Danke Dirty.
'Auch meine persönliche Sicht ist die, dass man bevor man jemand einer Straftat bezichtigt, zuvor entsprechende Beweise, die frei von irgendwelchen Gefühlswallungen sind, zusammenstellen sollte. Hast du diese?'
Yes, I have a file containing many demonstrable misleading statements and other Board misconduct. I have regularly posted a number of these statements here, of course not all of them because there are very many, all well suited for a civil case. That has nothing to do with 'irgendwelchen Gefühlswallungen' but with pure facts/proof and that is what the file is used for.
'Gefühlsmäßig würde hier fast jeder unterschreiben, dass er betrügerisch enteignet wurde. Nur das bringt uns eben nicht viel weiter, wenn nicht entsprechende Beweismittel auf dem Tisch liegen'. Exactly, mismanagement and proof of misleading are all about the facts and the evidence. That was not very difficult to find in the year 2022 for those who were really interested in this company and were willing to invest a lot of time in research. I am such a person.....
'Alle Straftaten, auf die du dich hier beziehst, betreffen Personen'. Not quite, what matters is whether a person acted unlawfully in his role as CEO/CFO or other manager/director or employee of a company, or whether it was done in a personal capacity. That is indeed something for the lawyer to find out. Sometimes you cannot prosecute the CEO for his actions as a representative of the company, but he can still be held personally liable. Of course, this depends on the situation. These gentlemen LdP and de Klerk are of course insured for personal liability, so claims are not paid from a company, or holding.
In this case, it can even be verified whether Mr. Du Preez himself contributed to the situation of possible insolvency due to improper management. Looking at the facts, this Board of Directors has failed to organize any positive change in the actual financial situation of the company from the end of 2017 to June 30, 2023: the turnaround has failed miserably. But you are right, it is and remains a difficult issue that can take years.
'Übrigens auch der Weg zur Entschuldung der SIHPL aus der S155 Settlement Note, wo der Schuldbetrag 1,6 Mrd € umfasst, die dafür vorgesehenen Assets aber nur über einen Wert von ca. 650 Mio € verfügen'. I do not know if it's correct, but the S155 note runs until 2027. If this is correct, it will be not clear until 2027 whether the CVRs deliver any worth.Let's hope these CVR's do not have a running time of June 2026..... By the way, all debt must first be COMPLETELY paid off before the CVRs could yield any value. Steinhoff itself indicates in the WHOA documents that "completely paying off is not expected'.
In that sense, I also have to agree with Silver because the new company is run by the hedge funds, the same hedge funds that have now 'cruelly' kicked us out of the company and taken our money/capital. First, the business model of these creditors is the 'debt to debt model' and then the 'Loan to Own' model. Hence, the debts SIHNV have not been reduced in any way so far. This has proven to be a successful model, so it is my expectation that this model will simply be repeated in the new structure.
Second, I wonder if this 'cruel' attitude in the new structure can and will become a 'CVR friendly attitude', because the creditors are mainly concerned with the shares. So if you choose the CVR strategy, you have to trust this Board and the Boys and girls from the Hedgefunds who are actually running the new company. Difficult..... But who knows, let's hope they have suddenly "seen the light"....
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