Game Share Discussion Threads

[justthemoney] 02/4/2012 16:24

Couldn't agree more...a daylight robbery. £80k down the cesspit called the city.
Chaps, this cannot happen in the US, it is illegal. Company directors, administrators etc..., should extract the best value for shareholders from any situation the company may find itself in. And it is all overlooked by the shareholders. Hence Blue Shore's remarks. Here in UK if they choose so, they can do it in such a way that results in total loss of shareholder value...and it is all legal...and there is nothing you as a part owner of the company can do about it. Next time you invest in UK stock market, have a good look at the Board credentials and not just the business....and in any case limit your investment to any single stock to 10%.
By pushing company into admin, the crooks have saved: £10m in wages, £30m-50m in redundancy payments, 10m in rent payments, £20m-40m for buying out leases, £40m+ in shareholder equity...and in the process got hold of a perfectly good business for £0.

[typo56] 02/4/2012 16:20

Just because shares are cancelled from being listed on the London Stock Exchange does not automatically mean they can be considered worthless, although in this case they probably are!

EEL delisted a couple of years ago. If MFG hadn't gone bust I'd probably still have a short position stuck on my account.

[sapper2476] 02/4/2012 16:10

lol.... inevitable as soon as they went in admin.... it will be taunting us now on the high street....

[vision88] 02/4/2012 15:55

what a bunch of manipulating crooks and theives gmg turned out to be

[the troll] 02/4/2012 15:18

so, what are the motor mouths at BlueShore going to do now ? sue the Administrators, better get on with it then.

[justthemoney] 02/4/2012 14:55

Shares cancelled. There you go, now we claim capital loss.

[libertine] 02/4/2012 14:01

The banks are thought to have rolled Game's loans into Baker Acquisitions, the company created by OpCapita to front the transaction. Game collapsed owing £40m to suppliers, £20m to landlords and £10m in tax. Shareholders holdings reduced to zero.

[typo56] 02/4/2012 13:22

"All creditors are supposed to be treated equally"

I'm not sure what you mean by "treated equally". There are different categories of creditors, starting I believe with secured creditors and ending up with unsecured creditors and finally shareholders. If there's enough left in the pot for shareholders to receive anything it surely begs the question as to why they are in administration?

[clocktower] 02/4/2012 12:04

Honest & Fair - the trouble is even the Courts do not know the meaning of the words when it comes to liqudations. Intergity is what is hard to fine anywhere these days, even in the Courts.

All creditors are supposed to be treated equally, so RBS would be in the same boat as all other creditors. The only people with power these days are the suppliers who every company needs if they are to continue to trade. Supply chain is the key to any business - if the suppliers are strong enough then they can ensure they get paid one way or another by any company that wants to continue to run the business.

[justthemoney] 02/4/2012 11:51

If we were dealing with honest and fair people, then shareholders would almost certainly get anywhere between 10p and 30p. However the reality is very different, so don't expect anything. Whatever has been done is very naughty, but legal. Just look at how employees and landlords have been shafted. Lessons learned here, and already moved on. It may take 6-12 months for our shares to officially become worthless, at which point you may declare your capital loss.

[vision88] 02/4/2012 10:22

phil1969 it appears as i was posting my qqestion your post came on line and seems to have answered my question. that i put to loganair .

[vision88] 02/4/2012 10:13

loganair can i presume that GMG has other assets abroad not affected and if so how will thse other assets effect shareholders position in the uk

[phil1969] 02/4/2012 10:04

If creditors have been paid out as part of this £1 purchase of GMG UK. This leaves the overseas division debt and creditor free?

It is possible (a very long shot) that if the overseas division has any value, a bid may possibly have some value to shareholders (as hinted by MCV).

If a bidder were to pay £10m for overseas assets and all creditors have been cleared by the OpCApita deal, this could go to shareholders if PwC don't take it all in fees.

[slender brenda] 02/4/2012 10:00

Linslader, youre not very good at this game (pun not intended) are you sweety x

[loganair] 02/4/2012 09:31

It has been confirmed that specialist games retailer GAME have exited administration, OpCapita having been successful in their bid.

The private investment firm finalised a deal that would see GAME's assets within the United Kingdom sold to Baker Acquisitions Limited, who will provide the required capital to ensure the company can resume normal trading.

Baker will also not be held responsible for those that lost their jobs within The GAME Group, which will affect those currently fighting to claim for their unpaid notice period and redundancy pay.

[linslader] 01/4/2012 21:32

Welcome to advfn, profile created today, April Fools day , how incredibly relevant. Guess you'll be creating another one tomorrow. Bye.

[slender brenda] 01/4/2012 21:29

you mean "did you hold"

[linslader] 01/4/2012 20:55

Terminated, how many shares do you hold in GMG ?

[typo56] 01/4/2012 18:45

Well the directors report to the shareholders and if shareholders didn't like what they saw then they should have booted them out. I know that is easier said than done but the directors didn't have significant holdings to block a resolution. I suspect the reason why shareholders didn't do anything was they knew it was a tough (perhaps impossible) job and there wasn't anyone better. And I also supsect a lot of 'investors' were simply short term speculators who weren't interested in getting involved with the company, just in it for a quick bagger or bust punt. As so often in these cases they misjudged the odds to the upside.

To bring us back to the original point, I don't see why shareholders should get anything back unless creditors have been paid. Shareholders are the lowest priority and that's the risk you take when you invest.

[terminated] 01/4/2012 18:44

My condolences to all shareholders. I remember when Woolworths went down in similar circumstances, sahreholders were robbed. Although I remember woolworths was due to report a £27m profits for the year so in much better nick than GMG. Administrators will drag this out for the next year, occasionally suggesting a wiff of compensation, but you can be damn sure you will get nothing in return.

Pick yourselves up and move on.....

[vision88] 01/4/2012 18:00

typo 56 shareholders did not missmanaged the company but management did, this company had a great opportunity to grow the shareholders supported the company all through its existence and as for shareholders losing all there investments here its most unfair perhaps the supliers/landlords should be treated with the same distain.

Quite why they should be paid in full needs a rethink ,they have not done anything to help save the company,yet investors remain robbed 100% that cant be right or fair. the terms of the take over may still give back to existing shareholers a percentage ,but im not counting on it as it has been said allready the salvation terms/restructering will be brutal so it looks like shareholders will be trampled on but i hope shareholders will still recover some value

[pwhite73] 01/4/2012 08:27

"Ian Shepherd, the former chief executive of Game, admitted that he was "angry" the management had not been able to turnaround the business's performance.

"I have fought, and all of the management team here have fought with every ounce of energy to avoid arriving at this point," he said in an email to staff. "

The CEO has been sacked and a certain poster still things the whole thing was engineered. This was a case of crass imcompetence on the part of the management not fraud. The landlords and creditors were not prepared to give anymore leeway. The moreso as this was not a declining industry Game were in but a growing one.

[reallyrich] 01/4/2012 01:32

well the debt for equity swap would have been better. nevermind

[shareho1der] 31/3/2012 19:46

Yes .... sold for £1, but shareholders will get £0 trillion. Nothing to stop you buying the shares when it comes back to the market tough.