🚨 trouble now confirmed by its senior lender 🚨
Great thanks to my follower who shared the latest report of the ASR Private Debt Fund!
🧵
1/12
🚨 trouble now confirmed by its senior lender 🚨
Great thanks to my follower who shared the latest report of the ASR Private Debt Fund!
🧵
1/12
🚨#MisterGreen co-founder Mark Schreurs is preparing for life after MisterGreen 🚨
Feels like a #MisterGreen bankruptcy is very imminent now.
#Tesla
#CanaryInTheTeslaCoalMine
🧵1/7
🚨#MisterGreen co-founder Mark Schreurs is preparing for life after MisterGreen 🚨
Feels like a #MisterGreen bankruptcy is very imminent now.
#Tesla
#CanaryInTheTeslaCoalMine
🧵1/7
Newspaper confirms that MisterGreen stopped interest payments on its subordinated debt 😢.
That has not stopped Florian from grandstanding about his #TESLA “robotaxi fleet” on Xitter though.
1/2
Newspaper confirms that MisterGreen stopped interest payments on its subordinated debt 😢.
That has not stopped Florian from grandstanding about his #TESLA “robotaxi fleet” on Xitter though.
1/2
co-founder...
"Waisted" €21M of MG bondholder capital.
Has still not published 2023 "final financials.
Don't wait for his "take" on yesterday's NHTSA letter to #Tesla (won't fit in his Robotaxi narrative).
#CanaryInTheTeslaCoalMine
co-founder...
"Waisted" €21M of MG bondholder capital.
Has still not published 2023 "final financials.
Don't wait for his "take" on yesterday's NHTSA letter to #Tesla (won't fit in his Robotaxi narrative).
#CanaryInTheTeslaCoalMine
Deplores fate of the retail bondholders.
Dutch language only unfortunately.
Audio segments hit hard!
#CanaryInTheTeslaCoalMine
www.bnr.nl/nieuws/onder...
Deplores fate of the retail bondholders.
Dutch language only unfortunately.
Audio segments hit hard!
#CanaryInTheTeslaCoalMine
www.bnr.nl/nieuws/onder...
MisterGreen (MG), a Dutch leasing company that has bought about 6'000 #Tesla cars.
This #CanaryInTheTeslaCoalMine is still operating (running off the lease book) but dying a slow death ⚰️.
Mega 🧵 1/13
MisterGreen (MG), a Dutch leasing company that has bought about 6'000 #Tesla cars.
This #CanaryInTheTeslaCoalMine is still operating (running off the lease book) but dying a slow death ⚰️.
Mega 🧵 1/13
Further anecdotal evidence that the fleet of MG has shrunk significantly, having stopped new #Tesla car leases back in 2024:
Cofounder Mark is looking to sub-let chunks of the MG fleet warehouse.
1/4
Further anecdotal evidence that the fleet of MG has shrunk significantly, having stopped new #Tesla car leases back in 2024:
Cofounder Mark is looking to sub-let chunks of the MG fleet warehouse.
1/4
🚨Mistergreen #CanaryInTheTeslaCoalMine is agonising ! 🚨
🔹Bondholders got an email 😔
🔹Financials for 2023 to be published only in January 2025.
1/3
🚨Mistergreen #CanaryInTheTeslaCoalMine is agonising ! 🚨
🔹Bondholders got an email 😔
🔹Financials for 2023 to be published only in January 2025.
1/3
TL/DR: MG still operates. Its founders keep up appearances. But its fleet of #Tesla cars keeps shrinking, and a conclusion of the saga seems awfully close.
🧵1/10
TL/DR: MG still operates. Its founders keep up appearances. But its fleet of #Tesla cars keeps shrinking, and a conclusion of the saga seems awfully close.
🧵1/10
🔹bondholders wiped out completely,
🔹senior lenders suffer a big but unspecified haircut.
Remember - MG had a lease fleet of 4'500 #Tesla cars at its peak.
1/3
🔹bondholders wiped out completely,
🔹senior lenders suffer a big but unspecified haircut.
Remember - MG had a lease fleet of 4'500 #Tesla cars at its peak.
1/3
MisterGreen bondholders):
🚨Mistergreen is defaulting on ALL 22 oustanding subordinated bonds, not only Series 11.
#CanaryInTheTeslaCoalMine
1/3
MisterGreen bondholders):
🚨Mistergreen is defaulting on ALL 22 oustanding subordinated bonds, not only Series 11.
#CanaryInTheTeslaCoalMine
1/3
So he moves his greenwashing grift closer to his cult leader fElon SkuM.
And far away from his angry Dutch bondholders.
#CanaryInTheTeslaCoalMine
MisterGreen going belly up...
So he moves his greenwashing grift closer to his cult leader fElon SkuM.
And far away from his angry Dutch bondholders.
#CanaryInTheTeslaCoalMine
MisterGreen going belly up...
They now sit on 360 end-of-first-lease #Tesla vehicles that can't be sold in the used car market without booking a loss.
No takers for an occasion lease at these prices either.
2023 financials still missing.
#CanaryInTheTeslaCoalMine
They now sit on 360 end-of-first-lease #Tesla vehicles that can't be sold in the used car market without booking a loss.
No takers for an occasion lease at these prices either.
2023 financials still missing.
#CanaryInTheTeslaCoalMine
In reality MG is behind with interest on 7 of the 22 issues already (series 1, 2, 3, 11, 12, 13, and 14).
Series 20 with maturity on 5th of May will see the first default on principal.
#CanaryInTheTeslaCoalMine
In reality MG is behind with interest on 7 of the 22 issues already (series 1, 2, 3, 11, 12, 13, and 14).
Series 20 with maturity on 5th of May will see the first default on principal.
#CanaryInTheTeslaCoalMine
Any of my Dutch followers willing to do some gumshoe investigation?
Any of my Dutch followers willing to do some gumshoe investigation?
Preparing to post the 2023 financials? They are in breach of their statutes and Dutch regulations. Should have been up before end of November.
#Tesla FSD / Robotaxi won't save this #CanaryInTheTeslaCoalMine.
Preparing to post the 2023 financials? They are in breach of their statutes and Dutch regulations. Should have been up before end of November.
#Tesla FSD / Robotaxi won't save this #CanaryInTheTeslaCoalMine.
That seems still too much for MisterGreen, the #CanaryInTheTeslaCoalMine.
Financials for 2023 are still not available, at least not for the public, and not even for its bondholders.
1/3
That seems still too much for MisterGreen, the #CanaryInTheTeslaCoalMine.
Financials for 2023 are still not available, at least not for the public, and not even for its bondholders.
1/3
in a "preliminary" unaudited version.
On basis of going concern, despite breach of senior lending covenants.
Plenty other obscenities.
#CanaryInTheTeslaCoalMine
Will be back with more soon.
in a "preliminary" unaudited version.
On basis of going concern, despite breach of senior lending covenants.
Plenty other obscenities.
#CanaryInTheTeslaCoalMine
Will be back with more soon.
One indicator: count how many Model 3 cars are offered at only €399/month.
1 : business as usual (399€ is clickbait only)
3 : need to work it harder
9 (today): we are desparate!
#CanaryInTheTeslaCoalMine
One indicator: count how many Model 3 cars are offered at only €399/month.
1 : business as usual (399€ is clickbait only)
3 : need to work it harder
9 (today): we are desparate!
#CanaryInTheTeslaCoalMine
that #CanaryInTheTeslaCoalMine sitting on thousands of #Tesla cars,
has not found fresh capital yet.
Maybe a random visitor will have €20M in his pocket to lift the company out of deep insolvency AND bail out the retail bondholders, victims of greenwashing.
that #CanaryInTheTeslaCoalMine sitting on thousands of #Tesla cars,
has not found fresh capital yet.
Maybe a random visitor will have €20M in his pocket to lift the company out of deep insolvency AND bail out the retail bondholders, victims of greenwashing.
The only reason senior lenders are not pushing for MG bankruptcy is because throwing 4'000 $TSLA cars onto the used car market would be worse than a controlled disposal of the fleet.
10/12
The only reason senior lenders are not pushing for MG bankruptcy is because throwing 4'000 $TSLA cars onto the used car market would be worse than a controlled disposal of the fleet.
10/12
It kept the .de and .be domains, where you can still read grotesque hype about the #Tesla Model 2.
#CanaryInTheTeslaCoalMine
It kept the .de and .be domains, where you can still read grotesque hype about the #Tesla Model 2.
#CanaryInTheTeslaCoalMine
The #CanaryInTheTeslaCoalMine is not totally dead yet, as it continues its occasion lease program.
Which gives us further clues.
I have been tracking the number of $TSLA Model 3 offered on the MG website:
6/12
The #CanaryInTheTeslaCoalMine is not totally dead yet, as it continues its occasion lease program.
Which gives us further clues.
I have been tracking the number of $TSLA Model 3 offered on the MG website:
6/12
That is over 5% of the fleet incurring costs rather than income.
#CanaryInTheTeslaCoalMine
2/2
That is over 5% of the fleet incurring costs rather than income.
#CanaryInTheTeslaCoalMine
2/2