Quindell Share Discussion Threads

[nicky name] 14/3/2015 02:52

how do you know the PwC report was commissioned by the banks pauly?

where is your evidence?

would it not have made sense after a vicious bear raid (for a second consecutive year) to get in the accountants, to clear the muddy waters?

[nicky name] 14/3/2015 02:40

dalesiders 14 Mar'15 - 01:25 - 20940 of 20943 1 0

Over-statement of industrial deafness accruals = potential claim for damages. Contributory negligence may invalidate professional indemnity insurance. What is is that you don't understand, Nicky?

so daley

will I as a shareholder be able to claim for damages if PwC trims accrued revenue?

sounds good to me

a win win situation for sharehoders LOL

[paulypilot] 14/3/2015 02:39

Nicky,

No problem. For the record, I regret going a tad over the top with some ad hominem attacks towards you a while back. Sure, it was provoked by others attacking me, but it was wrong, and I apologise.

Regards, Paul.

[paulypilot] 14/3/2015 02:37

Nicky Name,

"what proof have the bears ever provided?"

Errr, quite a lot actually! The founder leaving in disgrace, having lied to the market about a sale & repurchase agreement over his own shares.
Numerous dodgy deals with millions of shares issued like confetti.
Huge paper profits, but permanently negative cashflow.

However, most of all, the company has RUN OUT OF MONEY! Shorters didn't make that happen, it was completely incompetent management that ran out of money.

That is why it has investigating accountants in from the bank.
That is why it is holding a fire sale of its assets, basically everything is for sale.
That is why it had to offer massive share option "incentives" to Non-Execs to even join the board.

Now, I accept that there is some value in QPP. Ambulance chasing legal practices make quite good money, if they are run well - look at SGH's accounts for example.

It remains to be seen what the value is here. I think there is a good chance of a say 50% spike down in the share price, when the remaining skeletons come out of the closet. On the other hand, maybe the market has already discounted more bad news? we don't know.

If you were SGH, wouldn't you cosy up to QPP, whisper sweet nothings into their ears about a lucrative takeover offer, whilst quietly hoovering up their best cases & schmoozing their best client relationships whilst the process is ongoing?

Note that Redde posted fabulous results recently. They're probably also picking off new business from the shrivelled remains of QPP.

I think RT probably rammed low quality business through QPP, in the hope of making it a FTSE100 company, where no more questions were asked. Didn't work. Like his last attempt with TIG, the wheels came off, when people realised he had overpaid for lots of stuff, and that the guy is just fundamentally dishonest (in my view, as evidence by EFH).

To have credibility in legal services, you have to (at least on the outside) appear respectable and trustworthy. So a spivvy, ramped up growth vehicle like Quindell was inevitably going to fail.


Let's see what happens. I've always maintained that there IS some value here. There could even be a good business, once the bad apples that tend to follow a spivvy founder are jettisoned. As Mark Slater said, QPP exists due to finding a legal loophole. Others are copying, and it may not last anyway.

Everyone wants justice for people who are genuine, and deserve compensation. However, the modern compensation culture sickens me. When I was a child in the 1970s, it was un-heard of for anyone to sue the NHS for example. It was accepted that if you did so, you would deprive someone else of vital treatment. Now, it's everyone for themselves, and people don't give a damn about the impact on society for a huge part of NHS funding just paying compensation claims. But that's another discussion topic.

Always a pleasure to have a robust exchange of views. Let's try to keep it more civilised and polite this time.

Regards, Paul.

[nicky name] 14/3/2015 02:33

thanks for making that clearer paulypilot

only a couple of weeks now

things should be clearer generally

[paulypilot] 14/3/2015 02:16

Nicky Name,

The point I was making, that you query, is very simple. Sorry if I didn't explain it well previously.

Investigating accountants such as PWC (who I used to work for, by the way), tend to be very careful in situations like the Quindell investigation. That is because they don't want to get Sued. So they tend to be very careful/cautious with their assumptions.

Regards, Paul.

[nicky name] 14/3/2015 01:40

explain the negligence please daley

I don't think that you understand the concept any better than 'paulypilot'

[nicky name] 14/3/2015 01:38

" proof is in the share price "

cobblers!

the market is not perfect daley

that is what makes it interesting, you moron

[dalesiders] 14/3/2015 01:30

How many companies did Redde buy from convicted Nigerian fraudsters Nicky?

[dalesiders] 14/3/2015 01:29

The proof is in the share price.

[dalesiders] 14/3/2015 01:25

Over-statement of industrial deafness accruals = potential claim for damages. Contributory negligence may invalidate professional indemnity insurance. What is is that you don't understand, Nicky?

[nicky name] 14/3/2015 01:12

" - Industrial deafness debtors are going to be so difficult to value, that in view of their professional indemnity insurance, PWC are likely to want a hefty write-off from the balance sheet. "

WTF has professional indemnity insurance got to do with ID debtors?

You don't have a clue what you are talking about 'paulypilot'

go and short something you understand

[nicky name] 14/3/2015 01:07

what proof have the bears ever provided?


only rumour, conjecture and hearsay

supported by cynical manipulation of the order book by their hedge fund masters (imo)

I accept that there might be cash flow issues, but this is more than priced in

Look at Redde

It is a similar company

it had cash flow issues, and has recently more than ten bagged

[ettienne1951] 14/3/2015 00:55

A good summation - thanks Paul.

[jazza] 14/3/2015 00:52

Well, I suppose PP needs recoup his GBO losses somehow.

See right through you, Paul..

[paulypilot] 14/3/2015 00:36

I've also opened a (small) short on Quindell today. As usual WShak thinks these things through very carefully, and has a track record of being usually right.

For me, these are the key points;

- Rob Terry dumped his stock at whatever he could get (far below the current price). What does that tell you, given that he knows the QPP group better than anyone else?

- PWC report has been delayed, and in these situations, in my experience, delay nearly always means bad news.

- Industrial deafness debtors are going to be so difficult to value, that in view of their professional indemnity insurance, PWC are likely to want a hefty write-off from the balance sheet.

- that calls into question what the sustainable level of profits that QPP can generate actually are?

- SGH have been sniffing around for ages, but (a) don't have funding to launch a massive takeover bid, and (b) have twice poured cold water on QPP's rampy announcements about the takeover talks. So my guess is they are picking off bits from the carcass at low prices. I don't think there will be a major bid from SGH.

- why has QPP failed, throughout its entire existence, to generate positive cashflow? Surely now the new Directors should just be sitting back & letting the cash roll in? So why is QPP still in this cashflow crisis?

- above all, this whole Quindell project was massively over-promoted by RT. He's a thinly disguised conman, in my view - evidenced by the numerous questionable deals, and above all the completely false EFH announcements re his personal shareholding. That said, he's gone now, so the real question is what's left behind?

- spivvy options deal by new Non-Execs stank to high heaven in my view. Are they actually Directors yet? They seemed to be "designate" recently.

- I've spoken to bulls and bears, and there are smart people on both sides. I like to keep an open mind, and particularly talk to people with the opposite view to myself, as you learn more that way. So the smart bulls I talk to on this stock believe it could recover to say 200p. However, I think there could be plenty of bad news before then. So risk/reward now looks to me that it's maybe better to be short than long. However, I don't have a particularly high conviction on this trade, so am keeping it small.


I've always said that there was SOME value in QPP, we just don't know how much! So let's wait and see.

Regards, Paul.

[sweet karolina] 14/3/2015 00:06

"The defendant has won"

"Cost awarded to the defendant"

"Pay up in 14 days, excuses that longer is needed are not accepted"

Round 2 in just over 14 days if Earley wants to lose more money, assuming he pays the first lot.

Had QPP had the guts to go throught with their threats the judge would also have said:

"The defendant has won"

"Cost awarded to the defendant"

The only thing I will grant to Rob Terry is that he was no where near as stupid as Aiden Early (and Jimmy "liar" Ellerton before him). RT was at least smart enough to make all the right noises, but not actually follow through and embarrass himself and lose money in the process.

You do not get your costs awarded for round one during round one unless you have completely won round won. Yes the justice system allows lots of rounds if people want to contest them and there was never an expectation that this would be the end unless Earley cannot afford / is not stupid enough to continue.

I take it you agree he was completely vindicated on Afren today, if anything he had be too optimistic with his 1-2p. As there is nothing below 0p he can't make the mistake of being too optimistic on QPP. Personally I feel he is being a bit too pessimistic on QPP and I think there is a fair chance it could stagger on at 5p once the dust settles post PwC report.

[r_bedding] 13/3/2015 22:57

EL you been to the dentist yet?

[r_bedding] 13/3/2015 22:56

Prove you know something and tell us what the judge said!