Triyards
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Mid to long term - should be good.
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Hopefully, a new BOD is put in place and the employees keep their jobs.
joebloggs ( Date: 22-Mar-2017 12:05) Posted:
I do hope that an investigation is carried out into this web of companies, for the sake of all shareholders who entrusted their funds. I have been pushing for a long time for transparency. So let' s hope we get it for all concerned.
RedEye1811 ( Date: 22-Mar-2017 11:44) Posted:
My apologies too, I should have been more explicit. I agree with your comment that some (perhaps not all as they not on Ezra/EMAS BoD or management) on BoD and management of Triyards definitely have to ' foot the bill' as they have had foot in both camps. And some BoD members from past with links in both previous are also responsible. Those that had foot in both camps stuffed everything with Ezra that filtered down to Triyards. And they likely to get away with it with nice bonus but employees/minority shareholders left dangling. Sympathy for them. But fingers crossed hope they do survive (the employees/minority shareholders) and can still benefit. Let us see.
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I do hope that an investigation is carried out into this web of companies, for the sake of all shareholders who entrusted their funds. I have been pushing for a long time for transparency. So let' s hope we get it for all concerned.
RedEye1811 ( Date: 22-Mar-2017 11:44) Posted:
My apologies too, I should have been more explicit. I agree with your comment that some (perhaps not all as they not on Ezra/EMAS BoD or management) on BoD and management of Triyards definitely have to ' foot the bill' as they have had foot in both camps. And some BoD members from past with links in both previous are also responsible. Those that had foot in both camps stuffed everything with Ezra that filtered down to Triyards. And they likely to get away with it with nice bonus but employees/minority shareholders left dangling. Sympathy for them. But fingers crossed hope they do survive (the employees/minority shareholders) and can still benefit. Let us see.
joebloggs ( Date: 22-Mar-2017 11:31) Posted:
Apologies, I must have misunderstood your comment. Of course I feel for the employees and shareholders, I now the feeling oh so well having lost a significant amount of money myself. But the BOD of the company must shoulder the blame for the current situation, given EYC is CEO of Triyards and CFO of EZRA and Triyards, he has a foot in both companies.
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My apologies too, I should have been more explicit. I agree with your comment that some (perhaps not all as they not on Ezra/EMAS BoD or management) on BoD and management of Triyards definitely have to ' foot the bill' as they have had foot in both camps. And some BoD members from past with links in both previous are also responsible. Those that had foot in both camps stuffed everything with Ezra that filtered down to Triyards. And they likely to get away with it with nice bonus but employees/minority shareholders left dangling. Sympathy for them. But fingers crossed hope they do survive (the employees/minority shareholders) and can still benefit. Let us see.
joebloggs ( Date: 22-Mar-2017 11:31) Posted:
Apologies, I must have misunderstood your comment. Of course I feel for the employees and shareholders, I now the feeling oh so well having lost a significant amount of money myself. But the BOD of the company must shoulder the blame for the current situation, given EYC is CEO of Triyards and CFO of EZRA and Triyards, he has a foot in both companies.
RedEye1811 ( Date: 22-Mar-2017 11:09) Posted:
And perhaps you can have some thoughts for the employees and minority shareholders....those who I was directing comment at....oh, sorry you right..I simply a naive person as you the great mighty know-all. My apologies for not recognizing your brilliance.
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Apologies, I must have misunderstood your comment. Of course I feel for the employees and shareholders, I now the feeling oh so well having lost a significant amount of money myself. But the BOD of the company must shoulder the blame for the current situation, given EYC is CEO of Triyards and CFO of EZRA and Triyards, he has a foot in both companies.
RedEye1811 ( Date: 22-Mar-2017 11:09) Posted:
And perhaps you can have some thoughts for the employees and minority shareholders....those who I was directing comment at....oh, sorry you right..I simply a naive person as you the great mighty know-all. My apologies for not recognizing your brilliance.
joebloggs ( Date: 22-Mar-2017 10:30) Posted:
I think you missed the point " poor business practices of the parent" , when similar people are involved in both companies. There are serious questions to be addressed by the BOD of Triyards back to 2014 over the acquisition of the Strategic Marine assets. So there are issues also plaguing the child, through its own fault. Don' t be so naive.
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And perhaps you can have some thoughts for the employees and minority shareholders....those who I was directing comment at....oh, sorry you right..I simply a naive person as you the great mighty know-all. My apologies for not recognizing your brilliance.
joebloggs ( Date: 22-Mar-2017 10:30) Posted:
I think you missed the point " poor business practices of the parent" , when similar people are involved in both companies. There are serious questions to be addressed by the BOD of Triyards back to 2014 over the acquisition of the Strategic Marine assets. So there are issues also plaguing the child, through its own fault. Don' t be so naive.
RedEye1811 ( Date: 22-Mar-2017 09:42) Posted:
I honestly feel very sad for Triyards people and minority shareholders. Triyards has for all tense and purposes been working along keeping its head above water. But it is collateral damage to the poor business practices of its parent. Triyards being dragged under by external not internal. If Triyards poorly run, not making profit, huge debts, poor cash flow then fine let it go down but that not the case. All those issues plaguing the parent, and the child has got caught in the way through no fault of its, and Triyard employees and minority shareholders going to bare the brunt.
My ' gut' has a stinking feeling that irony will be Triyards ceases to exist but because parent is using Chapter 11 rules in US which can be easier for restructuring will survive....the employees and minority owners Triyards will get zero, and parent survives would be the worst irony....
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I think you missed the point " poor business practices of the parent" , when similar people are involved in both companies. There are serious questions to be addressed by the BOD of Triyards back to 2014 over the acquisition of the Strategic Marine assets. So there are issues also plaguing the child, through its own fault. Don' t be so naive.
RedEye1811 ( Date: 22-Mar-2017 09:42) Posted:
I honestly feel very sad for Triyards people and minority shareholders. Triyards has for all tense and purposes been working along keeping its head above water. But it is collateral damage to the poor business practices of its parent. Triyards being dragged under by external not internal. If Triyards poorly run, not making profit, huge debts, poor cash flow then fine let it go down but that not the case. All those issues plaguing the parent, and the child has got caught in the way through no fault of its, and Triyard employees and minority shareholders going to bare the brunt.
My ' gut' has a stinking feeling that irony will be Triyards ceases to exist but because parent is using Chapter 11 rules in US which can be easier for restructuring will survive....the employees and minority owners Triyards will get zero, and parent survives would be the worst irony....
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Whopping $38mil
http://www.seatrade-maritime.com/news/asia/triyards-flags-38m-exposure-to-ezra.html
Share price still at attractive level to settle debt with share issuance to banks and banks can sell in open mkt.
kerier ( Date: 22-Mar-2017 09:53) Posted:
the banks holding triyards shares have to ensure an orderly exit but in this current climate, not sure if anyone wants to take over a shipyard.
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Those who had attended the last AGM on 30 Nov 2016 will agree that they will survive the ordeal. They have something up in their sleeve. DYODD.
RedEye1811 ( Date: 22-Mar-2017 09:42) Posted:
I honestly feel very sad for Triyards people and minority shareholders. Triyards has for all tense and purposes been working along keeping its head above water. But it is collateral damage to the poor business practices of its parent. Triyards being dragged under by external not internal. If Triyards poorly run, not making profit, huge debts, poor cash flow then fine let it go down but that not the case. All those issues plaguing the parent, and the child has got caught in the way through no fault of its, and Triyard employees and minority shareholders going to bare the brunt.
My ' gut' has a stinking feeling that irony will be Triyards ceases to exist but because parent is using Chapter 11 rules in US which can be easier for restructuring will survive....the employees and minority owners Triyards will get zero, and parent survives would be the worst irony....
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the banks holding triyards shares have to ensure an orderly exit but in this current climate, not sure if anyone wants to take over a shipyard.
I honestly feel very sad for Triyards people and minority shareholders. Triyards has for all tense and purposes been working along keeping its head above water. But it is collateral damage to the poor business practices of its parent. Triyards being dragged under by external not internal. If Triyards poorly run, not making profit, huge debts, poor cash flow then fine let it go down but that not the case. All those issues plaguing the parent, and the child has got caught in the way through no fault of its, and Triyard employees and minority shareholders going to bare the brunt.
My ' gut' has a stinking feeling that irony will be Triyards ceases to exist but because parent is using Chapter 11 rules in US which can be easier for restructuring will survive....the employees and minority owners Triyards will get zero, and parent survives would be the worst irony....
Triyards disclosed that parent Ezra and sister company Emas Chiyoda Subsea, which have both filed for bankruptcy, owes it a combined US$3m in intercompany receivables and payables. Together with Ezra, the group has also guaranteed up to US$38.5m of joint bank facilities, which are liable in the event of a default.
Make appt w lawyer, speak to lawyers, prepare demand letter, etc all takes time but surely it will come
ysh2006 ( Date: 22-Mar-2017 09:02) Posted:
Not yet demand letters come !!
ysh2006 ( Date: 22-Mar-2017 08:02) Posted:
Those debtors have not start to chase back money yet!!....once start, many demand letters will come in....coy guarantee debts for Ezra ....
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There is no chance for Triyards to survive. THe skelitons are going to come out on the claims outstanding from Chioda, Emas and Ezra at the shipyard with cancelled/deferred orders etc. In any case Triyards is now owned by the Banks and they mush get full control on it and if left to Chan it will also sink down with Lionel. Shares will go below 20 cents today.
its like a chain...one by one all will fall including banks...
Not yet demand letters come !!
ysh2006 ( Date: 22-Mar-2017 08:02) Posted:
Those debtors have not start to chase back money yet!!....once start, many demand letters will come in....coy guarantee debts for Ezra ....
laksaman57 ( Date: 22-Mar-2017 00:06) Posted:
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Those debtors have not start to chase back money yet!!....once start, many demand letters will come in....coy guarantee debts for Ezra ....
laksaman57 ( Date: 22-Mar-2017 00:06) Posted:
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Ezion is also holding Triyards warrants?
