Azure Share Discussion Threads

[anomalous] 13/9/2005 08:42

Investor loses share-dealing claim
Financial Times
Published: September 13 2005 03:00

An investor who bought a damages claim against Shore Capital and Halifax Share Dealing over the failure to deliver shares in an Aim company by the settlement date, lost his case in the Central London county court yesterday.

Judge Fine found that Halifax Share Dealing, the online broking service used by Andrew Tumber, was not liable to the investor because of an exclusion clause in its terms and conditions.

[thehardestbutton] 13/9/2005 08:36

I take it from the lack of postings / press coverage / general gloating on this BB that your case against Halifax/Shore Capital was dismissed?

[psps] 12/9/2005 11:49

everything is crossed.
cant wait for the next update.
keep up the good work Nigel.

[beastman] 12/9/2005 11:26

Yes good luck, keeping everything crossed !!

[anomalous] 30/8/2005 09:59

Another RSV Update is out. Please let me know if you haven't received it.

[Abuse team] 24/8/2005 23:15

Post removed by ADVFN

[anomalous] 23/8/2005 10:01

Room Service damages 'spurious'
By Lucy Warwick-Ching
Financial Times
Published: August 23 2005 03:00 | Last updated: August 23 2005 03:00

A claim for damages being brought by shareholders in Room Service, the Aim company involved in a short-selling scandal two years ago, was called "spurious and highly speculative" by lawyers yesterday. Shareholder Andrew Paul Tumber, represented by Nigel Smith of the Room Service Shareholders Action Group, is suing Shore Capital and Halifax Share Dealing at the small claims court for £1,125 in damages for "breach of contract" after they failed to deliver shares. It emerged in December 2003 that short-sellers had sold more shares in Room Service, now renamed Azure Holdings, than existed. This created settlement problems and left many small investors out of pocket.

But Tiran Nersessian, defence lawyer for Shore Capital, said: "The claimant saw what he regarded as an opportunity to make a tidy profit arising out of the disorder in the market by buying at a low price. He should just accept that he entered into a bad bargain."

Mr Smith is seeking compensation amounting to the true value of the shares that they were sold. The judge is expected to return a decision in the next two weeks.

[anomalous] 23/8/2005 09:57

Lawyers dismissive of 'nuisance' Room Service claimant
By Liz Chong
The Times

LAWYERS for Shore Capital and Halifax Share Dealing yesterday accused a private shareholder of bringing "nuisance litigation" over his losses from the short-selling scandal that engulfed the AIM-listed Room Service two years ago.
Shore, a market maker for Room Service, and Halifax, its broker, are fighting the first of several claims for members of the Room Service Shareholders' Action Group. They reject claims that they breached their contracts by failing to deliver shares of Room Service to investors on time.

Andrew Paul Tumber, a private investor, is seeking £1,125 from Shore and Halifax in damages at Central London County Court. He claims that he is among many investors left out of pocket after short-sellers sold more shares in Room Service than the company, since renamed Azure, had issued in the market. This created problems with settlement, prompting the London Stock Exchange (LSE) to suspend the shares, leaving many investors unable to receive the shares that they had purchased. This was then followed by a share dilution.

Last year, the Financial Services Authority (FSA) levied a £500,000 fine on the stockbroker Evolution Group for distorting the market. The FSA found that the broker had sold more than 250 per cent of the company's issued share capital in anticipation of a share sale. Investors received a £150,000 settlement, at 11.2p per share, after a deal brokered by the LSE.

Tiran Nersessian, a lawyer for Shore, said that Mr Tumber had bought shares in Room Service in October 2003, fully aware that the market was not in an "orderly state". Mr Tumber had discovered from chat sites that Evolution faced pressure to buy the shares that it needed and expected the price to jump, the court heard. His plans backfired when the LSE intervened. Mr Nersessian said: "Instead of simply accepting that he entered into a bad bargain, (the claimant) now seeks to bring a spurious and highly speculative action."

A ruling will be delivered on September 12.

[anomalous] 23/8/2005 01:07

thank you, much appreciated
:-)


sorry the update took longer, but you'll see why!

[vanhalen] 22/8/2005 23:36

Nigel

Just got home ... absolutely shagged ... off to bed

Will look forward to reading your email tomorrow.

A huge appreciation for all the hard work Nigel has put into this case.

The hours and hours of time devoted, piles and piles of paperwork absorbed and generated, legal jargon to wade through and understand, and not forgetting the many meeting's he has gone to, for the benefit of our action group is nothing short of awesome and deserves our appreciation and absolute support.

Well done, and i take my hat off to you

[anomalous] 22/8/2005 21:45

Update out in about an hour.

[twenty4seven] 22/8/2005 20:26

Anom & VH

Well done, roll on the 12th Sept. (or there or there abouts!)

:-)

[uknighted] 22/8/2005 20:22

Is there good news Anom & Eddie?

[anomalous] 22/8/2005 04:25

New LSE Motto:

Nostrum vox est dignitas nihilum
"Our Word is Worth Nothing!"

Remember where you heard it first.

[anomalous] 21/8/2005 17:37

Make sure you see the Financial Times tomorrow - article about the case.

[andy] 20/8/2005 22:46

Anom,

Good luck from me too, go get 'em!

[anomalous] 20/8/2005 22:34

thanks double6

[double6] 20/8/2005 20:28

"Good Luck" from here, too!

[anomalous] 20/8/2005 19:38

Thanks UKnighted. We'll do our best.