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ABC Radio National Interview on the Nova Situation
ABC Radio National devoted 8 minutes to the situation with Nova.
Listen to it at Trans-Pacific Radio.
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ABC Radio National devoted 8 minutes to the situation with Nova.
Listen to it at Trans-Pacific Radio.
Comments
NOVA actually does find, not JUST 1, but 2 mystery investors?
http://search.japantimes.co.jp/cgi-bin/nn20071010a2.html
I don't fully understand what it's all about.
Some shady stock deal from the sounds of it....
Two investment companies looking to turn a tidy profit off this collapse, then grab the money and run, I'm guessing?
Saruhashi and these guys will make massive personal gains off the demise of NOVA, i bet.
Says they got 7M ¥ at least, maybe billions coming.
So NOVA will survive a little longer, or maybe Saruhashi just pockets it all?
Maybe this means one last paycheck for those poor suuuccckkkeeerrrs slaving away there still?
Maybe ENRON style arrests all round next week when the JASDAQ steps in on likely insolvent & insider trading deals?
Not mystery investors, since
Not mystery investors, since they're named in the article. But it does sound dodgy and 70 million yen won't cover payroll --- at some estimates to be near 1.25 billion yen a month (5000 employees x 250000yen) --- not including staff, rents, etc.
Too little, too late...it would seem.
70 million yen...
....doesn't even begin to pay the usagi's veterinary bill.
It would appear that
It would appear that monkeyman has finally done the right thing and relinquished control
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aZJwOzEj45Bs
Doesn't add up...
So these companies in the virgin islands can use 10 warrants at the end of each month. 1 warrant lets them buy 500,000 shares @ 35 yen each. 10x500,000x35=175 million yen per month. If we conservatively estimate the average teacher salary at 250,000 yen and assume that NOVA will use the warrant money exclusively to pay teachers....drumroll.....700 TEACHERS WILL BE PAID!!! Yay!
....but what about the other 4300..........................
I am confused! JT
I am confused! JT says...
"If the two firms fully exercise their right to obtain new shares, for a cost of ¥7 billion in total, it would increase the number of Nova's outstanding shares fourfold, diluting the share value and thereby damaging the assets held by current stockholders.
In such a case, Nova would receive ¥6.4 billion, excluding the costs of issuing new shares."
So, NOVA `COULD` get 6.4 BILIION (BILLION!)Thats teachers salary covered for at least a few weeks more!
lies! lies! lies! bleed! bleed! bleed!
Nova head management, while posing as a bunch of mathematical accounting dumbwits, has decided to screw current stockholders on top of screwing everyone else.
Are the so-called investors aware that they are being lied to and that nova is at the board with jasdaq. might not be any shares in the future to cash in on. morons.
nothing more than an extension and build-up of the problem at hand.
The media reports on this
The media reports on this seem a bit misleading. Nova gets 70 million yen up front from selling the warrants. This is less than 10% of what they owe in salary in five days.
The investment funds can sell 10 warrants a month, meaning it would take 20 months for them to be sold off - meaning it takes 20 months for Nova to get that 6.4 billion yen, and at that point Saruhashi is an 18% owner.
6.4 billion yen over 20 months, provided the warrants are exercised in full each month? That doesn't even begin to address the company's financial woes.
Two Investers? Try the same
Two Investers? Try the same company. Try to Google them.
The same guy is director for both firms and the address for both firms is the same.
I am thinking- Caymen Islands, Virgins Islands....hmmm... an interesting financial zone...
Company location does sound suspicious.
So yeah, as some have mentioned, companies based in the Virgin Islands. Sounds to me like the the basis of a plan where 'Hashi shifts all his riches to an untouchable location, never to be bothered by the "stupid Gaijin who ruined my company" (*cough*) ever again.
hmmmmmmmmmmm
Remember so many teachers have jumped ship and topazued or taken emergency leave this month so the total amount owing to teachers is considerably less than the norm.......lets hope whatever happens this months pay is on time for those still believing......
anticipation of death is worse than death itself
NO CHANGE
Today`s news changes NOTHING.
This plan gives Nova nothing!
It gives Sahashi something to defend his reputation with.
"I was on the verge of a breakthrough when the dirty foreign workforce bailed on me. This is all on their shoulders."
Come on! As is 350,000,000 million a month does anything! The worst part of this is that the Japanese staff ate it up. Poor dumb !And they will still blame us after it goes down next week. If only they had learned how to use a calculator for something other than screwing nice people out of their hard earned cash.
The timetable for next week remains the same as before. Print it out, bring it to work and put it up so people can decide what day they will hand out their last business card.
SCHEDULE FOR THE WALL
Hundreds will call in sick Monday.
This will double on Tuesday.
By Wednesday a large number of branches will effectively be closed. This will also be the day the shit hits the fan in the press.
Thursday will see die hard hopefuls still in their booths but they will be feeling very lonely.
By Friday even Japanese staff will have given it up for dead.And only branches in the middle of nowhere with no access to TV or the internet will still be at work.
The weekend will see a postmortem in the press that should make for good viewing for those thousands of us enjoying our first weekend off together in forever.
All the suits on the foreign and Japanese staff side are now aware of this now but just waiting it out until next Monday.
By Friday the 19th (when the new report is due) it will be all done. That is why he fudged his response to JASDAQ.
The staff will call urging you to give it until the 25th when we will all get paid! Don`t buy it! They know nothing!
And if anyone is stupid enough to believe today`s farce and blame us then that is probably someone you are best off not knowing.
come one come all
Organisenow you really are on the case to bring people down. I believe we will get paid next week...but if we don't at least I had enough goodwill and optimism to think that. Call me naive I don't care. If we don't however then I will set myself on fire and run through the 20th floor. As the reverend MC Hammer once said...That's why we pray! We got to pray just to make it today.
ooh maybe I have one too many Campinis.