Tom]

A bonded house is technically owned by the bank, (so according to me courts cannot touch it, but courts decide on their own judgments, not mine).

While the nature of the loans against Steinhoff is different and from many different entities or individuals, and many of them do not have any rights to any securities at Steinhoff to secure their loans (e.g insecured loans, credits cards, overdraft, revolving facility, market traded bonds...etc.).

 

Just like many shareholders were mislead to believe that Steinhoff was such a great company, many creditors also didn't do their work properly and gave loans to Steinhoff, and now are sitting in a difficult situation.

Edited by Tom, 10 April 2019 - 03:47 PM.

[DayTraderDad]

Ho forgot Trekkie Town old buoys back in court so should have known better!!!!

[Polly]

When a court issues a final court order to pay a compensation, then the company will have to immediately pay, or else the executers (e.g. the sheriff) will immediately attach the company properties and not release it until the full amount is paid, regardless of what others think, assume or try to do (e.g. the creditors).

 

 

Tom or Lionel or Polly or whoever you are...

 

The pack of cards slowly falling on this PS...as we predicted months ago...

 

Go tell em Tommy....they dont even know how it operates... and bet the claim will be with costs and interests if he wins....

 

 

Haha keeps on barking on the wrong tree...like this

 

"The Hedge funds control SNH they have to agree on sale of assets and they have the first right of claim so from the 2018 financials available there is a equity of E3793 mil which is close to the CW claim.
So which court will now give everything to CW and leave all the other claimants high and dry?"

 

CW claims got nothing to do with the precarious position of the company ..Judge will award what CW is claiming for on the loss he suffered when the gold was exchanged for fake diamonds..

 

 

​I rest my case on this PS...

 

matter of time.....

Edited by Polly, 10 April 2019 - 03:19 PM.

[DayTraderDad]

When a court issues a final court order to pay a compensation, then the company will have to immediately pay, or else the executers (e.g. the sheriff) will immediately attach the company properties and not release it until the full amount is paid, regardless of what others think, assume or try to do (e.g. the creditors).

So do you really believe creditors willing to enter into a LUA then CVA and ultimately restructure the debt and not once worry about CW going
to court and they loose they money!!!

This is like you buy a house then take a bond and you go create debt at the casino then court declares you bankrupt so sheriff takes your house and bank looses everything?

Edited by DayTraderDad, 10 April 2019 - 03:17 PM.