ABS - ABC Learning Centres

[AS414]

Some analysis of ABC Learning's failed strategies:

http://internationalbs.wordpress.com/2008/11/07/as-simple-as-abc/

http://internationalbs.wordpress.com/2008/11/18/following-up-on-cars-and-caring/

 

[Quincy]

Watchdog moves to freeze ABC founder's assets

THE corporate regulator has moved to freeze the assets of ABC Learning founder Eddy Groves and have his passport seized - indicating he may be considered a flight risk - as investigations continue into the child-care provider's collapse.

http://business.smh.com.au/business/watchdog-moves-to-freeze-abc-founders-assets-20090624-cwu6.html

The regulator hopes the court will order Mr Groves to remain in Australia until June 30, 2010. It has asked that he hand over his passports within two days.

The court may also ban Mr Groves and his new wife from taking assets out of Australia, including selling them, giving them away or mortgaging them.

Mr Groves would still be allowed to spend $10,000 a week on living expenses and to pay legal costs in other cases arising from the collapse of ABC Learning.

I wonder how much of that $10,000 / week is for "living expenses" ?

 

[Investment Guy]

ABC Learning Centre CFO pleads guilty to providing false information

The former CFO of the collapsed childcare operator ABC Learning Centres Limited, James Black, has today pleaded guilty to authorising false or misleading information to auditors during a half-year audit. The charge carries a maximum penalty of five years in jail and/or a fine of $22,000.

For full details, just go to the "Media releases" section of the ASIC's home page.

-IG

 

[Julia]

Interesting. Thanks, IG. A lot of people got burned with that one. Such a market darling until it wasn't, yet people just held on to it all the way down.