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AI. Aero Inventory

264.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Aero Inventory LSE:AI. London Ordinary Share GB0004440847 ORD 1.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 264.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Aero Inventory Share Discussion Threads

Showing 2776 to 2798 of 3175 messages
Chat Pages: Latest  115  114  113  112  111  110  109  108  107  106  105  104  Older
DateSubjectAuthorDiscuss
28/5/2010
09:33
Unfortunately the CITY PROTECTS its ROGUES

No redress for us oridnary shareholders.

Bet Letwin is enjoying his SPORTS CARS and maybe seen at GOODWOOD.

hvs
28/5/2010
09:21
as shareholders we will have long hill to climb

what we need is a vocal active creditor to pursue this

can private prosecutions (citizens arrest) be made in suspected fraud cases?

cnx
22/5/2010
11:54
The fiddlers in chrge should be put behinf BARS.
hvs
22/5/2010
11:42
I thought that the breakdown of the Book Values in the Statement of Affairs was interesting.
If just an additional $47M of stock losses had been recognised, then they would have had negative net assets.

daihardtoo
22/5/2010
07:15
Just looking at the Dec 2008 numbers again, I wonder if Lloyds had a covenant which required its stocking facility (secured creditors)to be covered at least twice by total asset value. If so, they just made it - "made" perhaps being the operative word.
ianguerin
21/5/2010
11:00
It will take alot of time and a bit money to get any action off the ground.
I have a few ideas - email me at aero.action@hotmail.co.uk if you want to discuss further.

I have had a look at the Statement of Affairs this morning - it looks very fishy.
This was a company turning over $500M p.a. (ie. over $40M per month), but at the date that administrators were appointed, their debtors were just £6M.

What makes this particularly surprising is that on 10th Feb 2009, the issued an RNS which included the statement:
"In order to position itself to take on further new business Aero Inventory has completed the sale of a significant quantity of consumable aircraft parts to Air Canada. The consideration received by Aero Inventory for this material is in the form of Bills of Exchange with a face value of approximately US$100 million, maturing in just less than one year. Aero Inventory intends to discount the Bills for cash to provide additional liquidity to facilitate new business. The sale also represents a significant step towards achieving the Company's twin objectives of improving stock turn and releasing cash from inventory."

They subsequently announced that they were walking away from the potential new contract, so would possibly not be discounting the Bills of Exchange. Per the RNS on 16 March 2009:

"In light of the decision to terminate the contract negotiations referred to earlier the Company is now considering whether to hold some or all of the bills until maturity."

As at 31/12/08 they reported stocks of $751.9M and debtors of $129.5M (nb. these debtors would not include the $100 Bills of Exchange, as that sale occured after balance sheet date).

SO WHERE DID ALL THE DEBTORS AND STOCK GO?



Based on the various numbers available, I estimate that the balance sheet has moved as follows:

daihardtoo
20/5/2010
23:17
In my view there should be a public meeting with all present....directors, key management, auditors ,advisors administrators etc etc and shareholders allowed to hear all the evidence. It should be on film and available for all holders to see and understand what went wrong and for future investors to see whether the directors are fit to run anything in future. It does not matter if the meeting takes all day that is nothing compared to the unexplained losses that many will have suffered.
davidosh
19/5/2010
06:02
totally agree.

I really want to see some action here.

evaluate
19/5/2010
01:27
if i'm right it would interesting to know if the written representations made to the auditor can be made public by the administrator. it is after all a public company and i am an owner! why should a letter from directors to auditors be a secret (particularly in these circumstances)
cnx
19/5/2010
01:22
surely the simple way is for the administrators to attack the directors for misleading statements (re listing and others)and failure to keep proper accounting records (specifically re inventories).

the directors would have had to made written representations to the auditor at year end and these representaions may have been false

cnx
11/4/2010
14:56
I have a theory that Rupert Lewin was fully aware of the problems many months before they crashed.

In respect of their Long Term Incentive Plan, their 2008 accounts stated:

"As a condition of participation in the Plan, the executive directors are required to invest 50 per cent of all post-tax cash bonuses paid in calendar years 2008 and 2009 into Company shares, purchased at market value."

Directors share purchases notified between 1/10/08 & 31/12/08 were as follows:

Date_____Director__ No. £K
24/10/08 HC Bevan 29405 59.4
24/10/08 MP Dodge 12252 24.8
24/10/08 L Heyworth 10000 20.2
24/10/08 MJ Webster 29405 59.4

28/10/08 N McCorkell 4618 9.3
28/10/08 R Davis 14128 28.6

29/10/08 R Davis 25000 53.7
29/10/08 C Trupp 15000 32.3

30/10/08 R Davis 25872 55.6

27/11/08 R Davis 15000 33.0

12/12/08 P Docker 714 1.6

15/12/08 N McCorkell 244 0.5


I am speculating that the purchases by Bevan, Dodge, Webster and possibly Heyworth & Trupp related to them complying with the LTIP condition.
The timing seems about right - their bonuses for the year ended 30/6/08 would probably have been confirmed and paid after the auditors signed off those accounts ie. around october. - and I suspect that Bevan & Webster's purchases being for identical quantities is more than pure coincidence.

So, if my theory about the bonuses is correct, where are Lewin's purchases? Or are we to believe that he didn't pay himself a bonus?

daihardtoo
07/4/2010
11:04
Deloittes

Laughing all the way to the BANK.

They look after their own the BAD LOT IN THE CITY.

They GET RICH ON TAXPAYERS MONEY and NOT DOING THEIR JOB, shareholders DO NOT COUNT.

hvs
06/4/2010
08:28
Robsy, Have you written to Deloittes?

Thanks, PB

porsche boxster
31/3/2010
11:43
Bah.

I want jail time & big fines here - mgmt & auditors.

evaluate
31/3/2010
10:56
Here is the reply.I can't attach the report reffered to in the reply. I have had a read of it and there doesn't appear to be anything much of interest to the ord shareholders.
R2

Dear Mr Roberts

Aero Inventory (UK) Limited (in administration)
Aero Inventory Plc (in administration) ("the Companies")
Joint administrators - Jim Tucker, Richard Heis and Allan Graham

I write further to your email dated 29 March 2009.

I can confirm that the Administrators are undertaking investigations into the failure of the business. We will as part of these investigations and procedures consider each of the points you have raised. However, such investigations in these circumstances are highly confidential, and as such I am not able to share these.

For your information I attached a copy of the Administrator's Proposals which were issued to creditors of the Companies on 4 January 2010.

If you wish to discuss the situation further please contact my colleague Mark Stevenson on 0207 694 3364.

Yours sincerely
for the Companies

Tom Chuter
For the Joint Administrators

The affairs, business and property of the company are being managed by the joint administrators.

James Robert Tucker, Richard Heis and Allan Graham are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.

The joint administrators act as agents of Aero Inventory plc together with its subsidiary Aero Inventory (UK) Limited ("the Companies") and contract without personal liability.

KPMG LLP
8 Salisbury Square,
London,
EC4Y 8BB
Tel: +44 20 7311 8667
Fax: +44 20 7694 3011

robsy2
29/3/2010
11:44
And the people in charge the Chairman, the CEO and the F.D. all have to be locked in irons.

Disgraceful cheats.

But you know what ? They will all get away with it.

ZOOM ZOOM Letwin all paid for by AERO on top of his HUGE paypacket which we now know he never EARNED.

These type of people look after their OWN. Skull cap anyone ?

hvs
29/3/2010
11:41
Robsy,

Please let me know how you get on with this.

My view is that Deloittes should be made to pay here.

Like you, I relied on the accounts to tell the truth & it now appears they were a work of fiction.

It's simply not good enough.

evaluate
29/3/2010
11:39
copy of my letter to the administrators

Sirs

I understand that you are now the administrators of Aero Inventory.

I, like a number of other shareholders, have lost a lot of money as a result of the collapse of this company.

I also understand that the company is the subject of a fraud squad investigation.

It would appear that the company has collapsed because of stock valuation problems, problems that are so deep seated and material that previous audited accounts will have to be restated. I, like many investors and creditors to the company, make our investment decisions of the back of the fact the accounts are materially correct and represent a true and fair view of the company's affairs. If that is now not the case, my question to you as administrators is can we make a claim against the auditors to recover the shareholders fund that has been lost?

Yours faithfully

robsy2
10/3/2010
14:02
What's the procedure for claiming a loss for CGT purposes on this?

I assume we have to wait until it goes on the REvenue's Negligible Value list at
?

Is the loss applied in the current financial year, or the year in which the IR puts it on that list?

Thanks,

martinc
28/2/2010
13:52
Not likely as these people look after their own.

They are the CHOSEN PEOPLE like at GOLDMAN SACKS.

hvs
28/2/2010
13:41
I hope they all lose their assets and go to jail.
mdj8
24/2/2010
14:20
Got to be good news as regards an inquiry as to what went on and whether it is felt that shareholders were deliberately misled by the full listing announcement.

It is this latter aspect that really gripes with me. I was getting very nervious about the late publication of the results and considerred getting out on a number of occassions. I decided not to, on the basis of the full listing announcement, only to log on from holiday during the fateful week to see the news regarding the suspension. I personally feel as though I was 100% misled and look forward to seeing the SFO conclusions.

I agree, let's hope there's no whitewash, but I feel in a better position than this time yesterday (although don't expect to receive a penny).

Let's hope the former Board and auditors have an 'interesting' time dealing with this now. I hear the food's very good in Pentonville these days?

porsche boxster
24/2/2010
12:39
There is a long thread running here if any of you want to add your thoughts...
davidosh
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