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[dyfiman] 31/3/2010 10:06

Nice commentary, 'Arry! Delivered from Heaven, of course.

[wilba] 31/3/2010 08:09

Ding Ding Rooound Oooone, and ACE steps up to the mark and opens up with a few little jabs to comfirm said employees culpability. A/F tries to distance itself but ACE follows them round the ring forcing them towards the ropes.

Oooh a nasty looking jab there and a sprightly combination sees A/F bobbing an weaving trying to dodge the responsibility. A/f taking a right pounding now as ACE lands an uppercut of evidence right on the chin. A/F desperately looking to the ref claiming punching below the belt. No support from that direction and its all over A/F is on the canvass and the towel is thrown in.

Lol if only.

Best of luck DYOR.

Dyfiman i am sure you will post outcome as soon as available. Regards. Wilba.

[dyfiman] 30/3/2010 18:09

Just a day or so to Round 1.... Ace v. Autofocus. More punches
expected than the sum total of David Hayes' boxing career and I wonder what the Bookies' odds are??? Can't wait..... win or lose, Ace shareholders
should know what the future holds once His Honour pronounces. I've got a tenner on the southpaw!

[wilba] 25/3/2010 08:21

There are in excess of 6,500 cases where currently we believe Autofocus evidence has been deployed and, of those cases, approximately 2,650 where the case has been concluded.

"In light of the judicial finding of fact in Whyshall, and supported by the decision of the Court of Appeal to allow us to serve fresh evidence in cases that have been concluded on the basis of unsound Autofocus evidence, instructions will be issued to our panel solicitors to launch individual appeals on a number of cases commencing with those involving Miss Whyshall.


Four big insurers

"Early indications are that four large and well known insurers and two firms of defendant solicitors account for the most material number of instances where we have under recovered our hire charges as a result of what we believe to be the systematic production of fraudulently submitted hire rate data.

"Discussions with those insurers about whether they wish to incur the incremental cost of re-opening those cases will be initiated shortly.

Like i stated in previous posts. The move here is to get the 4 insurers to settle early, out of court and it all depends on the high court push.

If A/F cannot riggle out on the 31st and the High Court support ACE then i believe a settlement will most likely follow on in the following months.

4 big insurers £34M of money they would already have paid out and a rising legal bill. Thats only £7.5M each. Small change.

If ACE get the dosh the cash position improves along with the further downsizing and strategic refocus, the banks are much more likely to support. Dont forget the other insurers and ACE are playing together nicely now.

These are my opinions and everyone shall do their own research.

Regards.

Wilba.

[wilba] 25/3/2010 08:02

The case against Autofocus was listed to be next heard before the High Court on March 31.

Meanwhile, Accident Exchange also revealed vehicle finance debt had decreased by 37 per cent, to £34.1 million, compared to £54.2 million as at October 31, 2009.

[thenorth] 24/3/2010 21:28

Now that I do agree with Brainy they did have a flawed model IMO and are now as you say trying to earn an honest buck...lots of operational changes to position its self to get prompt settlement on its claims by keeping hire costs to a minimum in an attempt to win over the pay masters... its to that end I am hopeful they can turn their position around...as I say the next few weeks and months are critical. IMO

DYOR as usual!

TN

[sir brainy] 24/3/2010 21:18

Well I would like the bad guys to pay. Impartial here: I think ACE have been screwed by somebody or two etc but they were probably screwed because the ACE business model never stacked up ie was untenable/unacceptable due to scale of charges and methods. Not alleging anything here. ACE probably good company hoping to earn an honest buck but IMV with a fatally flawed business model.

[thenorth] 24/3/2010 21:08

Could do Brainy but then if you have the same induividuals helping ACE with their enquiries to reduse their sentance then the scope for A.F directors to wriggle away from this would be difficult i would imagine???? What do you think?

Nice to see more PI's here making themselves known, as i do a lot of background info with a referring business to ACE its nice to know my info is for more than just a couple of intrested readers!

Anymore out there???

TN

[sir brainy] 24/3/2010 18:00

...which means no payout?

[wilba] 24/3/2010 17:57

A/F will do everything to move blame to the individuals and it would have to be proven that the individuals were instructed and not self motivated.

Regards.

[dyfiman] 24/3/2010 16:30

Thanks North and regards all.

[investalvirgin] 24/3/2010 16:07

Still here as well, one thing I would suggest is that having handed down a suspended prison sentence for supplying false evidence and the resultant redundancies etc, I don't see AF getting away with a reduced penalty, ie expect 22 mill if that's what is claimed, AF ain't going to get any sympathetic reduction.

iv.

[thenorth] 24/3/2010 11:29

Question to the thread.

Are there many holders that stop by here anymore?

TN

[thenorth] 24/3/2010 11:25

dyfiman I have no idea TBH. I would not think that they are ahead on any price sensitive news than us, as that could be construed as insider dealing and there has been enough press on that activity over the last 24hrs...
All I know is what I posted last night ref the 22m and the affect maybe a settlement of say 11m would do to ace, perhaps C.S think the same and see ACE as a recovery play? However the bit I know of Steve Evans, i cant see him settling for half IMO, if there is a sniff of recovering the full amount then expect nothing less than that. I suspect he is still wounded by the actions of a solicitor based in liverpool not so long ago and would relish a win of this nature.
The signals over the A.F situation does look rather good and maybe as a result C.S are bullish on their take of how this would unfold?
One thing is for sure the world of credit hire is a rapidly changing landscape and insurers are far quicker at intervention thus reducing opportunities, the bodyshop that I get my info from say they are 50% down on referrals to ACE as a result of this activity over the last few months.
So ACE were right to reduce their overheads IMO, as have HHR. I have reduced my holding sometime ago and hold now elsewhere but I still keep an eye on this as it was not so long ago we enjoyed the ride from 40 odd pence to the highs of nearly £5 in under a couple of years!

(EDIT) it could be a typo error and mean 11p... perhaps someone should contact them and see if this is the case?

TN

[tymedici] 23/3/2010 19:49

its probably a mistake..11p??

[dyfiman] 23/3/2010 18:40

Hi The North, if you're still around...... what do you think of the Collins Stewart BUY rec. and 110p share price target?? Have the got a crystal ball,
or do they have the ear of Ace management and have info not available to us??
Or have they made a dreadful mistake?? To say their stance is intriguing is an understatement. Having said that I don't know if they have the same relationship with Ace as does Edison which does research on Ace as a client and produces (mildly encouraging)analytical reports on Ace.
Cheers and best regards.
clients

[thenorth] 23/3/2010 17:22

Its not just the bottom line wilba... its the overall effect 11m has on outstanding debt... again third hand I know but ACE's new model (thawing insurer relationships) is beginning to take effect so with 11m in the bank plus say two thirds of what they are owed so add another say £60m then things look a whole lot better, remember their collection team was not to heavily cut in the last round of redundancies and with the AF going in ACE's favour (we hope) then insurers will be less likely to reduce the debt by much more than a third IMO. Couple that to less cars, less people, less run of the mill type business and the freeing up of cash flow so less credit repair, 11m would be not only a shot in the arm but also a shot fired across the bows of the insurance industry to start to pay their bills on time...

Still a gamble but if they can get through this then things could begin to look a whole lot rosier.

But as I say please DYOR...

TN

[davius] 23/3/2010 17:09

> If ACE get say £11M from AF et al. How much difference would that make to
> the bottom line.

My guess would be about £11m or so.

:0)

[wilba] 23/3/2010 13:53

If ACE get say £11M from AF et al. How much difference would that make to the bottom line.

Its some comfort that Steve still holds when the piture looks so grim. And if there is little effect from potential litigation succes, why bother? It will all be clear in the next couple of months or indeed sooner based on re-finance or not as the case may be.