Regulators Refusing to Act - Hyflux & Noble Group's Decline

[frontier]

Not sure if there will be a state-sponsored bidder in final minutes yesterday, otherwise, near total-loss for retail investors.

Article Highlights:

• As of a day before deadline, six overseas bidders. Two for restructuring, three for specific assets, one restructuring and/or specific assets.
• JM claimed that company will run out of cash by Jun 30th.
• JM aims to finalize binding term sheets around April 30th.

Thank you for sharing.

 

[frontier]

If you are a whitehorse, eg if you screw up SPH like Ng Yat Chung, you will still get bailed out.
SPH's balance sheet is very ugly now, it will delist like SMRT and Ng will be posted to a non-listed company because he is HC's people.

SPH rallied to $1.80 now as Ng's departure expected to be announced soon. If General Ng comes over to Hyflux, I believe Temasek will help.

Thanks for your tips.

 

[Filloz]

Thanks for your tips.

Just show that government will go all out to cover their own mess.
For Hyflux we die, they will eat your flesh (take tuaspring), before cremating you.

 

[Dr Christopher Cheok C S]

In this world, some people just talk, rant and expect others to do things for them.

I hold the notes, and rightfully, i get paid every single cent before juniors get their allocation. I myself thought that there could be a higher chance by having junior creditors along with us. in the end, only a few bothered to seek help from their MPs.

Then P&P junior creditors only know self-pity among themselves and allowed management to use them as excuse to buy time and held the court hostage. Recovery could have been higher for everyone if JM takes over earlier, since most P&P are too shy to beg for state bailout.

The Seniors are more organized. UWG rocked Olivia and BoDs out of their nest and noteholders sue with legal.

So JM works for who? Who gave them such authority to filter the bids? Why for so many months this JM never sue Simon and Olivia?
Why Why WHY

 

[Focus]

In this world, some people just talk, rant and expect others to do things for them.

I hold the notes, and rightfully, i get paid every single cent before juniors get their allocation. I myself thought that there could be a higher chance by having junior creditors along with us. in the end, only a few bothered to seek help from their MPs.

Then P&P junior creditors only know self-pity among themselves and allowed management to use them as excuse to buy time and held the court hostage. Recovery could have been higher for everyone if JM takes over earlier, since most P&P are too shy to beg for state bailout.

The Seniors are more organized. UWG rocked Olivia and BoDs out of their nest and noteholders sue with legal.

but with some many people affected, at least local newspapers should feature the bloomberg article.

 

[JustLikeThis]

I think the UWG will favour the china bidder.

 

[frontier]

Dear all,

It has been three years. Lawrence Wong will take over MOF on 15th May.
Will the new Finance Minister help us? Why our country don't care about us.

 

[Dr Christopher Cheok C S]

Dear all,

It has been three years. Lawrence Wong will take over MOF on 15th May.
Will the new Finance Minister help us? Why our country don't care about us.

even more unlikely, you help yourself to get heard during elections is more important. Who knows, an important factor behind the dismay results in GE2020 was due to Hyflux. Many are still hopeful of a state bailout, especially the retirees. The gradual switch of Hyflux investors & their families as events unfold, will create a tilt in the middle ground towards oppositions in the next few elections.

 

[Filloz]

OK Lim chaogeng, turned up in court today in wheelchairs after three previous attempts failed.

When Simon Tay turns up in court, i think he can do the same. Olivia Lum can try faking miscarriage as excuse.

 

[Filloz]

I understand that SMI will eventually sue PUB for some misrepresentation issues which got Hyflux into this mess.I guess we got into this mess because of PUB too.

This is why media dares not report this.

They reported to UWG earlier this week. That was what we gathered. PUB can't shake off their misguidance, PUB got to stand trial next week.

Good morning!!! This is a fine example of bureaucrats saving their own asses when fire burns them.

Looks like PUB managed to silent Hyflux to save themselves of the embarrassment. https://www.straitstimes.com/busine...x-and-salim-medco-settle-lawsuit-over-deposit

 

[JustLikeThis]

Six final offers
1 restructuring offer which involved retail investors (low-baller Utico again???).
Five others, just for specific assets.

Looks like government not helping.
https://www.bloomberg.com/news/arti...nal-offers-with-one-covering-retail-investors

 

[Dr Christopher Cheok C S]

Good morning!!! This is a fine example of bureaucrats saving their own asses when fire burns them.

Looks like PUB managed to silent Hyflux to save themselves of the embarrassment. https://www.straitstimes.com/busine...x-and-salim-medco-settle-lawsuit-over-deposit

Bureaucracy at its "best", so efficient.

 

[Dr Christopher Cheok C S]

Good morning!!! This is a fine example of bureaucrats saving their own asses when fire burns them.

Looks like PUB managed to silent Hyflux to save themselves of the embarrassment. https://www.straitstimes.com/busine...x-and-salim-medco-settle-lawsuit-over-deposit

$750K out of $38m to pay Hyflux's lawyer in the lawsuit?
https://links.sgx.com/1.0.0/corpora...TQZD/664995_SGX Announcement - 5 May 2021.pdf

the lawyers and restructuring managers are like parasites.
Got money to hire them, no money to pay us.

 

[Filloz]

$750K out of $38m to pay Hyflux's lawyer in the lawsuit?
https://links.sgx.com/1.0.0/corporate-announcements/DWMXCCJWPB11TQZD/664995_SGX Announcement - 5 May 2021.pdf

the lawyers and restructuring managers are like parasites.
Got money to hire them, no money to pay us.

Some noteholders suspect BW is a parasite too. There were several incidents that BW was withholding some information and unwilling to communicate with MTN legal.

1. Our opinion is that for some special reasons, BW were instructed to let Simon and Olivia off. If they want to sue for damages like OK Lim's Hin Leong, they can do it within weeks. They never.​

​

2. BW seem to work closely with UWG group and keen to impress these potential paymasters who can give them future advisory roles for asset sales.​

​

3. Noteholders were under the impression that noteholders and UWG enjoyed the same seniority in debt repayment. This is a misconception. Our legal pointed that BW is treating us differently and they have every right to do so. There is a possibility that BW will work with the Court to craft a separate class of creditors that makes UWG more senior than noteholders.​

BW has influence and authority over which bidder to choose and looks like it is now every man for himself. BW is working towards getting engaged for Hyflux's asset sales beyond the JM.

Summary:
- All these while BW works to serve UWG behind the scene.
- BW's refusal to work closely with MTN legal and provide timely information, indicates that the earlier senior & junior creditor-class grouping no longer holds.
- BW will be friendly towards retail PnPs but it is just for PR.

 

[JustLikeThis]

During his term in MOF, Heng Swee Kiat pretended that he did not hear the pleads of the retirees and investors.

Fortunately, he is not going to be a PM.

 

[Dr Christopher Cheok C S]

Some noteholders suspect BW is a parasite too. There were several incidents that BW was withholding some information and unwilling to communicate with MTN legal.

1. Our opinion is that for some special reasons, BW were instructed to let Simon and Olivia off. If they want to sue for damages like OK Lim's Hin Leong, they can do it within weeks. They never.​

​

2. BW seem to work closely with UWG group and keen to impress these potential paymasters who can give them future advisory roles for asset sales.​

​

3. Noteholders were under the impression that noteholders and UWG enjoyed the same seniority in debt repayment. This is a misconception. Our legal pointed that BW is treating us differently and they have every right to do so. There is a possibility that BW will work with the Court to craft a separate class of creditors that makes UWG more senior than noteholders.​

BW has influence and authority over which bidder to choose and looks like it is now every man for himself. BW is working towards getting engaged for Hyflux's asset sales beyond the JM.

Summary:
- All these while BW works to serve UWG behind the scene.
- BW's refusal to work closely with MTN legal and provide timely information, indicates that the earlier senior & junior creditor-class grouping no longer holds.
- BW will be friendly towards retail PnPs but it is just for PR.

Thank you for sharing, looks like BW only serves the UWG.
What a twist, just sweet talk us like Utico in the beginning.

 

[Filloz]

Thank you for sharing, looks like BW only serves the UWG.
What a twist, just sweet talk us like Utico in the beginning.

The giveaway was their gradual refusal to update noteholders and refusal to sue Olivia and Simon.

 

[JustLikeThis]

The giveaway was their gradual refusal to update noteholders and refusal to sue Olivia and Simon.

MAS cleared DBS of wrongdoings without a trial too.
Says a lot about the fat cats colluding in the system, indeed.

 

[Dr Christopher Cheok C S]

The giveaway was their gradual refusal to update noteholders and refusal to sue Olivia and Simon.

Please COVID them fatally.

 

[worcer]

Deep connections...