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13/08/20
12:37
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Originally posted by baldynumbers:
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BL to all holders... two cowboys come in to save the train wreck left by JP... such a terrible result for holders... customers get to continue and the business gets sold to creditors for 300m without compensation. This wasn't a large holding for me, but at least now we have the capital loss as a certainty... soon Realistically - is there any point in a class action??? What part of the executive team / board actions would be deemed criminal and likely to see success - with compensation to come back to holders? They simply paid too much for assets at the top of a cycle... and then were left with too much debt when the bath water was let out.
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I do wonder about the lack of disclosure by the company. and the true state of the accounts. Yes covid was the final straw, but the writing was on the wall prior to that and I am not certain that shareholders were being given the full picture. A small holding here as well, it is always a danger when dealing with highly leveraged companies. I had already written my investment off in my mind, so any return at all was always going to be a bonus.