Jakal Profile picture
Jan 6, 2019 4 tweets 4 min read
#seabornefreight #mercator #albanyshipping Todays analysis. I had peripherally become aware of Mercator and Albany Shipping, but it wasn't until I saw that mercorp.co.uk (Mercator) was still live and pointing to albanyshipping.co.uk.
Using a combo of #waybackmachine, the various company filings I pulled together (a very rough and error filled) google slide presentation creating a timeline of the various #Mercator companies and how they morphed into #Albanyshipping.
#seaborne #albanyshipping #mercator heres the link to the slides bit.ly/2H0c5Ea also the seaborne financial analysis continues to be updated bit.ly/2R8H1GO ImageImage
#seaborne so I finally found a copy of the so called prospectus from Apr 2018. All I can say is wtf. These guys have no idea how to raise money and what’s really scary is I think they believe they do.

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More from @intel_jakal

May 14
yesterday I threw out an off the cuff question to @Bitfinexed
How much of the redeemed #tether was used to recover and maintain its peg?

The obvious answer is whatever they had to.

I've spent a big chunk of today crunching data to see what answers I could come up with. Image
Last night I scratched out my hypothesis - to maintain its peg...#tether would need to tap its own cash...can only do that via redemptions and the 'tell' will be burning the tokens like they never existed. Image
Basis for this thinking is pretty simple. That's what they do when they need cash and lots of it. Remember back in 2018 #novogratz was swooning over the orderly redemption of $700m by #tether. Image
Read 19 tweets
May 13
@coloradotravis You'll like this then. Image
@coloradotravis Duh apologies the first table heading should say Tether consolidated entities - balance sheet.
@coloradotravis For a deeper dive in Celsius....here's a breakdown of each financing round
bit.ly/3LkgHRJ
Read 4 tweets
May 8
$CEL those that bought at $0.30 can sell to zero and make multiples. Image
$CEL there are no natural buyers. Just a shitload of in the money sellers. Image
Read 11 tweets
Apr 1
I've updated the #tether attestation #googlesheets analysis. A few changes including fixing a glaring error 😳 #commercialpaper analysis h/t to @accountantInc catching the mistake. Document consolidates all reported quarters to date >>> bit.ly/3Kzkjz2
The #tether #commercialpaper section has been expanded/updated to show not just the net changes but the new issues/rollovers etc....
The purpose of the #commercialpaper analysis was to highlight that the reported $6.4B reduction in CP was only half the story....and it kinda shits me that the numbers are just trumpeted by most news as is...
Read 11 tweets
Mar 27
Have been working through $CEL #celsiusnetwork's $750m Series B round. Will share #googlesheets file tomorrow. Here's a preview.
3 Dec 2021 #Celsius resolved to issue up-to 36,930 Series B shares at a price of US$20,469 per share. As at 2 Feb 2022 total of 32,182 Series B shares had been issued. I'm presuming #bnktothefuture will have closed out the balance. Image
The #Celsius Cap table (as at 2 Feb) with pre/post money for each issue. Image
Read 9 tweets
Mar 11
So finally got around to plugging in #tether's Dec 2021 attestation numbers. So their non-token debt is now up to 57m which means their net assets are down to $137m imagine having 80Billion in assets and still having to borrow money each quarter to fund operations.... Image
oh and the increase in debt between quarters is $41m which just happens to be the fine #tether copped.
tomorrow i'll publish the link to the financials.
Read 9 tweets

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