Hi everyone, my MTN legal group has more or less disbanded. You can tell which group I am in, if you find one of the MTN lawyers gone.
It has been two years, we didn't expect Hyflux's case to drag this long. On parting note, we arrived at the consensus that Utico's proposal will not go through. We are determined to vote NO if there is a vote eventually. The extension due to Covid, requires us to fork out a bit more fees and a few of us decided to call it quits.
Sorry if i offended any perpetuals bondholders and preference shareholders here in the past. I am just frank online and meant no harm. Many MTN holds perps and prefs too but MTNholders are more willing to act. Our presence are strongly felt in courts, although the media is less sympathetic to us because we are supposed to be AI.
It doesn't mean we gave up pursuing justice. Some investors and I learned a lot in the process and we are clear about our strengths and weaknesses. We are also tapping on the expertise of another legal group. Special thanks to the two members here who contacted me. Thank you for the exchange of information.
I wish to summarize some points:
1. Not all MTN are not as rich as you thought. These are also hard-earned money, some of us downgraded residences and retirement dreams ruined. An adventurous speculators wouldn't park money in Hyflux, agree?
2. Our legal gave good insights all these while. He explained to us that a restructuring plan will be realized because there are very obvious frauds committed by the Board of Directors (especially Simon Tay and Olivia Lum), CFO and Auditors. My legal said that is so obvious that the only way to help these fraudster, is either a state bailout or restructuring with a clause that forgives all past wrongdoings. The underlying reason that this case drags and drags, is to reach some restructuring to bail out the criminals, not to help investors (if you stupidly still believe so, you deserve the shit that you are in).
3. As of now, a liquidation or a hostile corporate takeover without covering-up for the fraudsters will not go through. Even Utico got to give in to pacify Olivia to get the deal communicated to the stakeholders. Are you clear all about that?
4. Some of us walked away because we felt so sad that the Hyflux is willing to burn so much cash to bribe SIAS and engages various restructuring managers to kick us out of the equation. There is no money left, to speak of. The personal wealth of Simon Tay is definitely higher than Hyflux. Remember they called us "noises", WTF? we are creditors ok? Only in Hyflux's case, creditors must do the biddings of the debtor.
5. Olivia and her CFO is untouchable. Just look how fast CAD acted on Hin Leong, and ACRA/SGX/CAD's refusal to seek justice for us. My legal told me that the female indian lawyer from Wong Partnership's father is another judge, a friend of Hyflux case's judge. Hyflux was meant to give the judge and the indian lawyer a remarkable career case-study, that can qualify them numerous speaking engagements and boasting rights. Together with Simon Tay's role in Wong Partnership, Wong Partnership is now fearful that more conflicts of interests will be exposed and choose to withdrew from the comfy monthly fees. It is an ugly orgy, everyone is a fucking buddy of another.
I agree with people here, all of us still have a chance if we can change the government in the next elections. This is our last hope. We have nothing to lose and everything to gain by convincing all stakeholders, our families and our friends to vote for opposition because this scandal ruined you.
We will keep doing so, in this election, in the next election until we get our money back.
