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But they haven't achieved anything?????? Would still like to know what any of them/you think the alternative was here. Just for academic purposes obviously!
I did expect the question from you BP. A lot has been achieved, for a starter, how about Bod and his con artist Poodle not turning up for the meeting to face questions, if they have nothing to hide, where were they? looking for another company to re-act their con. A crime is crime whether a company is dissolved or trading. Chair first buys cheap debt and then gifts a part of business to himself as a creditor. I had to recommend your post for your courage in attempts to discredit HSG leadership. So my friend what is your agenda, are you anti HSG or Pro Hibu Con artists aka BoD. You cannot be a bystander because of your apparent interest in Hibu.
BP I believe that the new Directors will now be able to start delving a little deeper into the reasons why the Old BOD went down this route of administration. For example why was the offer of 1.9 billion for the US arm of the operations not notified to the markets, how can you conceal that kind of information which could have had fundamental impact on share value. The plot thickens and I'm sure even more questions will be raised in the future - to what end I'm not sure at this juncture.
Maaaaaaybe but of course the directors have no power to investigate now the administrators are in. Have you evidence that such an offer was ever tabled? It doesn't stack up for me since that would have represented a roughly 50% recovery on the debt (all proceeds would have gone to lenders) and meanwhile the debt was trading at about half that level. Therefore was there anything to announce? Presume there were riot police there or at least bodyguards for the Deloitte blokes!
BP It would be wrong to state on this forum just what documentation is available but having seen sight of certain items I would have said that there are indeed interesting times ahead. The feed back I received from the meeting was positive and well behaved, the reason why I could not attend is that I do not live in the UK, hence the trading name Jumeirah which is in Dubai. From my perspective I have to disagree with the 'no powers' statement as I believe that there are 'Residual' grounds which may support their ability to undertake investigations.
Sorry Khan - I rudely answered Jumeirah first. I'm not surprised Wigley and Pocock didn't attend are you? They had nothing to gain by getting into a stand up debate with HSG and no legal duty to do so. Can you substantiate the allegations about Wiggers buying debt? That would be really funny if you could and a great big schoolboy error on his part. I'm definitely not pro the BoD and am not really anti HSG per se - I guess I just don't really understand what they hope to achieve nor how anyone could have thought this could be avoided. Whether or not shareholders feel like they were properly informed I'd be very surprised if they could pin that on the BoD given who they were being advised by. To be honest given some of the lack of basic understanding around the legal and commercial situation here I'd be surprised if some shareholders got the message if it was in flashing lights in front of them. As for my own motives, we'll you'll just have to take my word for it that I'm just curious about what makes people take up arms (and throw good money after bad unless Dearing is working pro bono) chasing a lost cause.
Just for you my friend..... no school boy mistakes. Its in public domain..... If I have to give him any benefit of doubt then I would say when he bought the debt it was not his intention to go on this route which BoD took soon after he bought the debt. Why would he put his name and career at stake for a small investment? But why do I give him a benefit of doubt, to shareholders he has proved himself nothing more than just a conman. Perhaps he is not the only one who bought the debt as soon as greed kicked in. Nobody knows who are these 200-300 lenders but we know at least one individual lender :) :) As you insist to see the proof, here it is: http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/media/8892660/Yell-bonds-bought-by-Bob-Wigley-for-200000.html This is what you can find in public domain, use your own imagination to think what is not in public domain but hopefully soon it will be.
I meant school boy error by Wiggers. Jesus what a bell end he is. Hope these clowns go to jail. Won't get money back for lenders or shareholders but some satisfaction for both. At the very least they will get banned as directors.