RE:RE:Here it is Club topic in blueHey Club.
Look. I never said to you, that the $400M that we're getting in Jan/2023 is being held by Alstom. Ever.
This is not this compalicated. When there is a dispute like this, that we now have on BT for Closing funds. There are certain Laws that Govern Exchange of money's. They may difer slightly from country to country. But generally they're the same. I'm explaining to you from a Canadian Law perpective from my own knowledge. I may be a little off here & there because we're dealing with International closing, but generally this is the way it's done here.
Simply. or not so simply Bombardier was supposed to get NET $3.6B on closing of the BT deal from Alstom. Everything else (BT liabilities, BT Accounts payable & Union obligations, Inventory, etc) was paid from the rest of the money from the deal. So again
NET $3.6B. Alstom
withheld the $400M on closing so Bombardier closes the deal,
and Gets the $3.2B. Why? Because Bombardier needed the BT money so desperately that $3.2B was good for them to do their work of paying LTD off, and they knew they could sue Alstom for the $400M withheld,
after the closing. If Bombardier would have fought with Alstom at the closing on Jan. 2021
Bombardier would have gone Bankrupt. Because when there is a dispute on closing, the deal gets tied up in court until resolved, and Bombardier was going under, bleeding cash at that time. So without the $3.2B they were Bankrupt.
Follow so far??? So the Bomber took that $3.2B, and asked an Arbitrator with their Lawers after the closing, to resolve this with Alstom for the $400M. That withheld $400M is either in the hands of Alstom's Bank in Escrow, or in an Escrow Account of the Bank that closed the deal, at that time, pending the Termination/Resolution of that dispute. I suspect that the money is still in Alstom's Escrow Bank Account Following the withholding?
Next. Bomber goes after that $400M from the closing through the courts, with their Legal team, or through some other Arbitration system to get it, from Alstom. The outcome there in that process wasn't resolved for some reason. Again we have no information from this point on in the dispute. Follow so far? What I suspect happened in that dispute was that Bombardier was asked to post a
$400M Collateral Pending the Resolution/Termination of that dispute on closing. That Collateral money is in the Bomber bank held as Collateral, and can't be used by Bombardier until certain things happen. Why? Because the courts want to make sure that if BT is sued by these pending Govt Law Suits (that were printed here by Temp1), then Alstom has enough money to pay the Costs of the Law Suits to these Govt's. But obviously there was a time frame for the Collateral money to be held up of 2 years only. And if nothing came of things, then Bombardier Colateral money would be released. So far so good?
In January this Collateral money held in the Bomber Bank accounts will be released for use. No more collateral. Why?? Because the courts or Arbitrators decided that if there were no further Allegations of Law Suits, and the ones that were on the table are Frivolous which they are, then 2 years is enough.The Swedish one is garbage (discharged 2 times). The Egyptian one
is against Orascom NOT Bombardier, but Bombardier is a partner in that contract. The final one is against the Bomber by some stupid African
pirate country that has absolutely no marit. So that's probably why the Courts/Arbitrator decided that 2 years is plenty for the collateral time.
Next Alstom Sues Bombardier in the International Courts Tribunal to Arbitrate for the $400M they are holding in the Alstom Bank. Got it so far? That happened last year. Why??? Because Alstom doesn't want to give Bombardier the money saying that Bombardier didn't act in good faith, and lied about the Condition of BT with the Legacy projects, and all these Law Suits & so on.
Another words Alstom is saying whatever they want to say to delay and not to pay the $400M to Bombardier. Facts. 1) The Collateral $400M is ours coming in Jan/23. Because Sweden's Law Suit is Garbage. Egyptian Law Suit has to do with Orescom Contruction, an Egyptian partner NOT Bombardier. The Egyptians can figure that one out. And the African Pirate's Allegations will go on forever with every new crooked Gov't that comes in to governing that country.
2)
Alstom complaints was against Bombardier's Legacy, or any other complaints for withholding the $400M from the closing
is the most frivolous one of them all. Why?
Because Alstom was in their Due Diligence period with Bombardiers Financial Books, for 1.5 years and saw everything that was going on with every Contract that Bombardier had with every Country & Customer. And also Alstom knows the costs for production of these contracts and what they were getting into with BT. So During the DD Alstom started complaining to Bombardier about everything. And then Bombardier said, here is a discount to Alstom. Bombardier gave Alstom $600M or there abouts of a discount before closing for the Alstom complaints about the Legacy & bla, bla, bla. So why did Alstom withhold more money?? Because they didn't want to pay the Bomber and they are crooks trying to get more of a bargain.
So what rights, or excuses does Alstom have to withhold $400M? IMHO. 000000000000
That's how the deal closed, like I've explained above.
Sorryfor the long post, but now Club I hope you, and everyone else here has got the picture right, and has more clarity. N'est-ce Pas?
clubhouse19 wrote: 859
See my response in PM
I think your explanation here is not 100% as I understand it as I understand, it is not Alstom that decides whether to release those funds or not but rather if there were any liabilities awarded to Alstom. Any liabilities would be material event and we would have seen something but I guess we will know one way ot another by next financials.