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TOP TRADING TIPS from Alessio Rastani, CEO and Founder of Leadingtrader.com


Fairpoint Group Share Chat (FRP)



Share Price: 1.00Bid: 9.50Ask: 10.50Change: 0.00 (0.00%)No Movement on Fairpoint Group
Spread: 1.00Spread as %: 10.53%Open: 9.89High: 0.00Low: 0.00Yesterday’s Close: 1.00


Share Discussion for Fairpoint Group


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EdGasket
Posts: 149
Off Topic
Opinion:No Opinion
Price:1.00
RE: Seen a few trades
Wed 15:27
Reported on HL's website too; strange as they are supposed to be suspended. Anyway 1p or nothing hardly makes a difference does it.
 
dadean
Posts: 101
Off Topic
Opinion:No Opinion
Price:1.00
Seen a few trades
Mon 12:07
Hi am I missing something, I seem to have seen a few trades go through Friday and today at 1p per share on Google Finance, could that be right, thanks
AUNBoy
Posts: 828
Off Topic
Opinion:No Opinion
Price:9.89
RE: Frp - Administrators Appointed
Sun 10:25
When I first invested here I posted to say this was a risky proposition. FRP had high debt and parts of the business were no longer profitable. However, the company told us it was restructuring to focus on legal services and to wind down or sell those parts of the business which no long had a viable future. I bought this, even with all the risk at just over 11p thinking if the company could somehow survive then there could be a bit of money to be made.

It clear now that the restructuring plan was not going to succeed and so AIB pulled the plug and would not accommodate any new funds. The board also lost the support from the II's. When this happens it game over. For us PI's we found this out before the market opened on the 28 June when they also announced the stock trading will be suspended. Even after suspension there was some hope that a deal could be made between the stakeholders to keep the company ticking over. We now know those hopes were just "hopes" as they could not agree to break away from the lease of the Head Office and so we are now in administration. This usually means the share are now worthless.

Like many I have lost money and it hurts even when it's a small amount. In all my years of investing this my first total loss on a stock and I will learn from this. For whatever reason, I chose to ignore the signs that the company could go bust and I can only blame myself for it.

It's always painful when there is a loss. The key thing is to continue to learn from this type of situations so we don't make the same mistake again.

The only comfort I take from this is that it was a very small % of my portfolio and I will recoup this loss in other parts of my portfolio.

I guess I got a bit too cocky because I had a very successful year. I broke my very own rules of investing and perhaps I deserved it. Lesson learned. Keep calm and carry on. Good luck to all posters here.

RIP FRP
AUNBoy
Posts: 828
Off Topic
Opinion:No Opinion
Price:9.89
Frp - Administrators Appointed
10 Aug '17
It's all over guys.
dadean
Posts: 101
Off Topic
Opinion:No Opinion
Price:9.89
RE: Simpson and millar
9 Aug '17
Thank you Aunboy and Sonny for taking the time to reply, greatly appreciated for your explanation information and views. Ref the landlord of the hq, they better hope they get another tenant after being unaccomadating to fairpoint, the economy may not be favourable to finding tenants if things roll over, gla
AUNBoy
Posts: 828
Off Topic
Opinion:No Opinion
Price:9.89
RE: Simpson and millar
9 Aug '17
SonnyBurnett - a good assessment of where we are at the moment based on the information out in the public. Our only hope for survival is if an 11th hour deal can be struck to exit the lease which as they have reported is the stumbling block for support for FRP plc. As you say, the only hope for PI's is if the II's come in with some sort of survival package. Gla.
SonnyBurnett
Posts: 79
Off Topic
Opinion:No Opinion
Price:9.89
RE: Simpson and millar
9 Aug '17
Dadean,

Yes, Fairpoint owns 100% of Simpson Millar and the IVA business.
David "incompetent" Broadbent together with the Simpson Millar top and Doorway Capital have conjured up a plan here to grab the assets, protect their jobs and screw the shareholders.

Doorway Capital are in full control of the entire company since they took over the line of credit. They are very active in everything they hold in their portfolio and they simply refused to provide funding towards the IVA business (Lease issue).
The line of credit from Doorway Capital is backed by our assets so when we can't pay they can foreclose and get their hands on all of our assets.

Simply holding the assets as it is now still leaves the lease contract intact so what better way than to let the entity (FRP) that signed the lease contract go bust. Best way to get rid of the contract and for Doorway Capital to grab the assets.

Normally company assets would be sold to the highest bidder but that doesn't seem to be happening here.
Also, most of the company is still running pretty good, it's just the IVA part which is less than 20% of our revenue now.

From the company press release:

"The Board do not expect this announcement to have a material impact on the planned disposal of the IVA and Claims divisions to a third party, as previously announced on 12 July 2017."

That's even weirder, so even after Fairpoint goes bust the IVA business will still be running? How? From a homeless shelter or will someone else pay for the lease? True Master Plan!

And a quote from the Simpson Millar team:

"It said in a statement: “Whilst we are saddened that this has been a difficult time for Fairpoint Group, it is business as usual at Simpson Millar and we do not anticipate any significant changes as a result of Fairpoint Group’s announcement."

http://www.thebusinessdesk.com/northwest/news/2007617-fairpoint-bring-administrators

Simpson Millar have more than 500 legal staff and none of them were able to find a way to get out of the lease contract?
Anyone who truly believes that is an idiot.

So in the end it looks like the IVA part will still be operational and get sold at some point and over at Simpson Millar it's "Business as usual" while they are predicting revenue growth in 2018.
The only downside is that Fairpoint shareholders lose everything but i doubt Broadbent, the Simpson Millar top and Doorway Capital really give a $hit!

Our only hope is that our major shareholders put up some sort of fight here. Fingers firmly crossed for such a thing.
AUNBoy
Posts: 828
Off Topic
Opinion:No Opinion
Price:9.89
RE: Simpson and millar
9 Aug '17
It's very difficult to make a clear assessment on how they are trying to restructure the company because so little information is coming from the BOD. It's looks like there would have been support for FRP so that it can continue as a going concern perhaps from the Institutional Investors if they could come out of the leasing contract of the Group's HO. Whatever has been offered is clearly not acceptable to the landlord. As the company cannot get the landlord to agree to their terms, they cannot get support from potential funders and so it is left with no option but to enter administration.

I know one thing for sure. If the company does go into administration then its all over for shareholders. We will know for sure by Friday 18th August at the latest. GLA.
dadean
Posts: 101
Off Topic
Opinion:No Opinion
Price:9.89
Simpson and millar
8 Aug '17
I don't know how things work but if simpson and Millar was 100‰ owned by fairpoint does that not make us shareholders 100‰ own of simpson and Millar, it was just a couple of years ago that they paid something like 50million for?

Or are they keeping that asset and just dumping the shareholders?
Sollea
Posts: 1
Observation
Opinion:No Opinion
Price:9.89
Butterry
7 Aug '17
Butterry. I'm in the same position just I am sitting on a larger loss. Us shareholders here are being screwed. They have conveniently emptied the PLC for their benefit.




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