If you are an unfortunate shareholder in RBG, watch carefully the animation at the beginning of the latest and revealing/enlightening Roll On Friday article.
Because this is exactly what has been done to you .
hXXps://www.rollonfriday.com/news-content/exclusive-screaming-betrayal-and-recriminations-rbg-collapses
ALL IMO. DYOR.
QP |
Didn't know he was a Labour donor https://www.telegraph.co.uk/business/2025/02/17/major-labour-donors-city-law-firm-collapses/ |
Woah....!!
Hats off to Mr IR. He absolutely rinsed this for all its worth.
Wow - the only asset of any value left will be the low budget rights to a Channel 4 expose :-) |
Wow.
What an absolute disgrace.
Professional ethics.... Yeah right |
they seem to have bled it dry with salaries
the lesson if anything is not to trust legal listed groups - they will extract every penny out of the business and leave it a dry carcass. |
I'm not convinced that TW's diversity case carries much weight. Diversity has become a prevailing buzzword of our era. Just as there are incompetent MPs, there are also incompetent lawyers. Some corps have more than their share. |
No surprises there, all too obvious really
NY Boy9 Jan '25 - 15:38 - 1642 of 1667 Edit
0 1 2
Dead on arrival, zero is the target for 🗑️
Lots of other duffers heading the same way
MIN, TRP, VAST etc📉🕳;️☠A039;🚨㉄0; |
Roll on Friday. New and updated article today.
Many, many utterly damming comments by Readers:-
hXXps://www.rollonfriday.com/news-content/trading-suspended-rbg-hits-skids
all imo. dyor.
qp |
It is interesting to read carefully the Readers' Comments on the new Law Gazette article just released , headed:-
"Rosenblatt redux rescues 40 staff as RBG sinks"
hXXps://www.lawgazette.co.uk/news/rosenblatt-redux-rescues-40-staff-as-rbg-sinks/5122215.article
all imo. dyor.
qp |
Well you know now whether I was brave or foolish QP1 |
Curtains.
This disgraceful affair speaks volumes about the legal profession. |
1.
Your words "on its own" are duly noted.
You were brave to reinvest.
2.
Another Board resignation today.
The Board is shrinking fast with no representation from either of the two main operating entities.
One can interpret today's accompanying statement as one wishes:-
"...... informed the Board of her intention to step down from the Board in September 2024 but agreed to remain on the Board while RBGH was undertaking a refinancing exercise."
One can but wonder to oneself just what that may or may not imply.
all imo. dyor.
qp |
Your hat is safe unless the vanity of Mr Rosenblatt and friends leads him to overpay for his eponymous business. As it may well.
A delisted memery on its own with new lower outgoings is likely to be profitable. |
Tom,
Oh, no!
I'll eat my hat if this comes back from suspension.
all imo. dyor.
qp |
I agree with you shep22 of course. Indeed the audited accounts for FY 2023 showed a loss of £24m! I sold out before those results, but am perplexed as to why you consider “the entire debacle is down to one MAN”.
I have now reinvested, just before the suspension. I find it difficult to fault the difficult decisions that Divers, doubtless including Davis and others have made. Ian Rosenblatt may succeed in recovering control of the parts he considers his.
Is it likely that Memery alone cannot be profitable?
Tom Trudgian |
This business has been trading while insolvent for over a year, the entire debacle is down to one man. |
It is interesting to peruse and ponder the Readers' Comments which are piling up on the latest article in The Law Gazette today following this morning's RNS.
The article is headed: "Rosenblatt owner on verge of collapse as rescue talks fail"
hXXps://www.lawgazette.co.uk/
ALL IMO. DYOR.
QP |
I think you missed the bit in the RNS about "unlikely to be able to secure the funding that it requires in a timely manner".
....and what happens frequently when a hypothetical body corporate cannot get the funding it requires in a timely manner...........?
things can happen much more quickly than you suggest and without any need for shareholder meetings!
all imo. dyor.
qp |
As many will know, share suspensions are never granted lightly by the LSE and only after due representations and evidence from the Nomads. It therefore seems probable that draft terms have been agreed for a split between the Rosenblatt and Memery businesses.
That will inevitably involve changes to employment contracts, agreement of inter-company balances, bank and creditor support, the delisting of part or the whole, and much else.
It will also require special resolutions with 75% approval required from the shareholders in an Extraordinary General Meeting. Only a General Meeting has been requested by Ian Rosenblatt to remove Divers and two non-execs from the board. He may decide to withdraw that request or rely on his view of other shareholders’ opinion of him.
Anyway it will take many weeks, probably not months, for both sides to lose. |
It seems to me that it just has.
A drama perhaps, more likely a tragedy.
Especially for long-suffering supportive rank-and-file shareholders.
And the actors in the tragedy should not be proud of their performance.
An absolute disgrace.
ALL IMO. DYOR.
QP |
Dear oh dear, the drama never ends |
Doesn't surprise me.
"it is the Board's view that it is unlikely to be able to secure the funding that it requires in a timely manner to secure the Company's future"
See today's RNS for full context.
all imo. dyor.
qp |
Your posts are always well worth reading, QuePassa. My wild guess is that you are possibly a retired solicitor senior partner.
Nick Davis is from Memory Crystal, and it is a just conceivable possibility that a deal may emerge for Memery to become a private firm with Rosenblatt taking over his eponymous business, with a chunk of the debt. I have no idea.
Tom Trudgian |
1.That scenario does not necessarily gel with today's RNS announcement.
2.1648 refers.
3. Tick-tock, tick-tock.
Exclusivity Period nearing its end on 24/1/25
all imo. dyor.
qp |
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