Watchstone Share Discussion Threads

[ionlypostafterbbms] 22/9/2016 20:08

And they're off!

That's the cash return tied up in Court for the next several years.

HTTPS://www.thelawyer.com/issues/online-september-2016/slater-gordon-drafts-olswang-bring-quindell-lawsuit/

The Lawyer

Olswang Slater & Gordon Litigation

Slater & Gordon drafts in Olswang to bring Quindell lawsuit

By Tabby Kinder 22 September 2016 14:33

Slater & Gordon has instructed Olswang to sue Watchstone Group over its £673m acquisition of Quindell last year, The Lawyer understands.

Olswang partner Jeremy Mash is understood to be advising the firm on a number of possible options for the case, including whether to bring it in London or Australia.

Commercial litigation partner Mash was made up to partner at Olswang in 2006. Recent client work includes defending the BBC and representing the winding up committee of Kaupthing bank.

Slater & Gordon announced to shareholders it would sue the group over lossesassociated with its acquisition of its professional services division Quindell earlier this week.

The firm suffered a £493m loss in the first six months of the 2015/16 financial year after an FCA investigation into Quindell’s profit figures led to the numbers being restated.

The FCA case closed to make way for an investigation by the Serious Fraud Office (SFO), which is ongoing.

It is understood Slater & Gordon’s claim will see it attempt to recover £50m of the purchase price of Quindell, which is currently held in an escrow account.

Slater & Gordon is itself facing a lawsuit over the timing and accuracy of the information the firm released to the market regarding its acquisition. Australian firm Maurice Blackburn has launched a class action against Slater & Gordon on behalf of those who acquired shares in the business between 1 April 2015 and 24 February 2016.

Slater & Gordon, which is listed on the Australian Securities Exchange, has seen its shares plummet 95 per cent since April last year.

The value of the shares depreciated due to the acquisition of Quindell but also due to proposed legislative changes in the UK that could overhaul the way road accidents are handled.

[rogthepodge] 22/9/2016 19:32

I want the real troll

not his little helper

[lydnem] 22/9/2016 14:23

are you getting lonely?

[rogthepodge] 22/9/2016 11:47

interesting how all the troll(s) come and go at the same time

isn't it?

[rogthepodge] 21/9/2016 16:38

where is the troll

a bit distracted by events?

lol

[lydnem] 20/9/2016 07:19

.............of course you did

[geoffreen] 19/9/2016 17:08

rackers1, re your 2570:

just about broke even, because I bought more below 40p when all was doom and gloom.

They then rose very quickly to about 140p..

[rogthepodge] 19/9/2016 16:56

it's going to be fun with WTG and SGH trying to agree who this 'independent barrister' is going to be

could take some time!

all sounds quite strange to me

probably all game playing, as so many different parties have potential claims pending

[rogthepodge] 19/9/2016 16:15

how is the 'My Legal Friend' action going against WTG? LOLZ

I don't think any legal action has been launched has it?

I am sure someone will let me know if it has LOL

How is the SFO inquiry going?

they've been at it for a couple of years

I've heard of no charges being brought

could all of this have been exaggerated by those with a vested interest?

it's possible LOL

[rogthepodge] 19/9/2016 15:43

You may well be right spbcscw

a company is more than a chair who may come and go

I was making the point that companies can recover from difficult circumstances

maybe RR set Helphire on the road to recovery? I don't know. But his experience at Helphire must be useful at WTG, and he got a stonking price for PSD!

There might be a case against the professionals who advised SGH, rather than WTG itself. SGH has stated many times how exhaustively it conducted due diligence.

Caveat emptor as they say.

[rackers1] 19/9/2016 15:40

Goofreen still posts here lolHow much have you lost still invested in this pos when there are so many other well run better performing dogs out there lol

[spbcscw] 19/9/2016 15:35

Hi Rog'.

I might have got this wrong but when Richard Rose joined Redde on 8/1/2009, the share price was 967p and when he left on 28/9/2011 the price was 30p. It has done very well since he left ! I may have missed a dilution along the way?

[geoffreen] 19/9/2016 15:23

The stock's made a really good recovery during the course of the day.

[rogthepodge] 19/9/2016 15:23

given that SGH closed flat overnight, and WTG looks to be closing down only a tad

looks to me like the market doesn't believe that this 'claim' is going very far

sorry 'HVS1' and 'IOnlyPost' to temper your excitement

give my regards to 'solanki' won't you

[rogthepodge] 19/9/2016 15:11

re: WTG latest accounting restatement

If I remember correctly, when Richard Rose was chair at Helphire (now Redde) £27 million was overstated due to an accounting error (nothing dodgy) but embarassing, and the CFO resigned.

Anyway, look at the recent performance of Redde

up about thirty fold in last few years?

WTG and SGH aren't out of the woods, but are probably good investments (especially WTG first thing today, when IOnlyPost advised us to top up) but I think in longer term, SGH has better prospects.

[rogthepodge] 19/9/2016 14:17

there is no such thing as an independent barrister

he or she works for his or her paymaster

and will advise the paymaster on percentage probability of a win

or if to settle, and for how much

then it is a matter of poker playing and negotiation

WTG may well say to SGH 'on yer bike matey'

they may just be attempting to appease SGH shareholders like me, for the underperformance (so far) I expect the performance of the assets acquired from WTG to perform very well in the future though.

It's called investment.

Not trading by spreading smears.

[rogthepodge] 19/9/2016 14:09

IOnlyPostAfterBBMs19 Sep '16 - 07:59 - 2534 of 2563 0 0
Ahoy!

Top up opportunity on the horizon!!

Get in there you mugs.

Thanks for the advice IOnlyPost

at last you have given a good tip

[spbcscw] 19/9/2016 14:06

An apology from Mark Pritchard Williams for his massive c*ck up wouldn't have gone a miss. I'm amazed he's still in a job !

[geoffreen] 19/9/2016 13:30

"The whole world, other than S&G and a few Bulleton Board morons, knew Quenron was a fraud. The evidence was all out there."

I am saying that TW's opinion is, in this case, if it carried any weight, one that should prove helpful to WTG re S&G's claim.