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I know the you guys see this to see what people say
But remember you sucked money from hard working people , people didn’t trust mccols , they trusted Morrisons
Cause it had your name written all over it.
We know millers took that brown envelope with £3 millions
To compensate for loss to egg people on. It was all a deal always with you Morrison. Why so quickly call in administration when you knew it would be a deal. That was always the plan. What about the £20 million you spent , more like 5 million and rest is in back pocket. It was al a big game and all you lot made money on top. Atleast do the decent thing and pay something to shareholders. This administration was nothing like Debenhams or intu or Thomas cook , it was just a smooth transaction under administration. We will be doing a demonstration outside Bradford head office in coming weeks am taking all my families and friends down nearly 50 off us and make noise regarding this issue. I live in Bradford so not letting this go slightly. Anyone who want to join this demonstration please contact me by text and I will foward you date. 07802638251
Morrison ceo shot himself in the foot saying all stakeholders. We are part of the stakeholders.
Going to contact press too, they love news like this.
You could always demonstrate at one of their super
stores. That woukd certainly get their attention. Ring the local newspaper too, tell them why you're protesting. Post on twitter, including handles for the usual national press. Dailly mail would definitely be interested. Explain how the stores were fitted out and the fundraiser for that etc.
But I do think you should wait and see what comes this week. Maybe they'll address shareholders etc.
This administration process was not same as the others I mentioned I know we can’t win with them to get all our money back . But even the current share price they should pay pay by all decency.
The one question I’ve asked my self is what is the Net Worth of Mccolls on Friday afternoon.
I don’t know enough about the value of the fixed assets or the value of all the shops as a going concern, less the debts and the pension commitments. You would have thought there was equity else why take them on , there is no sentiment in business.
The majority of folk have written this off , I’m fortunate as I bailed out before 12.30pm on Friday with a small profit but it all seems so wrong how this has panned out for the majority.
GLA
I can't believe how the BOD have messed this business up.
There should be an investigate on how they have spent the 30 million.
We should take legal Action again the BOD for misconduct and mismanagement. we should sue for compensation.
The sale process should have been managed better Morrison vs Asda. Tesco might have come in too.
https://www.retailgazette.co.uk/blog/2022/05/what-next-for-mccolls-under-morrisons/
I totally agree Sharehunter....
I am on a whats group where the person setting up the group is now having a Barrister look in to it!
We really need an individual/s with a significant interest and corporate compliance knowledge to be able appoint legal representation for a class action against the BOD...anyone out there?
GLA
Didn't you lose like 6 figures on this nav? Between you and phoenix you've lost over a quarter of a mil, why don't you just hire one? I agree with phoenix that you might have a case for improper reporting/negligence, I don't know what else you can take them for, Morrison's have absolutely no morals but everything they did was within the rules and above board.
https://amp.theguardian.com/business/nils-pratley-on-finance/2022/may/09/mccolls-saga-banks-recession-rescue-administrators
'So why were administrators summoned by the banks last Friday? The answer to that question seems only to be the fact that the rival proposal from EG Group, the petrol forecourt business owned by the Issa brothers of Asda fame, would have seen lenders get paid in full upfront. Put another way, the banks – understood to include Barclays, HSBC and NatWest – prioritised certainty for themselves even though the EG proposal, at that stage, created uncertainties for McColl’s pensioners who were exposed to the risk of a cut in their benefits.'
So basically the banks forced admin to pave the way for a bid by the EG group as they were prepared to pay the debt upfront. Interesting article, obviously Morrison's were forced to pay upfront in the end too but just shows that this business should never have gone into admin. Legitimizes the feel here of being shafted.
Agree! The Banks put the final boot in knowing their money was safe if EG took it when insolvent, as that had always been their plan since they walked away in February. Morrisons would have known that was what EG would be doing, and i think they knew that the trump card was the pension monies.
Personally, i think this was slightly more suspicious than your ordinary pre-pack insolvency. It happened far too quickly last week for my liking.... how did a warning of 'insolvency happening in 3 weeks time' suddenly become....shares suspended and administrator called in? The meekest of warnings granted... which were pretty clear, although i smell a rat involving a 3-way stitch up here....( although probably will never be investigated ) everyone seemed to know what was happening except us.
The only thing that was pre-packed and sent on their way was the owners of the company.
Wait and see what happens. Then take action.