WTG Defence, page-218

Grumpy - there's just one tiny thing missing in SWC's dream scenario, which is the fact that WTG's total net worth is something of the order of $100m. I didn't study advanced level maths but I make that about one tenth (10%, to make it easy for you, SWC) of the amount SGH is claiming in damages. As far as I can tell, SGH is saying it wants the whole purchase price it paid for QPP's PSD back (presumably plus interest and costs).

You see, QPP's directors fraudulently didn't predict what George Osborne would say in his autumn statement about 6 months after the deal completed. And they fraudulently didn't charge anything at all for the 53,000 NIHL claims SGH acquired. And - worst of all - QPP's fraudsters fraudulently didn't take Andy, John & Ken to one side when the due diligence was going on and say to them: "hey, do you not think you should be going about your due diligence work differently? It's a bit odd making so many public statements saying you're not bothered about what we managed to squeeze out of the PSD in profits (nothing) because you know a secret way to spring the loaded catapult because you're so much cleverer than anyone else".

And of course they fraudulently didn't email Andy, John & Ken in the months immediately after the deal completed saying: "do you not think it would be a good idea if one or more of you popped over to the UK to check in person how things are going? You seem remarkably confident, but we're hearing on the grapevine that after you changed the names of all the businesses that had been trading successfully for decades before A-H Terry came along to f*** things up - to something no-one in the UK had ever heard of (SGS) no-one knows what anyone does anymore, or how likely they are to be good at it even if they do".

Yes - it was definitely fraud. The well constructed and very frightening (to WTG's QCs) claim confirms this. But the maximum the wronged party would ever be able to get out of it is the total worth of the fraudster. There's no insurance I've ever heard of that pays out on fraud by the party taking out the policy.

It's a bit of a longshot but, knowing how much SGH's directors valued and were grateful to its loyal shareholders for their support over so many years, maybe the SGH directors' wives wrote a policy for the whole acquisition cost in trust for their benefit? It's definitely a possibility. Maybe the proceeds of sale of those properties were used to top it up with interest?

It would have been the right thing to do

imho/dyor