Mark,
I am writing out of pure decency and to see if FTI Consulting and your client PFG have an ethical bone in your bodies.
My family and I invested in Buddy Technologies to the tune of AUD 400K. This has turned into a disaster.
Having faith in PFG’s due diligence process for loaning to Buddy Technologies proved to be a mistake. What sort of shop are they running in Australia ? They clearly don’t have the resources to perform competent DD.
FTI Consulting’s “Shareholder contact” for the Buddy Technologies receivership is nothing more than a junior intern token staff member and the standard form answers in reply are an embarrassment to FTI Consulting as an international firm.
In reality, there is no pro-active communication to shareholders from this person or anyone else at FTI or PFG.
Let me remind you that FTI are a member of the small Australian financial community, and we work with people we trust.
PFG lost their lender SVB and quite frankly, their reputation along with it. Jason Georgatos may as well pack up and move back to the US. HotDoc and Koala will not sustain their business model, particularly in this environment.
I am very aware that PFG are suing the Directors of Buddy Technologies, and I am pleased about this.
However, investors followed PFG into this stock on the basis they were a competent lender. PFG will not be left unscathed.
They better update investors with the current situation or face legal action themselves.
Our family office, together with other significant Australian family offices are watching this situation very closely.
My grandfather would roll in his grave if he saw Australian investors being treated with such distain.
Do the right thing, and you will be respected for it in this community.
Start communicating and ensure investors do not lose out due to PFG’s due diligence incompetence.
