Rbg Share Discussion Threads

[igreen29] 08/8/2023 12:35

Amen to that.

[shep22] 07/8/2023 21:36

Let's face it, the acquisition of MC was a disaster, the majority of the key fee earners have left together with their clients.

[tomtrudgian] 07/8/2023 15:22

Sorry Guys. The Memery and Convex acquisition 5 year term loan was £10m of which £3.5m had been repaid by June 23, leaving £6.5m.
The major loans were £22.2m as at Y/end Dec 2022.

[tomtrudgian] 07/8/2023 14:53

I entirely agree se81, but what can one expect since Progressive’s research is paid for by RBG?

You rightly say there are now no litigation costs charged to the balance sheet as assets. However these write-offs must now inevitably be charged to the year end 2023 profits.

Further no-one including myself, can know without examining the contracts between RBG and each plaintiff they support, that there can “only be an upside to results and cash as the RBG litigation costs have already been recognised (debited)to the RBG profit & loss account”.

In the event of a court loss both interest and damages may be awarded against the plaintiff and possibly payable by RBG, depending on the contract.

What RBG management has not yet mentioned is to what extent the now probably unjustifiable £57.9m placed on Intangible Assets by the previous management wef Y/end 2022, will be written down by the auditors at Y/end 2023. These assets were stated as customer reputation, goodwill, the web site etc.

That, HSBC’s extension of the major loan due April 2024, the extent to which the £6m acquisition term loan will have been repaid on time, and the (probably overstated) loss of fee earning staff, may help the share price in late 24.

I do not mention Ian Rosenblatt as I have no knowledge.

[se81] 07/8/2023 09:14

Updated estimates from Progressive (who in my eyes lost all credibility with their 17/07 note)

hxxps://progressive-research.com/research/back-to-its-roots/

Perhaps the most interesting part:

"New approach to contingent and damages-based fee deals

RBG has now disposed of LionFish, written down the LionFish investments, and more recently elected to take similar measures relating to the in-house (RBGLS) equivalent assets. The RBG balance sheet now therefore contains no investment assets relating to legal cases. Successful conclusions of any of these cases would result in only upside to the group’s results (and cash).

More fundamentally, RBG will no longer be capitalising any such investments –the group may continue to be involved in contingent-fee cases, but it will expense its related costs though the P&L as incurred. No asset will be established, and therefore any successful result will manifest itself as a ‘spike’in revenue (driving bothprofit and cash). Crucially, any negative outcomes will have no negative impact,as the costs have already been recognised.

Any surprises from case outcomes therefore should only be positivein future. We believe that this more-prudent approach will provide investors with additional reassurance that the group is being carefully managed in the current climate, and that its performance can be more accurately measured across trading periods"

[clive7878] 04/8/2023 18:44

Lawyers to are not over cheap either, so RBGP could start to make up ground.
One generally need a lawyer for one thing or another.

[shep22] 04/8/2023 14:48

Ian has always been effectively a shadow director, this is one of the principal allegations of NF in her witness statement.

[qs99] 04/8/2023 07:31

I sense this sill drift back to the 40-50p level as just looks oversold IMO/DYOR. People based businesses there are always shifting faces, but IR is an astute businessman IMO and I sense he will get this back on track and have bought accordingly sub 20p on that basis.

May take a year or so, but lawyers are always in demand IMO and suitably incentivised can make the parent firm some serious hay. Let's see.

AS ever DYOR

QS99

[electricmayhem] 03/8/2023 22:13

As one of those I can confirm it's mainly from MC and largely because of Ian Rosenblatt and the current CEO.

[churchharbour] 03/8/2023 11:25

Of course it's possible any such loss of fees in the last 18 months might be discounted by a share price down 80% over the same period !

[shep22] 03/8/2023 09:53

20 senior fee earners have left Rosenblatt and MC during the past 18 months creating a revenue gap of £8 million.

[goldbutler] 02/8/2023 11:05

RBGP 19.50P

recent appointments at destiny pharma CEO and chairman have improved sentiment towards that share price.

The Board should bear that in mind when recruiting any new non exs at RBGP and at some point successor to the lovely Marianne Ismail as chairman.

The Board should for the foreseeable future stay well away from long term share plans for directors and such like- anything approaching selfishness or "raiding the larder" needs to be avoided. Anything that would cause drip feeding of shares into the market needs to be avoided otherwise the share price will never recover.

[goldbutler] 02/8/2023 10:52

RBGP 19.5P

One more legal person on the Board Mr Rosenblatt himself
Excellent appointment to sit alongside the other solicitors .

Courage when it was needed to remove the CEO - she was well out of her depth
The debt and the use of funds ,convex , lionfish ,islero adnitor and huge bonus payments to ex CEO herself
and dividends which should have been stopped earlier are all her legacy
rolling up her sleeves and getting under the bonnet - utter nonsense

Unfortunately it is not finished
Convex cost base is out of touch with the real world
They have delivered little profit over 4-5 years

Convex needs to be sold -
They cannot justify their staffing levels and costs

[shep22] 01/8/2023 18:51

No you are wrong, it is six at least, 3 pro, 3 against.

[aleman] 01/8/2023 16:40

scubadiverr
1 Aug '23 - 15:09 - 1371 of 1373

Looks like Shep has made a 2nd account and started talking to himself!!

Just two? Try again.

[shep22] 01/8/2023 16:37

When I talk to myself I make a lot of sense and I can avoid silly interactions.

[igreen29] 01/8/2023 15:27

hxxps://www.lawgazette.co.uk/news/former-boss-accepts-25m-deal-to-lead-listed-firms-recovery-plan/5116844.article

[scubadiverr] 01/8/2023 14:09

Looks like Shep has made a 2nd account and started talking to himself!!

[igreen29] 01/8/2023 14:01

Not good I'm afraid, if the firm was a football club it would be in League 1 at best. Ian is all bark and no bite,

[shep22] 31/7/2023 21:03

As a matter of interest what was your experience as a client of the firm?

[igreen29] 31/7/2023 18:55

Just joined this chat group, wondering if it is a good time to buy this stock, has it reached the bottom? I must declare an interest in that I was once a client of Rosenblatt Solicitors.

[aleman] 31/7/2023 15:41

78m shares traded in just over 3 months. We now know Cascades sold the lot. Where did they all go? There are potentially a lot of loose holders that might accept an opportunistic bid, although I'm not sure how likely that might be for a law firm.

[shep22] 31/7/2023 15:14

I predict that the CEO or the Chairman or both will be gone within two months. Ian is not a back seat driver.

[dickbush] 31/7/2023 13:58

My initial investment here after the cleaning of house and the return of Ian Rosenblatt. My two buys are marked as sells.

[se81] 31/7/2023 13:23

A couple of 100k share director buys.....think they need to be the first of much/many more