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SumoKing
Posted - 11 May 2017 18:20
I desperately want to see these pleadings "As an international firm of lawyers we naturally decided not to do a cursory internet search's worth of DD which would have revealed what a steaming pile of shitt we were buying, please invest!"
camenbert
Posted - 11 May 2017 18:42
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I wonder what the court fee on that would be....
Judge LCJ
Posted - 11 May 2017 19:15
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daddy - £10,000. The 5% fee is capped at £10,000 and anything over £200,000 is the same court fee...

buzz - is Quindell is the only Defendant?
SumoKing
Posted - 11 May 2017 19:52
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directors too surely?
🐝 buzz
Posted - 11 May 2017 20:36
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I'd expect Rob Terry will be in there at some point. Although given his vehicle invested in something as grubby as Daniel Stewart (unlikely to be confused with Goldman Sachs) I can't imagine he'll be good for the moolah....
camenbert
Posted - 11 May 2017 21:16
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Well, that's dull...
🐝 buzz
Posted - 11 May 2017 21:26
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How can you have too much previous to find yourself named as a defendant in civil litigation?
🐝 buzz
Posted - 14 May 2017 13:23
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Recipient of a large chunk of the half billion dividend Quenron paid out when claims already being threatened. Potentially on the hook as a knowing recipient of an unlawful divi and was be still a director at the time it was authorised? In any event, wouldn't want to be RT.
SumoKing
Posted - 14 May 2017 20:55
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Signed off on accounts saying 100 m profit later restated to 60 m loss? 600 m claim you'd take a punt against director wouldn't you
tarquin
Posted - 14 May 2017 21:08
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Accountancy is an art, not a science, Sumo
Judge LCJ
Posted - 14 May 2017 21:11
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You would, in most circumstances... Plus any insured entities that you can get on the hook...

It's early days yet... I imagine there will be some procedural wranglings to get through and some disclosure applications that dictate the direction (if any) of the claim.
🐝 buzz
Posted - 15 May 2017 14:22
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More S&G fodder announced today on the ASX

http://www.asx.com.au/asxpdf/20170515/pdf/43j86l0hfs24dv.pdf
Moosheepploptrump
Posted - 15 May 2017 14:49
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Buzz (or anyone else) - What is your interpretation of that announcement? Only asking as I have significant dealing with SGMS
🐝 buzz
Posted - 15 May 2017 14:58
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Wots SGMS? Is that one of S&Gs brands/lines of biz? I think the only interpretation you can put on it is that the SFO have taken a preliminary view that some of Quindell's regulatory announcements in the past might have been somewhere short of frank.
🐝 buzz
Posted - 15 May 2017 14:59
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Felix, it doesn't require S&G to put up the money though. The people who bought its (secured) debt at 10c in the AUD have deeper pockets.
kc101
Posted - 15 May 2017 15:14
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As far as I recall, at the heart of it Quindell booked WIP as revenue with no regard to the impact of aging of work/files on realisation, and made aggressive growth projections using the same model. It's fairly aggressive accounting even for a PLC and utter madness for a law firm. But not illegal.
Moosheepploptrump
Posted - 15 May 2017 15:21
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Slater Gordon Motor Solutions - - line of bix as you suggested...
🐝 buzz
Posted - 15 May 2017 15:24
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No Felix but they can put up the dosh by lending it to S&G.
kc101
Posted - 15 May 2017 15:33
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Anyone with an FT subscription would have been able to identify some major concerns quite easily. Maybe the law firm that made the bad deal should sue the law firm doing the DD on the bad deal to buy a legal business. The whole thing gives you a lot of faith in the risk awareness and business acumen of law firms doesn't it.
🐝 buzz
Posted - 15 May 2017 17:14
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Still is listed. It wasn't a takeover, it was an acquisition of business and assets by S&G from Quindell.
Steven Seagull
Posted - 15 May 2017 17:28
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"Given Quindell (now Watchstone Group plc) has a market cap of £63m, where's that going to come from then? "

what does market cap have to do with assets?
🐝 buzz
Posted - 15 May 2017 17:30
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Well unless the market has completely missed something a company which is good for a £600m claim ought to have a market capitalisation somewhere north of £63m.
🐝 buzz
Posted - 15 May 2017 19:58
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Yes but it's not good money after bad if you bought eg 100m of debt for 10m, hold a first charge, lend a couple of million as security and even only recover 3m of a 600m claim.
🐝 buzz
Posted - 15 May 2017 20:34
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Succeeds, fails or settles....
astarte2
Posted - 15 May 2017 21:31
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Is Balding Buzz claiming to know something about finance now?
🐝 buzz
Posted - 15 May 2017 22:06
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Hi matty. Sorry your other account got banned but heh you are clearly seething about it.