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if anyone still checks in... i went back through the YE financials and revalued the balance sheet on a break-up (non-going concern basis) - crudely and at a high level. even taking a brutal approach to their declared assets, there is still around £50m of cash swilling around. so.... that leads me to make two possible conclusions 1) it never existed in the first place (squeaky bum time for GT) or 2) Costis and his crew have literally done a smash and grab on all the cash reserves..
Me too Steveymoz...I was off loading GBO, but placed too much trust in the opinion of 'experts', so started to buy back in. Feel really stupid now, as all the signs were there. I managed to go against every rule I apply to a stock. Still, like you my losses are not life changing and i will know better in the future. Really feel for those IIs who were heavily invested. Time to move on. Good luck.
shd be targets of serious investigation imv......won't yield any dosh...but questions about posting significant liquidated damages would be helpful for future ...the current system of non execs appears worse than useless for dumb money shareholders ...also audited accounts without forensic investigation by the auditor tempts fraud (or at least cute) behaviour
another moment of truth... ....key principle: they report to directors not shareholders (I remember thirty years ago being told...someone more expert pls explain where I am wrong) ...how can that be justified?...esp for listed companies where the directors are remote from owners?????
See Sharesoc report today. It is an awful scenario for Shareholders
see Sharesoc report. it is a sorry state of affairs. Only recourse is to the Auditors but depends on FCA and Administrators findings. Fraud on this scale is unusual for GT not to have detected. Best way forward would be for Administrators to issue proceedings but also ICAEW shouldpursue this
I feel stiched up by this whole fiasco, the warning signs were there (as can be seen clearly in hindsight) -- stupidly I added a k's worth only a week before this scandal broke in the US... (even after having read Paul Scotts piece on Stockpedia..== how stupid am I.. I was taken by all the press/gartner reports saying this was a good product etc.. and it was in bed with Cisco etc.. was it all lies... or just greedy Greeks ).. from now on.. "there is definitely no smoke without fire"... and no in future.. head has to rule over heart... sad day.. but .. time to move on..
Sounds familiar i.e. blagging about exponential growth. I really do hope GT are taken to the cleaners over this fiasco. They really have not shown any duty of care to shareholders. I really don't mind losing money on the stock market where the company has fallen out of fashion or suffered poor results from bad management. However, to lose money like this because it would appear, auditors have failed to detect large scale fraud is inexcusable. I hope the non execs all get sued over this as well for being completely ignorant and asleep at the wheel.
All gone
I spoke with a senior GT Partner yesterday as they were pitching for some work and he kept harping on about their credentials in Greece and the growth of their Greek practice (c89% yoy he claimed) . After the session, and once everyone has left, I casually dropped in GBO to see if there was any wider fall out / company communication etc.. He didn't know what i was talking about...... (i take from that, they don't see it as an issue or it is so small to them they don't care)..
a few r**tums twitching at GT at the moment!
They are indeed empty. 80ish employees of the former Notify Technology. Customers left high and dry. It appears that at least some of the greek employees are gone as well but not positive. ...but that is none of my business.
Chris Smith is the partner at GT (based in Euston) who signed off the 2014 Accounts. Apparently his expertise is in Audit and Assurance. He is the Regional Technical Audit Partner and Head of Financial Reporting Advisory Group. Well Well!!!!
"When auditors have signed off, it's really difficult for bond investors to suspect fraud," said a third investor. "There's so much high-yield issuance right now, so there will be more of these cases. When you have to look at four new deals a week, you don't have the time to do proper diligence." Whether you have invested in Globo or not,this is a worthwhile read.... Just imagine if they had managed to sell the high yield bonds .....the CEO was selling "greed" to anyone who wanted to buy it....certainly a step up from seling oranges
http://www.reuters.com/article/2015/10/30/globo-inquiry-idUSL8N12U3G720151030#ePQjkZDiCSsEJMY8.97
http://wkbn.com/2015/11/06/financial-scandal-forces-50-workers-off-the-job-in-canfield/ Looks like staff were not paid and they have lost their pay cheque for last 2 weeks. CEO made off with 18M dollars after dumping shares. Seems to me there is no money left here. Not sure how many staff this company employs worldwide. WKBN certainly think 3 of the US offices are now empty. I wonder if the auditors will find anything in the company worth selling here? I suspect debt will outweigh any sum of the parts.
I am surprised there is no mention in the Broadsheets about Globo especially when it has high profile investors like Legal & General, Hargreaves Lansdown, Standard Life and other funds. Surely, they would be taking a lead unless they are waiting for the Creditors meeting, FCA and Administrators Report. Also the Auditors are very quiet (I suppose preparing their devence as S*** hits the fan which it will in the weeks ahead.
I hope the administrators sue the auditors (both of them) for every penny they've got!
Sold the last of my Globo shares on 9th October at 41p and put back in blinkx here's hoping there's a silver lining .
Help. Over ten grand of hard earned money gone thought ****ty company's penny has to drop some time
Most aim shares end like this turst me I know u get f all why u think I name myself this I invest in aim
I see Motley Fool are giving themselves credit for warning us not to invest in Globo.****** ! One minute they were saying it was a good buy the next contradictory. A bit like predicting the weather eventually you get it spot on if ye predict all scenarios.To be honest gettin a bit fed up with all these so called geniuse Mystic Megs which warned us all what was going to happen.Ive got lone for us all..were fcuked ..but dont tell anyone yet..ye heard it here first .tosssas !
I remember ....some time ago....I visited their then Head Office It transpired to be a semi detached house in Tonbridge I sold out right then
I would wait for the Administrators report and ofcourse the FCA. Too many issues for Auditors. 1. Did they check cash independently with the 4/5 banks? (unless Costis owmed them all) 2. Debtors at year end almost 45% of Sales (Costis explained that most of the sales occured in 2nd half 3. BDO also signed off previous reports unqualified so what did they check. 4.What was Gannacords role? constantly recommending and 90p expectations. Where they involved in selling off Costis's share. Then we turn to falsifications and Costis, CFo's role and COO who resigned today. My guess is it was a family affair and they are all related to each other.