Hibu Share Discussion Threads

[freddie ferret] 15/1/2014 17:32

I think you derampers will find the action has started up again on iii, so do go and join the fun, your mates Lunar and Ace are back up and running again over there.

There is little for you here. The HSG are no longer taking on new members and for a while now have been in battle mode. I know little and will say even less. There are large amounts of work being done.

What happens and how this all pans out will be interesting to see, however I do know many ordinary members are champing at the bit to get this sorted, the only question being debated is the extent to which any quarter will be given.

Interesting that Simon Cawkwell has popped up I associate this avatar for some reason with Ninja 19 (now in the land of the dear departed).

FWIIW members of the HSG get all their information from the HSG forum, what twaddle merchants say on here is of no relevance to them.

I started this thread as an information thread, and when new information that I can pass on becomes available I will post it up here. This is to inform the still substantial number of former (the shares have been cancelled) holders those that did not join the HSG, what is going on. It is possible that the people controlling the subsidiaries and/or the administrator may make an offer to all shareholders and not just to members of the HSG. I do have some sympathy toward holders that chose not to join the HSG, a serious mistake IMHO.

As I have already intimated above, this matter is likely to be sorted out sooner rather than later. Yellowbook in the USA is going great guns by the way!

[fatfish] 15/1/2014 13:31

Matt
keep taking the pills

Knowing
I know , I wsn't asking him to join.

[13matt13] 15/1/2014 12:17

Well said S C,

We as hibu & HSG members have a very big thankyou to Belchzi & his con artist group of 10. They srewed its own members with their own greed.

hsg members should get some money back from hsg for false representation by the infamous belchzi 10 scam. The hsg ten have had a share out of the hsg members funds so they have got some of their investment in hibu back lucky old 10.

[simon cawkwell] 15/1/2014 11:25

squire007,

There is no chance that any shareholder will receive even a fraction of a brass farthing. It's all completely and irrevocably gone.

Simon Cawkwell

[knowing] 15/1/2014 11:25

This is a private site with access for confirmed shareholders only. This site is now closed to new members.

[fatfish] 15/1/2014 11:22

Squire are you a member of hsg ? do you hold shares in hibu

[squire007] 15/1/2014 09:28

Hi

Will anyone get anything at all ................ ??

fractions of a penny ?????

[jamrol] 03/1/2014 12:11

Happy New Year all

[freddie ferret] 31/12/2013 14:21

fatfish.

Chill, much is going on. May I wish you a Happy New Year.

I think I can hear that steam road roller in the distance, even now. :-8)

[fatfish] 31/12/2013 08:11

However, the Administrators are liaising with a shareholder representative group with regard to providing information (where possible). Additionally, as part of the Administrators' statutory duties they conduct an investigation into the affairs of the Company and will be submitting a report to the Department of Business, Innovation and Skills in due course (though that report and its content is confidential).


why should that information be confidential? we as shareholders should know about the demise of our company

[freddie ferret] 28/12/2013 16:44

Matt.

Your post above is rather feeble if I may say so.

All shareholders had an opportunity to meet the leading lights in the HSG at the EGM/Meet the Administrators day on the 4th of December. Many of us did, and I was present. While it would have been nice if the turnout had been bigger one has to remember that many shareholders have daytime jobs to go to or businesses to run.

Anyway I can assure you that the "gang of ten" are a nice bunch of blokes, and that quite a few ladies attended as well. Barry was star performer on the day.

You could if you are a shareholder apply to the administrator for a copy of the minutes of the meeting, send requests for these to Mr Phil Bowers (he is one of the three administrators) at [e-mail]

I am sure he will be pleased to hear from you. I would comment that the HSG version of the minutes written up from shorthand notes come to some twenty seven pages. Questions went on for well over two hours.

[freddie ferret] 23/12/2013 16:15

Matt.

You seem a bit desperate in your posting.
I will find it interesting to see how your posting style changes as things develop.
There are many things that we know that you do not know.
There again, there are things that we do not know that only the ten plus the army of solicitors and barristers know.
The whole thing is getting quite funny, the old directors are well and truly hooked and no amount of Wriggling will wiggle them off the hook.

Have you ever been run over by an old fashioned steam road roller, it's very heavy and once the toes of your shoes are trapped under those massive steel wheels, there is no escape. It slowly rolls up you, the crunching of the leg bones the femurs and knee joints, then on to the pelvis and lower vertebrae, there is no stopping it, the outcome is inevitable.

This whole matter has been constructed on the basis that there would be no serious challenge to it, corners have been cut everywhere, transparent lies told.
It is very simple for us to puncture this balloon of lies and that is what we are going to do. There are nice cosy shared cells awaiting many men that have been involved in this affair.

The fact of the matter is that applications for membership of the HSG are closed, we will get our money back and more, you will not, in fact I think you will be a lot poorer. I do not now think there is any intention to reopen membership of the HSG, if you are on the outside, tough. Those on the inside are happy with the level of contribution they have had to provide to the fighting fund, even those (and there are a few) who have had their lives wrecked by the HIBU fraud.

Time will tell, but much work is ongoing! :-8)

[ep0ch] 23/12/2013 11:28

So speaking of aliases what was yours on Hsg? Also can you comment on my post from 19th Dec 15.22 please? Ta

[13matt13] 23/12/2013 09:48

EpOch,

I think you can see that I was glad to leave this dishonest opportunist group of 10 people with their aliases, & secrecy, they clearly had to hide their I/D`s as they were working only for themselves.

When you join a group like this & pay money into it you have to have total
Transparency & Trust in the people you are dealing with. Even in Hibu we knew the names of the directors. This hsg 10 were dishonest from from the outset with Belcher in charge " I call the shoots" statement to members said it all they took its members for idiots & charlies hence the belchzi scam taking their money.

Chris, Penny,Sweed, Chopper were clearly directors coming in to support one another when any other member dared to question Chris, Chris also being administrator of hsg website had total control & knowledge of every member & put down disenters with his cronies and his other aliases, I was surprised at how other members could not see this.

This is why I call belchzi low life scum.

[ep0ch] 22/12/2013 23:06

Hi Matt, what was your hsg username? I can't find you on the site. And are you glad you left then? Did you get your money back from them??

[13matt13] 22/12/2013 17:53

The Belchzi scam, is about taking money of people under the guise/scam of members paying in for a service that fights for their justice, money or both fron hibu.
Hsg paid memners have recieved absolutetly nothing other than lie upon lie & promises of more of the same.

Members need to take control of their group & their finances, & get this group to work with other pressure groups to pursue a legal recourse with some independantly appointed practising professional insolvency lawyers not controlled by belcher & his cronies. The lawyers should be accountablle to all its members.... Transparency & Trust Hibu did`nt have it & hsg certainly do not.

If you had had these traits the media & the g`ment bodies would have been a lot more simpathic & interested in this case. Instead the perceived view is of
"DISGRUNTLED shareholders" moaning about bad investment decisions, which of course they are right about, and the secret agenda did not fool the media nor MP`s, FCA or most importantly HIBU, who the greedy 10 gave the chance to put an early end to hibu plc & saving 12,000 jobs along the way, hibu worked the belcher nicely, he was to thick to see it coming.
The 10 were consumed by their own greed & at the cost of its paid up members, how shameless or low can you get, well a lot lower than hibu BOD it seems

Belcher has never released any of the full legal documents from his solicitors or hibu lawyers Herbert Smith to members. Reason, they would show how little they had done for members, but all the hard work that the hsg 10 directors were doing in pursuing the hibu director roles.

merry Xmas to former holders/paid members.

[knigel] 21/12/2013 11:54

I'm not sure what the guys beef is. If an action group wishes to take action against a company they need to pay for advisers and advice... the best way to find the funds for the advisers and any subsequent court proceedings is to ask the members of the action group to contribute based on their shareholdings - simple.
BTW were any director fees ever discussed by the 10 HSG members? I doubt very much they wanted £ 100,000 plus salaries - that would only be warranted if the company relisted, shareholders had value returned and the new directors were in charge of the entire business.
Again, what is his gripe and what would have been HIS solutions to this sorry mess? (just interested as an ex-holder)

[ep0ch] 21/12/2013 11:41

Hi 13matt13/chocbrownpants.

You've not convinced me to leave hsg yet. Please keep trying though. Do you think I'll be able to get a refund from belchzi if I do? Thanks

[freddie ferret] 19/12/2013 17:28

Hi Matt

I am still waiting for your answer on the following.



The Rape Of Polaroid
By Christopher Byron
NYPost.com
7-23-2

Get ready for yet another 10-digit accounting scandal from the world of big business: The astonishing disappearance - behind the drawn curtains of a federal bankruptcy court in Delaware - of more than $1 billion of corporate assets from the books of Polaroid Corp., and the reappearance of most of it, free of charge, in the pockets of a Wall Street buyout fund.

How this has happened stands as a cautionary reminder that bankruptcy courts are one of the riskiest places of all for investors. Yet as the economy weakens and more and more big companies keel over, that's where more and more shareholders are likely to wind up.

For what awaits them, check out the plight of bankrupted Polaroid Corp.'s shareholders, who are about to be shorn of $1.1 billion in balance sheet assets and $175 million of shareholder equity.

THE ploy? An accounting maneuver that is shifting the assets, seemingly free of charge, from Polaroid's books to the books of a Wall Street partnership that is set to take Polaroid private in a buyout for less than $24 million of actual cash money.

Some of the biggest names in high finance are involved in this stunt, from the fancy-pants law firm of Skadden, Arps, Slate, Meagher & Flom to the infamous Arthur Andersen crowd.

There are lawyers from Davis Polk & Wardwell in the game, along with attorneys from Aiken Gump, as well as advisers from Zolfo Cooper, Houlihan Lokey and Dresdner Kleinwort Wasserstein.

This is corporate embalming's A-team, and for months its members have been trudging up and down the courthouse steps of Wilmington, Del.'s federal bankruptcy court in preparation for the solemn and final act that will send Polaroid to its eternal reward.

That act will take place on July 29 in New York - most likely in the offices of one of the law firms involved - when the parties will sign on the dotted line to close the sale.

By doing so, they will convey 65 percent of Polaroid's reorganized common equity, including 65 percent of the value of those $1.1 billion worth of mysteriously missing assets, to the aforementioned Wall Street buyout fund.

According to a Polaroid spokesman, the purchase price for the shares will be $255 million. But court papers in the matter indicate that less than $24 million in net new cash will be all that the buyout fund actually hands over.

At that point, Polaroid will become a private entity and no longer required to issue public financial statements. So the company's ravaged public investors will never get to see those $1.1 billion of balance sheet assets - including a priceless corporate art collection and the stock of all Polaroid's foreign subsidiaries - magically reappear.

In reality, the assets hadn't disappeared at all. They'd simply been valued at zero for the purposes of the bankruptcy proceedings, even though the company had valued them at more than $1 billion in a public financial filing only eight weeks before going bankrupt.

In this way, balance sheet assets that Polaroid had listed in an official financial statement with the Securities and Exchange Commission in August of 2001 as totaling $1.8 billion shrank by October to less than $715 million when the company entered bankruptcy.

In the process, shareholder equity - which totaled $176 million in the SEC filing - was wiped out entirely and replaced with a negative net worth of $385 million.

The chief beneficiary of these lowball numbers has of course been the aforementioned buyout fund, which bears the name One Equity Partners and is financed by Bank One Corp. of Chicago.

ONE Equity Partners, which was brought into the deal by the Dresdner Kleinwort Wasserstein bunch, turned out to be the only known bidder in a court-ordered auction of the company last month. As a result, its offer won, in effect, by default. "It's ridiculous," said one incredulous Wall Street analyst, speaking of the price. "Bank One is making out like bandits."

In fact, the fund could easily wind up getting the whole company for free.

For starters, Polaroid's most recent bankruptcy court filings show that as of June the company had more than $108 million of cash on its books as well as nearly $50 million of marketable receivables. On top of that, a creditor's committee report to the court late last month suggests that more cash has piled up from Polaroid's foreign operations and that the actual cash outlay of net new money by One Equity Partners will be $23.8 million.

And don't forget that once the fund is in control of the company, it will be able to recover even that money by borrowing against all those assets on Polaroid's books that had been valued at zero in the bankruptcy proceeding.

Not surprisingly, when I asked a Polaroid official to name the individual investors in One Equity Partners, he declined, saying, "It's private. We're not divulging that." When I next asked whether the fund's investors included members of Polaroid's management, he waffled and said only, "Not that I know of."

With closing day for the sale fast approaching and with so much money at stake, a cloak of secrecy and double-talk has enveloped the proceedings.

THUS, when I asked the Polaroid spokesman why the company's balance sheet assets had shrunk so dramatically between August and October, he answered only that it was because Polaroid's foreign operations were not part of the bankruptcy petition.

In reality, of course, the foreign assets were included - as they legally had to be - but were simply given no value on the submitted schedules.

When I asked why the assets had been assigned no values in the schedules, even though they'd previously been valued at more than $1 billion by the company in its SEC filings, I was told to read the company's press releases to get myself "up to speed." The press releases turned out to offer no explanation, either.

A similar request for enlightenment via Polaroid's outside public relations firm in New York brought a promise to produce a legal expert to answer questions. But no expert was produced. When I phoned back a day later for an explanation, the spokesman said, "No one is interested in talking."

Later, the man provided a transcript of some hearing testimony on the discrepancy as if it would clear everything up. It didn't.

AT the end of the hearing, the judge in the case, Peter Walsh, ruled that Polaroid's stated reasons for not having listed values for the foreign operations were reasonable because the foreign operations really only had a value as "going concerns" within Polaroid's overall global operations.

But that is simply to say that the assets of the foreign subsidiaries are entirely goodwill, which is hardly the case. Polaroid's latest annual report prior to bankruptcy lists company-owned facilities totaling more than 1 million square feet of manufacturing space in Scotland, Mexico, China and the Netherlands alone. As business failures skyrocket in the weakening economy, you can look for more of this sort of thing to come out of bankruptcy courts - especially when the money that is up for grabs is so huge.

At week's end, WorldCom was set to join Enron, Global Crossing, Adelphia and Williams Communications as the latest multi-billion-dollar behemoth to enter Chapter 11 bankruptcy. And there will doubtless be many more.

As for Polaroid, expect to see stock in the company offered by One Equity Partners to investors all over again, via an initial public offering, as Wall Street's endless cycle, from IPO to Chapter 11 and back again, repeats itself once more. It's the way Wall Street really works, and it's why, from cradle to grave, the tricks of accounting lurk at every turn.

Copyright 2001 NYP Holdings, Inc.
All rights reserved

.........................................................................................
There is a link to the New York Post here but sadly it no longer works.
.........................................................................................

[ep0ch] 19/12/2013 15:22

13matt13 or is it chocbrownpants??

Reading your comments on this public bulletin board sounds an awful lot like libel to me. Please keep on writing - it's extremely entertaining!

Oh and have a great christmas you two! Try not to get too jealous and fight over each others presents xxx

[13matt13] 19/12/2013 13:51

Fatfish,

You must be thick, hibu srewed you big time & hsg 10 have done the same.

I like others were screwed by hibu but at least not by these clowns who have taken more money from shareholders, low life scum.

If Belcher had really wanted to help shareholders he would have realesed all the documents he claims he has to the press. All you ever get fromhim is he can`t say anything yet wonder why???

He has nothing on hibu but has got some money back from shareholders instead.