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Share Price Information for Juridica Investments (JIL)


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London South East Users info for Juridica Investments





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Directors Deals for Juridica Investments (JIL)
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dickupham
Posts: 914
Opinion:No Opinion
Price:2.85
RE: Probes into what really went on
5 Dec '18
http://www.cityam.com/264826/pwc-faces-guernsey-probe-over-audit-failed-claims-funder

copy and paste it into your browser if the link still doesn't come up...........
dickupham
Posts: 914
Opinion:No Opinion
Price:2.85
Probes into what really went on
5 Dec '18
http://www.cityam.com/264826/pwc-faces-guernsey-probe-over-audit-failed-claims-funder

Some might recall a performance fee of $14.5m was paid to JCML (JIL's appointed investment manager) in 2015 - allegedly based on the increase in net assets as shown in the 2014 accounts (adjusted or otherwise there was no such increase). The manager (JCML) was controlled to the extent of 45% by Richard Fields, which trousered $5m a year for its skilful management of JIL's shareholders funds. Fields, who could count on JIL's 15% to give him full control of JCML, took most of the $5m a year. Neat. There were a host of other expenses charged to JIL by JCML over many years that can't be justified - countless millions of $.

RF got divorced for the 5th time in 2015 and a US insider noted to me he wanted $10m to settle it.
https://www.dailymail.co.uk/news/article-3111027/Russian-former-beauty-queen-wins-3-3million-share-lawyer-ex-husband-s-6million-fortune-judge-tells-ll-cut-800-000-year-spending.html.

It didn't help his cause that a big case (8008L) had been kicked out at the highest federal level in the US in 2013 (it was the so-called LCD case - look it up). Shareholders were told otherwise and the $30m loss wasn't recognised until the $14.5m fee had been paid.

A liberal interpretation of the startlingly simple agreement relating to payment of the performance fee was required in 2014 for the payment to be made and guess what............it was flagged through, as had been the transfer of the management contract from JCML to JAML the previous year, which was 100% owned by Fields (Mrs Fields V owned 22.5% of JCML you see). Cue? Kiss goodbye to your 36% investment in JCML, which TLBQC had found warranted a payment of $4.75m of your funds to buy out RF's former partner, a certain Mr Scrantom, who would no doubt otherwise have expressed concern because he too owned 22.5% or thereabouts of JCML. Ignore TLBQC's: "buying this interest entitles us to a share of a performance fee that gonna be paid next year" - it was never due. $7m of your money written off at a stroke. Mrs Field V denied her share of the management fees. Job done. Oh what a tangled web we weave.

https://www.investegate.co.uk/juridica-inv-ltd--jil-/rns/significant-new-investment--/200811140700181581I/

It's worth working out who stood to gain from the money JIL handed over to Fields's US law firm from Nov 2008. You were providing unsecured money to RF - all a bit different to what appeared in the admission document in Dec 2007.

The Lord Brennan QC (TLBQC - chairman), Richard Batty (serial Guernsey-based NED) and Kermit Birchfield (US contact of RF) were non-execs throughout, waving everything through for more than $4m between them to the end of 2016.

Bernie Madoff eat your heart out..........

The meeting's in Guernsey on 20 Dec. Try booking a return flight. Good time to put it to bed and slip out the back door. Disgusting.

all imho - DYOR
VanVan
Posts: 1,092
Opinion:No Opinion
Price:3.40
RE: The End?
3 Dec '18
Did you have a fair value? I thought it would be between 3 & 4p. That seems to be playing out.
LongTerm74
Posts: 107
Opinion:No Opinion
Price:3.35
RE: The End?
3 Dec '18
Thanks JohnLaw.

I guess the liquidation process will take 3 to 6 months?
JohnLaw
Posts: 441
Premium Chat Member
Opinion:No Opinion
Price:3.35
RE: The End?
3 Dec '18
Nothing happens on delisting, other than the shares will stop trading. Any payment to shareholders will come during the liquidation process. There may be interim payments or nothing until it is finally wound up.
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