Thugxwife what happened today
Wirecard What happened today, how it could go on.
Short development on Friday - today in the Federal Gazette
Unsurprisingly, the big hedge funds have continued shorting. In detail, first the smaller partial profit realizations: Coatue Management reduced to 2.22% (from 2.45%), Darsana Capital Partners still 0.56% (from 0.72%), Greenvale Capital to 0.85% (from 1.46%) and Slate Path Capital to 1.58% (from 1.75%). And those who consider further price declines to be certain: Coltrane Asset Management increased to 1.08% (from 0.84%), Maverick Capital to 1.83% (from 1.79%), Samlyn Capital to 1.505 (from 1 , 33%). Overall: When it comes to the shorts, the end on Friday has not yet been reached, whether higher profits will be realized today? Tomorrow there will be the Federal Gazette reports for today again.
And in retrospect one can only say that they were right. And yet Wirecard was largely able to “deceive” the analysts of the major banks right up to the end. After the KPMG report, the analysts had become more cautious, but none of them went anywhere near as far as assuming that EUR 1.9 billion was pure “air” on the balance sheet. Blinded by the big names in the real customer base, blinded by the participation of Softbanks, who probably check the books before making such an investment, as one should assume - unfortunately, many have not "smeared" themselves with fame. The idea of such a large building of lies then seemed too unimaginable, too incompatible with the statements made over and over again about forecasts, sales and growth rates.
Wirecard, what happened over the weekend and what will be important on Monday
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Marsalek has now given notice without notice
Today at 4:49 pm a logical termination without notice after the "revocable" exemption that took place last week: "The Wirecard AG Supervisory Board today dismissed the Management Board member Jan Marsalek, who was revocably released from office until June 30 on June 18, 2020, with immediate effect and extraordinarily terminated his contract of employment."
And that will probably be the slightest problem for the former Braun confidante and ex-board member responsible for day-to-day business. Marsalek and Braun are both Austrians and so the investigating public prosecutor in Munich could well suspect a certain risk of escape and apply for pre-trial detention. After all, it is about "invented" 1.9 billion euros, which - as it is becoming more and more likely - have been "built up" over the years as fictitious profits in order to "tap" the capital market and investor money - including over 500 million euros -Bond, at the time with an investment grade rating from Moody's, from last autumn, which sold extremely well on the capital market. It is to be feared, probably for the most part, among small investors.
Refinancing or not is still the big unknown - should the banks play along or just choose the lesser evil, there would be a small hope that at least as much remains of Wirecard that there is no total loss, possibly at least one over a long period of time Part of the damage could be "made good" - through real payment transactions, through the additional services actually offered, through boon planet, through ...
So far, relatively little has been heard from the big customers. "We are currently in contact with the company to clarify the matter."According to the dts news agency, a spokeswoman for Aldi Süd is said to have announced. Aldi Süd and Nord have been processing their cashless payments via Wirecard for some time. At that time, the customer Aldi was celebrated and the market generally assumed that Wirecard could only win this customer through competitive conditions against the competition Adyens and others. Will this customer spend a long time looking at the uncertainty surrounding Wirecard's refinancing? Or other of the big customers? At the end of the week there should / should be clarity about the further development, otherwise there should be an ever smaller customer base - and here we are only talking about real customers.
The only positive thing today is once again a non-event: the loans of EUR 2 billion have not (yet) been canceled, and negotiations are obviously still underway with the banks.
1.9 billion in any case, probably pure fiction
Wirecard confirmed yesterday night / today in the morning at 02:48 a.m. what had to be feared and expected: The 1.9 billion EUR are not available! As a result, the forecast, the third-party business assumptions, the old balance sheets and so large parts of the profits reported in previous years must be classified as FALSE - fraud by Wirecard, no theft or fraud against Wirecard, that's what it looks like. Now the basis, the Wirecards business, has to be "re-sorted", money saved and what is not needed has to be sold. AT LEAST IT'S CLEAR NOW - no doubt. The message in the wording:
"The Management Board of Wirecard AG is currently assuming, based on further reviews, that the bank balances in trust accounts in the amount of 1.9 billion euros previously shown in favor of Wirecard do not exist with a high degree of probability. The company previously assumed that these trust accounts exist in connection with the so-called third-party acquiring in favor of the company and had accordingly shown them as an asset item in the accounting. The above also means that the company has to question the assumptions about the reliability of the fiduciary relationships.The Management Board also assumes that the company's previous descriptions of the so-called third-party acquiring are inaccurate. The company is further investigating whether, in what manner and to what extent this business was actually conducted for the benefit of the company.
Wirecard takes the Assessment of (i) the preliminary results for the 2019 financial year (sales and operating earnings before interest, taxes, depreciation and amortization (EBITDA)) on February 14, 2020 (last confirmed on June 18, 2020), (ii) the preliminary results for the first quarter of Fiscal year 2020 (sales and EBITDA) from May 14, 2020, (iii) the EBITDA forecast for the 2020 fiscal year from November 6, 2019 (last confirmed on May 14, 2020) and (iv) the Vision 2025 on transaction volume, sales and EBITDA from October 8, 2019. Possible effects on the annual financial statements of previous financial years cannot be ruled out.
Wirecard is still in constructive talks with its lending banks with regard to the continuation of the credit lines and the further business relationship, including with regard to an upcoming extension of the existing drawing at the end of June. Together with the renowned and internationally active investment bank Houlihan Lokey, the company is examining options for a sustainable financing strategy for the company.In addition, the company is reviewing a number of other measures to ensure the continuation of business operations, including cost reductions as well as restructuring, sale or discontinuation of parts of the company and product segments."
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