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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Miller Fisher | MFG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| Top Posts |
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Posted at 07/1/2015 00:56 by temmujin Group of Financial Institutions Settles MF Global SuitAlert Citigroup (NYSE:C) Intraday Stock Chart Today : Wednesday 7 January 2015 By Joseph Checkler A group of well-known financial institutions settled a lawsuit brought by former MF Global Holdings Ltd. investors for $74 million. In a filing with U.S. District Court in Manhattan, lawyers for the plaintiffs said the settlement with financial institutions that served as underwriters for the sale of MF Global 's stock and bonds before its collapse--among them units of Goldman Sachs Group Inc ., J.P. Morgan & Co. and Citigroup Inc.--"dismisses and releases" all claims against them in the suit. The investors, now led by Virginia Retirement System, sued the financial institutions as part of a larger 2011 suit against former MF Global Chief Executive Jon S. Corzine and other company executives, accusing the parties of not disclosing the risks associated with MF Global 's European sovereign debt trades using repurchase-to-maturi In the filing, lawyers for the plaintiffs said the parts of the suit against other parties remain alive. A judge must approve the settlement for it to take effect. The plaintiffs are asking for preliminary approval of the pact quickly, with a final approval later. Aside from Goldman, J.P. Morgan and Citigroup, units of Deutsche Bank AG, Merrill Lynch, Pierce, Fenner & Smith Inc., RBS Securities Inc. and Sandler O'Neill + Partners L.P. settled. Lawyers representing the seven institutions didn't immediately respond to requests for comment. MF Global imploded just over three years ago, as investors fled the firm after its bets on European sovereign debt came to light. The exodus created what was believed to be a $1.6 billion shortfall in customer accounts that should have been segregated from MF Global's money pool. Even with the perceived shortfall recovered, lawsuits against the company's former officials and other employees--as well as the firms who did business with MF Global--remain. Mr. Corzine and the other executives have been tapping two separate insurance policies to pay for their defense costs. While most of the suits are still in their early stages, lawyers for the former executives have said the proceedings will ramp up soon. Last year, a bankruptcy judge gave them permission to tap most of a $200 million directors and officers insurance policy. Former MF customers have fought their use of a separate policy for errors and omissions, saying some of it belongs to them. Mr. Corzine, a former Goldman Sachs Group Inc. chairman and once New Jersey's governor, has denied wrongdoing, as have the other former executives. |
Posted at 15/5/2002 16:26 by 365 someone off loading blocks of 100k & 200k 's is that you Avoint? Haven't had a post from you lately, or are you just away?Amazing how quickly investors are selling for a quick buck in this market, oh well more buying for me soon |
Posted at 14/5/2002 11:24 by 365 Among the small caps, Miller Fisher, the loss adjuster which is a favourite with retail investors, climbed 0.5p to 5.25p after Tom Anderson, the chief operating officer, announced that he had purchased 500,000 shares on Friday at 4.75p each. Last week the company announced a big contract win with Eagle Star, raising hopes that the company is on the comeback track. |
Posted at 30/4/2002 00:41 by 365 Volume ticking up again.Those wishing to research the Company might like to follow the link below, which is their web site. The site contains some useful information for investors. |
Posted at 25/4/2002 00:00 by dimitry12 Citywire article Tue 23 April 2002 Intrinsic executes cash for equity swap at Miller Intrinsic Value has secretly increased its stake in risky insurance administrator Miller Fisher, which has managed to convert its massive debt mountain into equity. Citywire drew readers' attention to Miller Fisher (MFG) after catching veteran venture capitalist John Gunn picking up stock. The company has proved a terrible investment as it became increasingly evident that the market for outsourced insurance services, such as claims adjusting, was not materialising. In 2000 the group, by then loaded up with debt, moved into the red. When interim results came out in September 2001 the company was given a disaster rating by the market and the shares plummeted to below 2p. They had been trading close to 90p only 18 months earlier. In February the company announced that Bank of Scotland (BSCT) had agreed to exchange £13.25 million of the company’s £24.8 million debt mountain into convertible preference shares. Shareholders approved the move last month in effect giving the company vital breathing space. Intrinsic (ITV) lifted its stake in the company by 1.5 million shares after the deal was announced which takes its total holding to 4.4 million or 2.7%. The BoS’s decision to swap debt for equity is encouraging as it is represent a long term commitment to the business and if the company does have a long term future the stock could be very cheap at the moment. Gunn also describes his bet as long term. House broker ING Barings Charterhouse put out forecasts at the beginning of the year suggesting the company will report pre-tax profits of £3.9 million for the calendar year 2001 and it expects £4.5 million this year. Based on today’s price of 3p, the group is valued at a miserable 2.7 times last year’s expected earnings and a puny 2.1 times next year’s forecasts. Against these tantalising numbers, which suggest good value, investors should weigh up a number of factors. The company has disappointed in the past and could easily fall back into the red. Over £11.5 million is still owed to banks compared with a market capitalisation of £4.9 million and the debt still looks potentially crippling. Bank of Scotland could dilute shareholders by nearly 50% if it exercises all its rights over shares. Although Miller Fisher is in much better health after the debt for equity swap it still looks extremely risky but offers alluring potential rewards for those with real nerve. |
Posted at 24/1/2002 09:14 by 3maveen Article from the TimesMiller Fisher, the troubled loss adjuster, pulled further away from last year’s 1¾p low as its share register betrayed substantial stakebuilding. The stock added ½p at 4¼p as John Gunn, the smaller companies’ investor, declared a 3.1 per cent stake, while David Farrell, a former Miller Fisher director, has lifted his holding from 2.1 per cent to 6.1 per cent. Mr Farrell sold Miller Farrell, his Irish loss-adjusting business, to the company in 1997, but resigned from the board in 1999 to pursue property and film-production interests. Miller Fisher, which is finalising a £13.25 million fundraising with Bank of Scotland, repeated last week that it expects to make a full-year operating loss. |
Posted at 23/1/2002 09:33 by 3maveen Recent article that appeared on Citywire yesterdayGunn shoots over Miller Fisher line Get ready for a stock exchange announcement later this week that venture capitalist and shrewd investor John Gunn has taken his holding in insurance services outsourcing company Miller Fisher over the disclosable 3% mark. Gunn has gone crazy for Miller Fisher (MFG) since it managed to write off £13.25 million of debt by issuing equity to the lender, the Bank of Scotland. The deal, announced at the beginning of December, removes a massive weight from round Fisher’s neck and eases fears the liquidators will move in. Gunn told Citywire today: ‘It has halved its debt and should produce EBITDA [earnings before interest, tax, depreciation and amortisation] of £5 million in 2002 … earnings of 1.5p per share.’ At 3.75p today, up 0.5p, Gunn said: ‘It could do a lot more than all right.’ The company’s business has failed to live up to its promise in the past but on the proviso that the group can keep its head above water, it does not have to do very much to justify a share price greater than today’s. However, with tough trading conditions and an operating loss waiting to be reported for the year just gone, £6 million Miller Fisher is still a very risky penny share play. |
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