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Chris Hunt v Chris Pearce !!!
rocket fuel - 21 Mar'04 - 21:03 - 2963 of 3079
whats the story folks? any out of court settlements lately? perhaps a long weekend in baghdad as compo.
Enforcer01 - 21 Mar'04 - 22:31 - 2964 of 3079
As if we would tell you!!
rocket fuel - 22 Mar'04 - 07:19 - 2965 of 3079
enforcer, it's not the official secrets act you know. just a smash and grab on a few nieve punters.
Anomalous - 22 Mar'04 - 08:07 - 2966 of 3079
So you admit that the MMs performed a 'smash and grab' as you put it. So it was an organised market abuse and intentional to take advantage of investors. The term 'smash and grab' comes from robberies, in other words a criminal act.
Thank you for finally admitting that the market makers committed a criminal act. I'm sure the FSA will take note of this in their enforcement enquiry.
uknighted - 22 Mar'04 - 08:46 - 2967 of 3079
Rocket Fool says "a few nieve punters".
Anyone know what NIEVE means.
Is it libellous or is he just very naive? :-)
Agincourt - 22 Mar'04 - 08:52 - 2968 of 3079
uknighted
nieve (archaic and dialect) the fist, a closed handful, (nieve-nick-nack) a scottish children's pastime, a way of assigning by lot by guessing which hand contains something, the holder repeating a rhyme.
So, there you go. He is cleverer than you think. LOL
Was this a game EVO were playing. If only they had told us.
uknighted - 22 Mar'04 - 09:11 - 2969 of 3079
Agincourt. It all becomes clear thank you. You have just explained it all. Apparantly we had to guess in which hand the MM was holding the RSV shares and it would appear we guessed wrong. DOH!!
Either we guessed wrong or we repeated the wrong rhyme.
Thank you to Rocket Fool and Agincourt for providing this enlightenment and my recommendation to Anomalous is that we stop all actions immediately or else risk being made to look like a Judy by Mr Punch in court. At the very least PC Plod will feel our collars and I like mine standing up Cantonesque style!!!
rocket fuel - 22 Mar'04 - 18:55 - 2970 of 3079
smash n grab. it happens all the time. mug punters pile in on a bb ramp while the mm's and traders short the arse of it. leaving the lemmings with a large hole in the pocket.
uknighted - 22 Mar'04 - 19:22 - 2971 of 3079
Rocket Fool
Would it be the hole in the pocket that the lemmings all jump in to?
AZH stood firm in todays shareprice massacre. How many of your shares did that or better?
Perhaps we are not mugs after all. I for one am not out of pocket on AZH and still holding. No lemmings here then.
Jonck - 22 Mar'04 - 20:15 - 2972 of 3079
Anom - nice one, re email.
uknighted - 22 Mar'04 - 20:25 - 2973 of 3079
Anyone seen Jacko?
No postings here today, only 1 on MT.
Not complaining, missing him like a hole in the head but he's substitute -Rocket Fool - just isn't up to the task (i.e giving us endless hours of amusement with stupid postings), despite he's very best efforts.
JakNife - 22 Mar'04 - 20:41 - 2974 of 3079
.
Sahkismet - 22 Mar'04 - 22:26 - 2975 of 3079
Hi guys I need some assistance here. I had written these shares off a long time ago (especially when I have bought them at 24p when they were CUBE8, Doh). Well I need to know how many shares I actually own now as there have been many changes since those early days and I definitly have not kept track of them. I did own tens of thousands but according to my share certificates in Azure which I have kept as a mementos I only have hundreds! I need to sell these to off set other capital gains so any advise would be much appreciated.
gunnergonk - 22 Mar'04 - 22:32 - 2976 of 3079
hi everyone,
dont post here much now, still in the group and still fighting to the end with you. just fed up of the accusations levelled at us by the bashers and i dont post incase i loose my rag and say what i think! and then i might get banned so its best if i dont.
uk> who will u be cheering on weds gooners/chelski
vh> great derby win congrats. any word back on the pics?
p.
greenchair - 22 Mar'04 - 22:32 - 2977 of 3079
Sahkismet>
You can contact the Shareholder's Action Group here for some sound advice.....
http://www.rsvshareholders.co.uk/html/contact_us.html
via here............
http://www.rsvshareholders.co.uk/index.html
uknighted - 22 Mar'04 - 22:49 - 2978 of 3079
gg - just looking forward to a great match the outcome of which (for some unknown reason!!) doesn't interest me in the slightest.
However, I hope you enjoy it more than Sundays :-))
uknighted - 23 Mar'04 - 08:31 - 2979 of 3079
Morning eddie
Serious question (not taking the discoloured H2O), what's the story with ROS?
vanhalen - 23 Mar'04 - 08:41 - 2980 of 3079
Morning UK
Still waiting for news as to whether or not the 'Blow down' (dont even go there) was a success and that pipe pressure has increased as a result. RNS could arrive any moment !!!
Friday's steep rise was interesting and hopefully a flavour of what is to come
uknighted - 23 Mar'04 - 08:43 - 2981 of 3079
Good luck.
JakNife - 23 Mar'04 - 09:43 - 2982 of 3079
From this morning's FT:
COMPANIES UK
Room Service holders demand FSA acts.
By PAUL J DAVIES
468 words
23 March 2004
Financial Times
London Ed1
Page 26
English
(c) 2004 The Financial Times Limited. All rights reserved
Shareholders in Room Service, the Aim-traded shell company involved in a short-selling scandal, are demanding compensation from the London Stock Exchange for its role in the affair.
The Room Service Shareholders' Action Group, which is already suing the marketmakers involved, yesterday made an official complaint to the Financial Services Authority requesting an enforcement investigation.
It emerged in December last year that short-sellers had sold more shares in Room Service, now renamed Azure Holdings, than existed. This created settlement problems and left many small investors out of pocket.
Nigel Smith, spokesman for the group, said the LSE should have suspended the shares when informed of unusual market activity by John East & Partners, the company's nominated adviser, on October 16.
The LSE sent a message highlighting trading difficulties to dealers' screens two trading days after this warning on October 20, while the shares were suspended at the request of the company on October 22 pending a refinancing package.
Mr Smith wrote in his complaint to the FSA that during the two days the LSE waited before acting, marketmakers continued to trade shares at extraordinarily high levels.
"We believe the LSE did make a mistake. We would like an apology and we would like compensation. We think that's reasonable," Mr Smith said.
The action group turned to the FSA after it made a complaint to the LSE in February and was not satisfied with the Exchange's response a month later.
The LSE said yesterday: "We believe we have given (the action group) full answers to its questions."
In its response, Philip Caine, manager of regulatory complaints, said shares are usually suspended from trading when there is either a request from the company due to a pending price sensitive announcement, or when a company has breached reporting obligations.
"The exchange . . . is very reluctant to suspend trading in other circumstances not related to the company itself," Mr Caine wrote.
A second part of the group's complaint to the FSA is that, by allowing shares issued as part of a refinancing deal to be sold to marketmakers so that they could fulfil stock sales to investors, the LSE contributed to a loss in value of the shares when trading resumed.
The LSE said this was not the case because it had required the marketmakers to ensure that investors could receive the 10-for-1 open offer made in the refinancing as if they had held their shares at the time.
Investors also had the option of having the money paid for shares not delivered plus any transaction costs refunded by the marketmakers.
"(We have) given investors a clear route to exercise the open offer or get out with a cash refund," the LSE said.
JakNife - 23 Mar'04 - 09:54 - 2983 of 3079
Personally, I find this line the most amusing:
"We believe the LSE did make a mistake. We would like an apology and we would like compensation. We think that's reasonable," Mr Smith said.
After having noted Mr Smith's other comments and claims, the demands for excessive compensation and the request for extravagant fines to be imposed I don't personally consider Mr Smith to be the appropriate arbiter of what is or is not "reasonable".
psps - 23 Mar'04 - 10:06 - 2984 of 3079
very interesting article in the FT i must say.
Anomalous - 23 Mar'04 - 10:14 - 2985 of 3079
Room Service holders demand FSA acts
By Paul J Davies
Financial Times
Published: March 23 2004 4:00
Shareholders in Room Service, the Aim-traded shell company involved in a short-selling scandal, are demanding compensation from the London Stock Exchange for its role in the affair.
The Room Service Shareholders' Action Group, which is already suing the marketmakers involved, yesterday made an official complaint to the Financial Services Authority requesting an enforcement investigation.
It emerged in December last year that short-sellers had sold more shares in Room Service, now renamed Azure Holdings, than existed. This created settlement problems and left many small investors out of pocket.
Nigel Smith, spokesman for the group, said the LSE should have suspended the shares when informed of unusual market activity by John East & Partners, the company's nominated adviser, on October 16.
The LSE sent a message highlighting trading difficulties to dealers' screens two trading days after this warning on October 20, while the shares were suspended at the request of the company on October 22 pending a refinancing package.
Mr Smith wrote in his complaint to the FSA that during the two days the LSE waited before acting, marketmakers continued to trade shares at extraordinarily high levels.
"We believe the LSE did make a mistake. We would like an apology and we would like compensation. We think that's reasonable," Mr Smith said.
The action group turned to the FSA after it made a complaint to the LSE in February and was not satisfied with the Exchange's response a month later.
The LSE said yesterday: "We believe we have given [the action group] full answers to its questions."
In its response, Philip Caine, manager of regulatory complaints, said shares are usually suspended from trading when there is either a request from the company due to a pending price sensitive announcement, or when a company has breached reporting obligations.
"The exchange . . . is very reluctant to suspend trading in other circumstances not related to the company itself," Mr Caine wrote.
A second part of the group's complaint to the FSA is that, by allowing shares issued as part of a refinancing deal to be sold to marketmakers so that they could fulfil stock sales to investors, the LSE contributed to a loss in value of the shares when trading resumed.
The LSE said this was not the case because it had required the marketmakers to ensure that investors could receive the 10-for-1 open offer made in the refinancing as if they had held their shares at the time.
Investors also had the option of having the money paid for shares not delivered plus any transaction costs refunded by the marketmakers.
"[We have] given investors a clear route to exercise the open offer or get out with a cash refund," the LSE said.
psps - 23 Mar'04 - 10:22 - 2986 of 3079
a clear case of LSE passing the buck .
they made a MISTAKE and they should pay for it
JakNife - 23 Mar'04 - 10:55 - 2987 of 3079
An interesting viewpoint psps
"a clear case of LSE passing the buck
they made a MISTAKE and they should pay for it."
A more rational perspective might be that those people who bought shares in RSV made a mistake. After all, this was a company that had a technically insolvent balance sheet and had publicly announced that it was going to have a debt for equity swap that would value the equity at 1p a share. Quite why anyone would want to buy shares in such a company is a mystery. But those people who did should wake up and accept that the buck stops with them, they are the ones that made the mistake and they are the ones who have to accept the consequences of their mistake. There's no point trying to blame somebody else for their own incompetence.
a clear case of investors passing the buck
they made a MISTAKE and they should pay for it.
Jonck - 23 Mar'04 - 13:16 - 2988 of 3079
"a clear case of investors passing the buck
they made a MISTAKE and they should pay for it."
JakNife. Do you mean 'should pay' or 'have paid'?
psps - 23 Mar'04 - 14:16 - 2989 of 3079
Jaknife,
if thats the case then it makes me wonder why you post on this bb
did if ever buy shares in RSV
investors are not trying to pass the buck. as i read it from the FT and other papers the LSE should have taken steps to prevent this sort of thing happening.
by issuing more shares and allowing investors to accept the casg they have proved that they are at fault.
the LSE has accepted that there were more shares bought in October and top me how can they allow that to happen
i aint taking any ones side , just giving my opinion whatever its worth
Agincourt - 23 Mar'04 - 14:22 - 2990 of 3079
psps
You are wasting your time asking JakNife why he is contantly posting on here. He will not tell you.
Go to this URL at his web address and draw your own conclusions.
http://www.joanandkev.com/Shares/SHAGS.htm
psps - 23 Mar'04 - 14:25 - 2991 of 3079
Agincourt,
thanks for that .
i know Jaknife talks from his backside
uknighted - 23 Mar'04 - 14:38 - 2992 of 3079
3 reasons why I bought RSV - in no particular order.
1. Capital appreciation
2. Dividend
3. Shareholder perks - Discount on Room Service at hotels.
Think I might buy BOOTS next - could do with some shareholder discount on new footwear.
For those interested I do have a website giving helpful investment strategies.
www..........com
psps - 23 Mar'04 - 14:42 - 2993 of 3079
nice one
Dusseldorf - 23 Mar'04 - 14:43 - 2994 of 3079
uknighted - I have a healthy investment strategy for you: PAA, DMR, CYB and THUS.
uknighted - 23 Mar'04 - 14:46 - 2995 of 3079
Thanks James
Need, Need, Need, Got
JakNife - 23 Mar'04 - 15:14 - 2996 of 3079
Hello psps
"investors are not trying to pass the buck. as i read it from the FT and other papers the LSE should have taken steps to prevent this sort of thing happening.
by issuing more shares and allowing investors to accept the casg they have proved that they are at fault.
the LSE has accepted that "
That strikes me as a clear attempt at buck passing.
The primary response for investment decisions lies with the person who has the money, they can chose to put the money in cash, to give the money to a fund manager or they can pretend that they're a big-shot, that they have half a clue what they're doing and gamble it on the stock market.
Whichever it is, the person making the decision has to take responsibility for that decision. In this case, investing in RSV when it had a technically insolvent balance sheet and AFTER it had publicly announced that it was having a materially dilutive debt for equity swap was a poor decision and one that the decision maker has to take responsibility for.
ChiversJ (ADVFN) - 23 Mar'04 - 15:14 - 2997 of 3079
Dear All,
Please be careful on the nature of pictures that you post on this thread.
Regards,
James
uknighted - 23 Mar'04 - 15:19 - 2998 of 3079
"a poor decision and one that the decision maker has to take responsibility for."
Here we go - round in circles again. Yawn
So what about the decision made by the MMs to make a trade when they didnt have the stock?
What about the decision by the LSE not to issue warnings when they could forsee a problem?
Agincourt - 23 Mar'04 - 15:22 - 2999 of 3079
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