SebastianBlue
President, International Julian Alvarez Fan Club
- Joined
- 25 Jul 2009
- Messages
- 51,772
Terms of SPAC investment includes a ‘lock-up’ provision preventing him from selling his stake for 6 months after merger and listing (and prevents him from borrowing against the held shares for that period).He can pull his money out as soon as he wants.
His son is a shareholder and can take it to help.
But, as I have said previously, he obviously has previous for breaking legally binding contracts and there are round about ways of receiving cash for those assets (such as receiving an uncollateralised loan that he just so happens to pay back with proceeds of the sale of his stake after 6 months.
Now, no sane, legitimate entity would give him such a loan right now, especially given his stake in the newly listed media company may very well be worth a fraction of what it is now by the time he can sell. And the mere fact that he almost never actually pays his creditors.
Which leaves certain interests in Saudi and Russia that may be interested in doing so. But that line of credit is very risky given the immense scrutiny his finances are already under.
It will be very interesting how things develop over the next week regarding the $175 million bond due and the next few months as his financial position is further strained by mounting costs of litigation and campaigning with more limited fundraising from his base.