The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Excellent post Ironside. I do believe that some on this board have forgotten the calibre of people involved at the top now at AML. Investing in AML and running it would be the quickest way to ruin your business reputation for life no matter what you have done previously. Failure at AML would be a massive stick for people to beat you with...
@MJP075 - thanks for the response to @da95649. I would have but had dinner with the family.
Having read the court papers, there is not mention of the individual alluded to by @da95649 that I can see (only skimmed it!)
If there had been any indictment / conviction, I have no doubt hat the individual would not have been able to become a board member some years later, or then subsequently involve them self in F1 or one of the big commercial finance operations in the automotive industry!
His current profile looks quite excellent to me.
You get what you get!
READS FURTHER: District court granted Defendants' motion to dismiss
Background
This class action was filed on behalf of a class of all persons and entities who invested in certain funds managed or offered by Union Bancaire Privée (“UBP”) that were invested, directly or indirectly, with Bernard Madoff Investment Securities. The Complaint alleges that defendants, including UBP, UBP Asset Management and certain of their officers breached their fiduciary duties to investors by failing to conduct adequate due diligence prior to investing with Madoff and during the course of the investment. Upon the disclosure that Madoff was in fact operating a massive Ponzi scheme, UBP informed its investors that the UBP funds invested with Madoff had incurred massive losses.
On March 10, 2010, the district court granted Defendants' motion to dismiss. Plaintiff appealed this decision to the Second Circuit, and the appeal was pending at the time the agreement to settle was reached. If the Settlement is approved, the parties will stipulate to the dismissal of Plaintiff’s appeal and the district court’s order dismissing the claims will remain in the effect.
Please note that the proposed Settlement resolves only the claims of Settlement Class Members and only Settlement Class Members will be eligible for compensation under the Settlement. Investors in other UBP funds who were not investors in Selectinvest ARV LP are not included in the Settlement Class; their claims, if any, against Defendants are not released pursuant to the Settlement, and are not eligible for compensation under the Settlement.
That is correct. Please forgive the below cut and paste from the same website. Frauds are awful and a victory for on one that this was settled for 1% of the original claim. Madoff's 150 years was far too kind.
READS: Plaintiff Andrea Barron on behalf of herself and the Settlement Class has reached a settlement of the action with Defendants for a total of $6,900,000 in cash that resolves all claims in this action brought by Settlement Class Members. The Settlement Class consists of all persons and entities who held limited partnership interests in Selectinvest ARV LP as of December 11, 2008 and were damaged thereby except for (a) certain persons and entities affiliated with the Defendants that are excluded from the class by definition, and (b) persons and entities that previously submitted a release of claims concerning Selectinvest ARV LP’s investment in Ascot Partners L.P.
Settlement Class Members identified by Defendants have been mailed a Notice of the Settlement and a Claim Form with important information about the Settlement and how Settlement Class Members may submit a claim for payment under the Settlement. Additional copies of the Notice and Claim Form may be downloaded from the Case Documents page of this website.
On December 12, 2012, Judge Thomas P. Griesa approved the Settlement and the Plan of Allocation as fair, reasonable and adequate, and approved Plaintiff's Counsel's motion for attorneys' fees and expenses.
I worked with MdP in the past and did not know he was involved with AML prior to this post. He is a VERY talented man and an excellent investor. This bit of information gives me a lot more confidence in my decision to invest. The DBX is by far the best looking SSUV (soon to be) on the market and with AMG running gear, Mercedes cabin technology and a beautiful Aston Martin interior, it is sure to be a success. Shame I cannot afford one. The global economy is naturally a headwind at present, but AML seems to be doing the right things to cut costs and has an excellent management team in place.
Hi All,
New to this (after a 30 year gap!) and have read this thread with interest over the last few weeks.
I am a retired and small time investor (the latter probably due to boredom from the former).
Granted there are things going on that we do not know about (unless someone here has not declared on here?), HOWEVER, this is my take, and happy to be shot down…
There are some big players / individuals involved here who have come in at what looks like a high price compared to today.
There are also some big institutions on board, who may well have got a head start – but I m sure they knew what they were getting into (nudge nudge).
None of these people (in my opinion) are in the business of losing money or reputation. They will all wan to see a return on investment. Even the richest do not want to lose money. I am sure there is a much bigger picture to this, but it is just that we may not be able to see it yet! Like anything, all good things come in time (quote from the wife!)
The devil is in the detail, and the placing definitely caught people out, and the little flutterings today when the large amount of stock went out.
The new non exec board member Michael de Picciotto has 4 million shares. He has waived his rights to his board fee as far as I can see. Nobody does something for nothing.
I appreciate all the comments by others (well most that address the business position anyway).
Not sure IMHO there is much room for a short term win here (unless you have buckets of money and nerves of steel), and I was always in this for the longer term. Just getting my average down to low 50’s.
However, if you can make something short term, then good luck. I have neither the patience, the stomach or the money!
If it goes up, win win, if it goes down lose lose (but not that much in the great scheme of life in my case).
Those with big holdings – I take my hat off to you. I would not have the….
I wish you all the very best, and that we all take something away from this.