Wirecard CEO Resigns After Banks Say Missing $2 Billion Doesn’t Exist

virtusa said:
All depends of the exact time when the information was published. Mine is 2 hours old.
When was your information published? Initially they did not go for bankruptcy, but situation changed today dramatically.

This morning all banks cancelled all the creditlines that Wirecard had. Without these creditlines Wirecard can never survive. They are essential.

CEO was arrested and second man is on the run.

Your link about various types of bankruptcy is not correct for Wirecard as it is a German company. These four types are not all valid for Germany.
More...
Yeah, i know about the link (laughs)
I had it posted for about a minute or two, then removed, but it seems - not fast enough.

If those connections are cut, then it's the same as cutting the arteries of a living organism.
And if it's a perma move - good lesson.

The last dot in this story, isn't placed yet ;
second guy will do man vs wild in Philippine jungles, to avoid cops, and the complete end of it all, remains to be seen.

mg1.jpg
 
Last edited:
There was no money that is just the problem. If there wouldhave been 2 billion the books would be correct.
Imaginary transactions were made to make Wirecard look much bigger than it was.

The bigger Wirecard, the higher the stocks went. So management made money from blowing up the stockprice, not from their salary.
Same story as L&H a few decades ago.

2020-06-25 14_53_09-Window.jpg
 
maxinger said:
now at 6.85

When I was a newbie trader, I used to buy such stocks thinking it must be damn dirt very cheap.
I used to catch falling knives till I had no more hand.
those were the days.
More...
Me too and I am still doing it. :banghead:

Bought GE the other day, after losing my shirt many many times on GE.
 
Nobert said:
,,
Wirecard continues to be in constructive discussions with its lending banks with regard to the continuation of credit lines and the further business relationship, including the continuation of the current drawing coming due at the end of June. Together with the renowned and internationally active investment bank Houlihan Lokey, Wirecard is assessing options for a sustainable financing strategy for the company.

In addition, the Company is examining a broad range of possible further measures to ensure continuation of its business operations, including cost reductions as well as restructuring, disposal or termination of business units and products segments.

For the avoidance of misunderstandings, the company wishes to inform that its IT systems continue to work without limitations.
''



I guess, time will show.

Thanks for the info and links.
More...
Company will exist in some form, customers will continue to be served, employees will remain, suppliers will be paid, debt holders will take over ownership and shareholders will get nothing.
 
ironchef said:
Company will exist in some form, customers will continue to be served, employees will remain, suppliers will be paid, debt holders will take over ownership and shareholders will get nothing.
More...

3.5 billion debts, 33% of transactions are fake. That's what they found out already.
When we will know the whole story nobody will take over anything as there will be nothing left. Competitors will take over the marketshare that Wirecard had.
 
virtusa said:
3.5 billion debts, 33% of transactions are fake. That's what they found out already.
When we will know the whole story nobody will take over anything as there will be nothing left. Competitors will take over the marketshare that Wirecard had.
More...
My comments were generic, you have more specific information on the company. :thumbsup:
 
maxinger said:
I used to catch falling knives till I had no more hand.
those were the days.
More...

"Those were the days my friend
We thought they'd never end
We'd sing and dance forever and a day
We'd live the life we choose
We'd fight and never lose
For we were young and sure to have our way"
 
You must log in or register to reply here.
Back
Top