What's going to collapse next...

[One percent]

28 minutes ago, dgul said:

I see Sirius Minerals couldn't get their latest lot of financing through (£500m bond at a heady 13% or so).  They're waiting for the current market hiatus to work its way through -- but I don't think waiting is going to work this time.

I do think the Sirius project will be completed, just not under the current ownership profile.

[I actually think it'll be taken over by government at some point, as part of the great economic stimulus package -- but that's unthinkable at the moment so not worth dwelling on]

It’s the biggest money pit ever. No way will it ever turn a profit. 

[Don Coglione]

28 minutes ago, dgul said:

I see Sirius Minerals couldn't get their latest lot of financing through (£500m bond at a heady 13% or so).  They're waiting for the current market hiatus to work its way through -- but I don't think waiting is going to work this time.

I do think the Sirius project will be completed, just not under the current ownership profile.

[I actually think it'll be taken over by government at some point, as part of the great economic stimulus package -- but that's unthinkable at the moment so not worth dwelling on]

Fair play to Spy, as I recall he dropped SXX into this thread.

I think you are correct, dgul, there is a need for Sirius' product, but the cost of extraction will necessitate some form of public assistance.

[leonardratso]

you cant be sirius.

[Ash4781b]

23 hours ago, sancho panza said:

Asda changing the terms and conditions for their workers.Sounds a dire place to work and getting worse.

Post Sainsbury’s deal collapse strategy I guess.

[spygirl]

9 hours ago, Ponty Mython said:

Fair play to Spy, as I recall he dropped SXX into this thread.

I think you are correct, dgul, there is a need for Sirius' product, but the cost of extraction will necessitate some form of public assistance.

I did.

Bow to my genius.

 

[spygirl]

Anyone following muddy waters n burford capital?

Wow. What a bunch of idiots - burford.

[sancho panza]

37 minutes ago, spygirl said:

Anyone following muddy waters n burford capital?

Wow. What a bunch of idiots - burford.

Some meat for the bone

Worth noting it's Muddy Waters who gave John paulson a shellacking a few years back

https://www.theguardian.com/business/2019/aug/07/burford-capital-shares-down-in-further-blow-to-neil-woodford

The fund manager Neil Woodford has been dealt a new blow after more than £1bn was wiped off the value of Burford Capital, the second largest holding in his suspended flagship fund.

Shares in Burford Capital, which specialises in providing funding for lawsuits, plummeted 65% in 24 hours after the US hedge fund Muddy Waters took a short position on its stock, betting that the price would drop, and then launched an attack on the company’s financial status.

A letter by Muddy Waters released on Wednesday confirmed its short position and claimed that Burford was a “poor business masquerading as a great one”.

The US hedge fund criticised the way Burford measured returns on its investments, saying they were “heavily manipulated and greatly misled investors” and that much of its profit since 2012 had come from just four legal cases.

Edited August 7, 2019 by sancho panza

[spygirl]

good comment from ft article:

All you need to know about Burford Capital: "Take 2018’s figures: an operating cash outflow of £233 million, despite £305 million of pre-tax profits" Only lame investors like Woodford would fall for that rubbish.

[Bear Hug]

https://www.bbc.co.uk/news/business-49287489

 

Quote

Uber's shares went into reverse on Thursday after the taxi-hailing company unveiled profit figures that failed to live up to expectations.

Revenue growth slowed in face of heavy competition, leading to the company posting its largest quarterly loss.

Uber and its rivals are spending heavily to expand, but boss Dara Khosrowshahi said that the competitive pressures are easing.

But that didn't stop Uber's share price tumbling 13% in after-hours trading.

On Wednesday, rival Lyft reported figures that were generally welcomed on Wall Street, and there was an expectation that Uber would also post positive numbers.

But Uber's loss widened to $5.2bn (£4.3bn) in the three months to 30 June, from $878m in the quarter last year. The figures reflected $3.9bn of share-based compensation expenses related to its stock market listing earlier this year.

Total revenue rose 14.4% to $3.2bn, but fell short of average analysts' estimates of $3.4bn. Uber's costs rose 147% to $8.7bn in the quarter, including a sharp rise in spending for research and development.

Let's ignore the stock listing expenses. We then still have $3.2bn revenue and vs $4.8bn costs!!!  Of course it's not going to collapse next, it's got lots of cash to burn.

[spygirl]

On 07/08/2019 at 22:03, spygirl said:

Anyone following muddy waters n burford capital?

Wow. What a bunch of idiots - burford.

https://www.ft.com/content/c9f80ed8-bcc7-11e9-b350-db00d509634e

In a release to the London Stock Exchange, Burford said a “forensic examination” of trading data from August 6 and 7 — the day Muddy tweeted it would be taking a new short position and the day it released its report on Burford — had revealed “trading activity consistent with material illegal activity”.

How about a forensic analysis of Burfords claims and accounts?

[spygirl]

On 06/08/2019 at 12:13, dgul said:

I see Sirius Minerals couldn't get their latest lot of financing through (£500m bond at a heady 13% or so).  They're waiting for the current market hiatus to work its way through -- but I don't think waiting is going to work this time.

I do think the Sirius project will be completed, just not under the current ownership profile.

[I actually think it'll be taken over by government at some point, as part of the great economic stimulus package -- but that's unthinkable at the moment so not worth dwelling on]

Another 10% off today.

8.4p

Sirius mine setback deals blow to Yorkshire pensioners

85,000 retail investors stand to lose out if UK developer fails to secure funding

https://www.ft.com/content/243d3c8a-b9dd-11e9-8a88-aa6628ac896c

After 27 years working as an education consultant, Duncan Fennemore was thinking about winding down to retirement.

But his plans were dealt a significant blow this week by news that Sirius Minerals’ development of a fertiliser mine in the UK’s North York Moors was in jeopardy, wiping a third off the UK company’s value.

“I was all in to be honest,” said Mr Fennemore, who had invested most of his pension in Sirius. “It was a rather silly thing to do, but my pension pot is shot at the moment . . . I’m 58 years old, hoping to retire in the not too distant future, and that is now looking further and further away.”

Of course ... a quick look at linkin in, hes a special needs education consultant.

 

[A_P]

2 minutes ago, spygirl said:

Another 10% off today.

8.4p

Sirius mine setback deals blow to Yorkshire pensioners

85,000 retail investors stand to lose out if UK developer fails to secure funding

https://www.ft.com/content/243d3c8a-b9dd-11e9-8a88-aa6628ac896c

After 27 years working as an education consultant, Duncan Fennemore was thinking about winding down to retirement.

But his plans were dealt a significant blow this week by news that Sirius Minerals’ development of a fertiliser mine in the UK’s North York Moors was in jeopardy, wiping a third off the UK company’s value.

“I was all in to be honest,” said Mr Fennemore, who had invested most of his pension in Sirius. “It was a rather silly thing to do, but my pension pot is shot at the moment . . . I’m 58 years old, hoping to retire in the not too distant future, and that is now looking further and further away.”

Of course ... a quick look at linkin in, hes a special needs education consultant.

 

Now why would someone put most of their retirement money into a single company like that? Seems bit of a strange one. Did they read a forum post or something ?

[Cosmic]

4 minutes ago, spygirl said:

Of course ... a quick look at linkin in, hes a special needs education consultant.

Perhaps it will give him some time to reflect on his own special needs. Fucking muppet.

[spygirl]

1 minute ago, A_P said:

Now why would someone put most of their retirement money into a single company like that? Seems bit of a strange one. Did they read a forum post or something ?

There does seem to be a unholy connected fuckup - shitty AIM stocks, hargreaves L, Woodford.

 

[Frank Hovis]

27 minutes ago, A_P said:

Now why would someone put most of their retirement money into a single company like that? Seems bit of a strange one. Did they read a forum post or something ?

Now that's what I call a gambler rather than an investor.

I have the odd speculative stock but maybe 1 - 2%; investing "most" of your pension in a single company - even a longstanding FTSE 100 company - is nuts. 

[dgul]

1 hour ago, A_P said:

Now why would someone put most of their retirement money into a single company like that? Seems bit of a strange one. Did they read a forum post or something ?

I think the story is that it'll be a 100-bagger and make him a gazillionaire.

Perhaps it is the right approach...  The two outcomes are a) it works out and he's a gazillionaire or b) it doesn't work out and he's got no savings and therefore is entitled to lots of pension benefits, which probably add up to about what he'd have got if he'd been sensible with a smallish pot.

 

[Wight Flight]

5 hours ago, dgul said:

I think the story is that it'll be a 100-bagger and make him a gazillionaire.

Perhaps it is the right approach...  The two outcomes are a) it works out and he's a gazillionaire or b) it doesn't work out and he's got no savings and therefore is entitled to lots of pension benefits, which probably add up to about what he'd have got if he'd been sensible with a smallish pot.

 

Could be very shrewd. Gambling debts aren't always written off in a bankruptcy.

I would imagine trading debts are.

Now I wonder why that would be?

[Loki]

 

What's going to collapse next...

 

Argentina 

[dgul]

3 hours ago, Loki said:

 

What's going to collapse next...

 

Argentina 

Again.

[TheCountOfNowhere]

Still expeciting funding crooks to piss off with half my cash..,sell times getting silly....share price down about 75%

[Bear Hug]

13 hours ago, spygirl said:

Another 10% off today.

8.4p

Sirius mine setback deals blow to Yorkshire pensioners

85,000 retail investors stand to lose out if UK developer fails to secure funding

https://www.ft.com/content/243d3c8a-b9dd-11e9-8a88-aa6628ac896c

After 27 years working as an education consultant, Duncan Fennemore was thinking about winding down to retirement.

But his plans were dealt a significant blow this week by news that Sirius Minerals’ development of a fertiliser mine in the UK’s North York Moors was in jeopardy, wiping a third off the UK company’s value.

“I was all in to be honest,” said Mr Fennemore, who had invested most of his pension in Sirius. “It was a rather silly thing to do, but my pension pot is shot at the moment . . . I’m 58 years old, hoping to retire in the not too distant future, and that is now looking further and further away.”

Of course ... a quick look at linkin in, hes a special needs education consultant.

 

Out of all the noise on ADFN chat I really like this comment:

Quote

09/8/2019
15:04    amaretto1, the main cost and programme risk to the Crossrail project was the complex interfaces between lots of individually do-able items on the programme, whereas the main construction risk to Sirius remains, imo, the sinking of the deep shafts. The similarity between the two, imo, is that both have used the “on track” story as they squeezed the timing allowed for later parts of the construction programme – I would bet that if you checked, the Crossrail project management team were claiming to be “on track” until shortly before they confessed that it would be very late and cost loads more about a year ago, iirc. Having decided a year ago that the banks / gov would not come up with stage 2 finance for reasons I’ve explained before, I did consider, (and still am considering) the possibility of investing if / when stage 2.2 is accomplished. The basis for that decision would be that the shares remained depressed, and the three shafts at Woodsmith would all be about to begin working for some months on the easy phases of sinking, with corresponding reports of good progress (hopefully). I would then most likely sell out before the deep shafts reached the difficult strata, and before the tunnel drive from Woodsmith, which I think is the drive most likely to encounter problems, got going. So my original plan to invest as the first deep shaft reported well down near the bottom of the Bunter has been subject to quite a few re-thinks! Again if I did invest at that point, I would consider getting out when the shafts and tunnels were commissioned if the shares were priced at that time on perfection, because after a lifetime of finding that boreholes rarely represent accurately what you encounter under the ground, I would not trust the production cost figures used in the DFS etc. Apologies for too much info perhaps?    
muckshifter    
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[spygirl]

7 minutes ago, Bear Hug said:

Out of all the noise on ADFN chat I really like this comment:

 

The commentator ihighlight my problem - any sane board would have raised its hand by now.

Instead, theyve set off with only part of the money, somehow expecting to pick a few billion up at a later date.

Its a fools enterprise. And investment.

As far as costs of drilling a big hole goes - cant be done.

If you start on something like cross rail you need a backer with almost bottomless pockets i.e national government, not a collection of cardi wearing oaps putting their pensions in.

 

[spygirl]

On 07/08/2019 at 22:03, spygirl said:

Anyone following muddy waters n burford capital?

Wow. What a bunch of idiots - burford.

Wow.

Just had a Burford head o nthe R4 business news @ 6.15.Wow.

What a lof of shit and bullshit and lies. Allegedly, as they are lawyers.

Those crims need need to be in jail rather than the business news.

 

[One percent]

9 hours ago, spygirl said:

The commentator ihighlight my problem - any sane board would have raised its hand by now.

Instead, theyve set off with only part of the money, somehow expecting to pick a few billion up at a later date.

Its a fools enterprise. And investment.

As far as costs of drilling a big hole goes - cant be done.

If you start on something like cross rail you need a backer with almost bottomless pockets i.e national government, not a collection of cardi wearing oaps putting their pensions in.

 

And builders. Apparently my idiot builder who walked off the job is heavily invested.   might have been why he was so stressed. 

[King Penda]

On 06/08/2019 at 12:42, One percent said:

It’s the biggest money pit ever. No way will it ever turn a profit. 

It will but the question is when the worlds populations only going one way