As promised last time, the follow up to the follow up. Let’s look at a few other “actors” in this developing crime story.
A few updates:
Yesterday, the German authorities started searching offices and private homesa second time with a big team of over 50 people. The new CEO in a feature story of Manager Magazin seems to have found out on his first day that the fraud started at least 5 years ago. After the crazy
idiot speculator orgy the last two days, the stock seems to approach back its intrinsic value of 0,00 EUR per share.
The local newspaper SZ “discovered” that the escrow accounts were not the only fraud and and a lot of well known clients & cooperation partners leave the sinking ship rapidly, for instance Aldi Süd, Allianz and Softbank.
My new prediction is that not only the stock is a zero but all debt at TopCo level is essentially worthless.
There is also a very good interview with Dan McCrum on finanz-szene.de which covers a lot of aspects that I have been writing about. Most interestingly, McCrum promises to “tell the bigger story”……
The German Regulator BAFIN and what went wrong there