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Shnozz said:
http://www.cityam.com/235593/quindell-buyer-slater...
So the legacy firm that bought up QPP's book (heaven knows why) have had to now make a huge write down on the acquisition which was largely based on the predicted hearing loss claim predicted profits - which were already accounted for as profits in the accounts.
And they are running out of cash.
A month to drive a deal with the banks to keep them afloat.
Who on earth was in charge of them doing the DD on buying QPP's legal division? The only thing the acquisition did was release the former QPP bunch from the mess and provide a new finance avenue to keep cash flow running for a slightly longer period.
Utter madness, the whole thing.
The Board of QPP must have exhausted every wSo the legacy firm that bought up QPP's book (heaven knows why) have had to now make a huge write down on the acquisition which was largely based on the predicted hearing loss claim predicted profits - which were already accounted for as profits in the accounts.
And they are running out of cash.
A month to drive a deal with the banks to keep them afloat.
Who on earth was in charge of them doing the DD on buying QPP's legal division? The only thing the acquisition did was release the former QPP bunch from the mess and provide a new finance avenue to keep cash flow running for a slightly longer period.
Utter madness, the whole thing.
e in Britain to get that deal away. It is genuinely amazing to think that S&G could have paid that much money without carrying out any competent DD. They really did go st or bust on their insane plan to buy up all market share and just hope it was viable at the end. Frankly, QPP pulled of the deal of the century. Assuming no fraud.
DonkeyApple said:
Assuming no fraud.
And if there is one thing Tricky Terry has taught us, it's to take everything he says as gospel truth.Frankly, the gospels look like a pack of lies compared to the Cassandra-like qualities of Mr Terry. (If you'll forgive my mixed mythologies.)
S&G will fully deserve the inevitable shareholder lawsuits if there aren't hundreds already...
Oh BOOM! A quick google says multiple class actions ongoing already.
Slam dunk for them.
DonkeyApple said:
The Board of QPP must have exhausted every we in Britain to get that deal away. It is genuinely amazing to think that S&G could have paid that much money without carrying out any competent DD. They really did go st or bust on their insane plan to buy up all market share and just hope it was viable at the end.
Indeed. And as Walm highlights, at the helm of the QPP ship was Captain Terry who had form in sailing choppy waters in a past life. Not only that, but it wasn't as though he even had any background in that field so essentially created a mish mash of spaghetti companies in a field unfamiliar to him before reversing it onto the AIM via a golf club, bundling it together, buying various start ups from friends and acquaintances for millions of shareholder funds days after their, well, start-up, employing various marketers and smoke and mirrors et voila, serving it before Australia's oldest law firm as a presentable dish. A £683m dish.e in Britain to get that deal away. It is genuinely amazing to think that S&G could have paid that much money without carrying out any competent DD. They really did go st or bust on their insane plan to buy up all market share and just hope it was viable at the end. Beggars belief.
The sad part is, S&G seemed to be cautiously picking their targets to take over that UK market prior to getting into that bed. Some decent firms have been swallowed into the group - RJW, Pannones, Fennemores. They too will now sink alongside, albeit with the government reforms in that arena then perhaps that was inevitable with the passage of time in any event. My only wonder now is what will be left to Phoenix from the ashes as there must be enough substance beneath that surface to at least have fooled the auditors and alleged 70 odd folk that conducted the 10 week long DD process. Who will be brave enough to leech off that...
DonkeyApple said:
I have a neighbour who is in the middle of spending £10m extending his home after selling his firm at the top of the market to I think S&G. He's barely 50 and I wonder if he'll do the usual thing and buy his firm back for peanuts.
£10m to extend his house?! Why not buy a new one for that price?g4ry13 said:
DonkeyApple said:
I have a neighbour who is in the middle of spending £10m extending his home after selling his firm at the top of the market to I think S&G. He's barely 50 and I wonder if he'll do the usual thing and buy his firm back for peanuts.
£10m to extend his house?! Why not buy a new one for that price?g4ry13 said:
Have you taken hedge positions for the Brexit or do you plan to cross that bridge when we get to it?
Don't trade the Uk market anymore haven't for years, the market I assume must have priced in the chances of an exit already or will do way before the actual vote.NRS said:
Do you see a sharp adjustment down soon? The chart stuff certainly seems to work pretty well in a lot of cases.
It's been a very technical market even more so in 2016. With the US markets, it's at a fork, in it's simplest form either this was just a correction and we make new highs, or it's all part of a massive topping formation which started last June and eventually we will break down hard. Personally I don't think the lows for 2016 are in.
For the short term think this market may go to 2020 but it's overbought and due a pullback at any point. If you look at this recent correction and rally it's basically the same structure as August. That was a 12-13% rally followed by a 5-6% pullback.
From here 2 options a pullback to 1900ish and then more sideways action eventually leading to new highs or a 2000/2008 set up where the market is rejected around 2030 and then 30-40% pullback follows..
For now forget Oil as a direction indicator, instead watch the Yen, US bonds 30yr & 10yr, IWM and Goldman Sachs, they seem to be the best tells on which way the market is heading.
p1stonhead said:
I havent been in this thread for a couple of months I think and just popped in to see that people are still wound up about QPP! 
Where is anyone wound up about it? Edited by p1stonhead on Thursday 3rd March 07:37
The only thing I see about to be wound up is Slater & Gordon.
twinturboz said:
g4ry13 said:
Have you taken hedge positions for the Brexit or do you plan to cross that bridge when we get to it?
Don't trade the Uk market anymore haven't for years, the market I assume must have priced in the chances of an exit already or will do way before the actual vote.NRS said:
Do you see a sharp adjustment down soon? The chart stuff certainly seems to work pretty well in a lot of cases.
It's been a very technical market even more so in 2016. With the US markets, it's at a fork, in it's simplest form either this was just a correction and we make new highs, or it's all part of a massive topping formation which started last June and eventually we will break down hard. Personally I don't think the lows for 2016 are in.
For the short term think this market may go to 2020 but it's overbought and due a pullback at any point. If you look at this recent correction and rally it's basically the same structure as August. That was a 12-13% rally followed by a 5-6% pullback.
From here 2 options a pullback to 1900ish and then more sideways action eventually leading to new highs or a 2000/2008 set up where the market is rejected around 2030 and then 30-40% pullback follows..
For now forget Oil as a direction indicator, instead watch the Yen, US bonds 30yr & 10yr, IWM and Goldman Sachs, they seem to be the best tells on which way the market is heading.
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