Orchid Developments Share Discussion Threads

[bubble pricker] 17/12/2012 14:59

You guys crack me up. You invest in a CAYMAN ISLANDS company with property in BULGARIA and now you are whining about your losses.

You are wasting your time. The company is insolvent. Shareholders are LAST IN LINE behind all creditors. This is the same everywhere in the world. If you invest in EQUITY you take the RISK. Write your losses off to experience and move on.

[markt] 17/12/2012 14:52

I propose a little committee for the action group
me, Bump, Jack123

and I propose that increase to 5 or 7
such as by adding Greedfear since has made good points...and there are various other possibilities

on one hand we need the energy and work of unpaid workers !...but on other hand we also need some structure and to make sure that no one person ever sends out anything to press or IIs etc, claiming to be from the group, that is wrong or off target and shoots us in the foot.

----

committee deciding on small details...and work in progress
and for any big decisions or changes to objectives for the Action Group....then a vote of all people based on number of shares.

[markt] 17/12/2012 14:45

"greedfear 16 Dec'12 - 23:42 - 9325 of 9355 0 0

Anyone contacting the II's? Think they are key. "

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some were contacted before the EGM....

....contact will be made again now to ask what they are planning/proposing/doing
and to request that our group as a large shareholder is invited to participate in any discussions at II level and with any administrator

[markt] 17/12/2012 14:36

Administration
...if anyone is knowledgeable about the rules and regs. for this (especially under Cayman Island law !!) ...can they perhaps take a step forward ?!

My guess on the approx. process is that a committee of creditors will now be formed which will include the banks and shareholders representatives.
And I expect that that committee will appoint an administrator.

The real representatives of the banks are in Bulgaria so it would make sense imo that the meetings would take place there, eg. in Varna.

imo the main purpose of our action group should be to ensure that we are invited to the creditors committee so that we know what is going on and can object if anything is proposed which appears unfair (such as directors getting any assets at a knock down price without them being marketed, which appears quite common in UK admin. processes)

(whether we actually attend meetings, since requires time and costs, or we request to be informed via a person that does go (such as a representative for IIs) we can decide later imo

[knigel] 17/12/2012 13:11

More signing up now over on lse GLA

[bumpkinroll] 17/12/2012 11:04

smith are you around?

[timtim5449] 17/12/2012 10:32

The assets are worth what someone will pay we know that, but at say 60p then minus 50% 30p per share is still worth going for, I have know idea of the correct figures but the 60s was banded about so looking 30,25,15p per is for worth it.
Lets not give it to the monkeys who got here in the first place.

[jack1236] 17/12/2012 10:01

Well the company have appointed a new chairman, who knows quite a bit about liquidations etc. I'm going by his CV. Some research in that direction might prove useful.

[golikethewind] 17/12/2012 09:57

Surprised there is not another rns as a follow up

[bumpkinroll] 17/12/2012 09:42

smith - any joy with my forum request?

[stoop] 17/12/2012 09:19

I think EEL was another one, someone might want to get in contact with that action group as they got the company relisted

regards

[late buy] 17/12/2012 09:19

PTCM
riddler
09:14
big buys starting ahead off rumoured 20p MBO

[dr jekyll] 17/12/2012 09:19

Have just finished reading all the posts since Friday and just wanted to send you all my sympathy especially Joe who knows of me from LGB days. I really hope that you all get something back from this. I sold my OCH shares at a loss quite a while ago but had been watching what was happening with great interest thinking I could reinvest and make back the loss.

Good luck guys whatever the result.

[jack1236] 17/12/2012 09:11

Stoop Bump has sent an e-mail to AST.

[jack1236] 17/12/2012 09:09

Knigel

He's already in the proposed action group, he's wasting our time.

[stoop] 17/12/2012 09:09

Has anyone asked any of the other Actions groups for some advice?

regards

[knigel] 17/12/2012 09:02

Might be another holder to add from lse as he asked why the shares were not relisted!

[jack1236] 17/12/2012 08:41

bill-e added.

[jack1236] 17/12/2012 08:36

Bump

I think I've got a good idea who the questionable e-mail is from. You have mail, 'phase two'.

[timtim5449] 17/12/2012 08:28

R and T wake up, there is an email awaiting your response.

[bumpkinroll] 17/12/2012 08:05

timtim - waiting to hear from R&T to my email sent to him on Sat am.

[bill-e] 17/12/2012 08:05

Hi Jack1236, just to confirm my holding is 90000 and I am fully supportive of shareholder action/representation.

[timtim5449] 17/12/2012 08:04

It seems R and T has a extensive knowledge of the Prop market and contacts, he was always quoting the value of the assets!! he may have many good contacts in the industry to help deal with our situation etc etc.

[bumpkinroll] 17/12/2012 07:52

loverat - excellent, can you email me please - [e-mail] & I can update/discuss with you + get your recs too. On confidentiality, I have had x1 questionable email request for info so we do need to be careful here.

smith, can you approve my site access to the forum please? All, in the action group, please sign up for the forum.

[smithd13] 17/12/2012 07:50

Three admins, Bump Knigel and myself currently.

Any one of us can 'activate' the acount. I'm just unsure what rules we need to put around it..... and now i'm late for work :) bbl