Worldspd Share Discussion Threads

[lennonsalive] 22/3/2012 17:52

sjcsystems are you one of the board of directors?...lol

I think the guy who posted the addresses was livid, perhaps he just wanted to pop round for a coffee and discuss the fraud?

[marleymike] 22/3/2012 16:57

wheres the incite to violence in saying people might want to visit them? it means what you want it to mean doesnt it?

not something i would have posted but still, no need to make mountains from molehills is there?

[madasafishman] 22/3/2012 13:00

duckdown hope you are right

[duckdown] 22/3/2012 07:34

If they ignore winning positions they would have to ignore losing positions as well and I don't think they'll do that.

The fact they state that all positions were closed as of the Friday means your total account balance is what it's worth AFTER your positions were closed.

[madasafishman] 21/3/2012 19:27

all
below is the reply from KPMG to my email i sent yesterday evening which had my account balance and statement attached to it
it is as suggested a standard email reply as they are also saying send them all details/balance etc which was already done if they had bothered to look !!!!

i have been thro this scenario (administration) with companies i have dealt with before outside of stk exchange/shares basically by the time KPMG take their fees there wont be much left....what is left (the pot) will be divided out to the percentage/ratio of money owed to you. as already stated that is half the size it should be already before fees are deducted.....
i think we will receive some money from them poss about a 1/4 of what we owed but it does look like we will be able to get compensation on the rest see below. i dont think we will get anything of the profit etc from any positions...hope im wrong
anyway here is the reply am interested in everyones thoughts/comments as we all in same boat

Sir/Madam,

WorldSpreads Limited (in special administration) (the "Company")

Thank you for your email. We confirm that Samantha Bewick and Jane Moriarty were appointed by the Court as Joint Special Administrators to the Company (the "Joint Special Administrators") on Sunday 18 March at 5.30pm. The Joint Special Administrators note your position as a client of the Company.

The Joint Special Administrators are working closely with the remaining Company staff to close out any open client positions as at the close of the markets on Friday 16 March 2012. At this time the Company is unable to action requests for withdrawals from client accounts, as these accounts are now subject to the special administration process.

In relation to client assets and monies held by the Company, the Joint Special Administrators are actively working to reconcile holdings and accounts in order to enable client monies to be released as soon as practicable ; this is one of the Joint Special Administrators' formal objectives under the Investment Bank Special Administration Regulations 2011. Creditors will receive formal correspondence detailing the process for making a claim in order to receive a distribution for amounts owed in due course. Unfortunately, we are unable to provide any further details on the timings or quantum of any distributions at this time.

To the extent that it is not possible to reclaim money, it may be possible to make a claim under the Financial Services Compensation Scheme ('FSCS'). FSCS is a compensation fund of last resort for customers of authorised financial services firms who become insolvent (such as the Company). For eligible investment claims where the consumer suffers a loss, FSCS can pay up to £50,000 in compensation per person, per authorised firm. If claims are paid by FSCS, it will then assume those client positions against the Company. The Joint Special Administrators are working with the FSCS to agree a process that will enable clients to establish a claim for loss. FSCS will publish an update on its website detailing the process for settling potential claims in due course.

The Joint Special Administrators will undertake investigations into the circumstances leading to their appointment as a key part of their duties in the special administration. At present, they do not have any further information. If you have any matters that you wish to bring to the attention of the Joint Special Administrators, please write to the following address:


WorldSpreads Limited (in administration)

c/o KPMG LLP

FAO Ria Townson

8 Salisbury Square

London EC4Y 8BB

United Kingdom

It is anticipated that the Joint Special Administrators' proposals will be sent to creditors and clients of the Company within the next 8 weeks. In the meantime, the Joint Special Administrators would be grateful to receive any information that you are able to provide that might assist them in the special administration of the Company.

Kind regards,

The Joint Special Administrators

For and on behalf of the Company

[taximania] 21/3/2012 17:25

timescale ( i didnt ask for this it just came in my mailbox)

It is anticipated that the Joint Special Administrators' proposals will be sent to creditors and clients of the Company within the next 8 weeks. In the meantime, the Joint Special Administrators would be grateful to receive any information that you are able to provide that might assist them in the special administration of the Company.

my costs for closing at the top end of the spread £3,980 , if the positions had been closed at the actual market price at fridays close i would be much better off so im not really happy about that i think i might fight for the ballance

[taximania] 21/3/2012 16:19

mt - at least half the money is gone , less the fees , less any other undiscovered problems (lol) whatever they pay back means a claim anyway doesnt it .
i would settle for final closing balance but if there was someone to claim from i would go after the rest ...but there isnt so its just sit back and wait i guess.

[woracle] 21/3/2012 16:18

Yes MT, stop those needless questions to KPMG who are just following a script.
Follow progress here..

[m.t.glass] 21/3/2012 16:15

A fee is likely to be charged for every response to queries, and as the documents say, will be taken from clients' money pot. Every reduction in that pot reduces the amount we each get. I hope everybody here is reading the answers already given in the documents before firing off unnecessary emails and phone calls.

[woracle] 21/3/2012 16:15

Yes its the only way. I doubt they would let me off the hook if my positions were 100K down..

[madasafishman] 21/3/2012 16:11

lyons909 hope you are right
ill post reply from kpmg tomorrow

[duckdown] 21/3/2012 16:01

That would make sense lyons.

[lyons909] 21/3/2012 15:06

Click on the link on the worldspreads page which directs you to KPMG - on there you will find a list of FAQs. It says all positions were closed on Friday 16th. I presume that the amount you can claim will be the balance of your account following all trade closures.

[duckdown] 21/3/2012 14:40

It must be the balance after positions have been closed surely.

[aughton 3] 21/3/2012 14:21

lift just because they have closed you out , it doesnt mean they have unwound the position yet

[madasafishman] 21/3/2012 14:12

all
so it could mean your total balance account because they would have had to close positions mine were in profit

or your cash balance plus your margin deposit

hopefully its the first one

i take it eveyone emailed the administrators
i cant see there reply untill i get home if they have replied that is
i basically have asked them the question which i asked on here they should know the answer straight away

[lift and shift] 21/3/2012 13:54

I had a large position with a small cap company and would suggest my position has not been sold into the market. Its taken me six months to build, it would of moved the share price & there have been no large reported trades so far this week

Can anyone shed any light..?

[lennonsalive] 21/3/2012 13:51

They closed my Costain long, Bstards.

[m.t.glass] 21/3/2012 13:38

My bets were closed (along with everyone else's I presume) at 19:09 on Sunday 18 and my balance then shown with those proceeds included at the valuation which was showing after market close on Friday 16. So there is only one figure showing and I presume that is the one that will be referred to. I don't know if they will also look back at past deposits minus withdrawals - but I don't see why they should.

EDIT: Our posts crossed. It sounds like the only figure being taken is the final balance at whatever level included proceeds/debits from the enforced closure of all positions.

EDIT2: I don't have any argument withg the prices at which they closed my positions. In normal circumstance they would have been closed at the same figure - unless running to expiry in which case they would eventually have closed closer to the midprice.

[thekop] 21/3/2012 13:29

having spoken to adminstrators all cash balance at close of play on 16th under 50k will be covered by fscs