BCS - BrisConnections Unit Trusts

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

I could do it and then cancel the order, But I am a little nervous of doing it!!!!

 

[Julia]

Re: Brisconnections shareholders - financial ruin

I could do it and then cancel the order, But I am a little nervous of doing it!!!!

Don't do it then cancel the order just in case something goes wrong.
Do it up until you have to enter your PIN code and then enter "Buy", "Submit"
or whatever Comsec's final instruction is. Just make the order for 10 shares, at market. Take a screenshot of what you see before the final action.

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

OK give me 5,
How do I get screen shot on a mac?? and how do I upload it?

 

[Julia]

Re: Brisconnections shareholders - financial ruin

OK give me 5,
How do I get screen shot on a mac?? and how do I upload it?

I don't know anything about Mac's. To upload go to "Manage Attachments"
underneath the "Reply " box, click on that, then on Browse to find the screenshot (wherever you have saved it), then click on that, then click on Upload. Then come back to your Reply box and click on Submit as usual.

Or any other Comsec client who could help out here?

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

I cant proceed with only 10 shares.
A comsec Transaction has to be for $500 or more

It has no mention of $2.00 unpaid up to the confirm screen

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

OK give me 5,
How do I get screen shot on a mac?? and how do I upload it?

On PC's there is a key "prt Scr" (top right) - you press Ctrl and Prt Scr; the screen shot is "copied" to your pC; then open up a word document page and then press the command for "paste" try to convert that for Macs.
Does this help at all?

I cant proceed with only 10 shares.
A comsec Transaction has to be for $500 or more

It has no mention of $2.00 unpaid up to the confirm screen

Hmm, there may still be another page to go. That's why I tried with $500 earlier until I got the tradepin screen.

 

[rocket12]

Re: Brisconnections shareholders - financial ruin

I reckon this is it Julia? Rocket, do you not have to insert a trading password when you buy shares or has that already been done, and then you just click the Confirm button and the order is entered?

Click the button and deals done.

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

The only way to do it would be to simulate a one million dollar Liability.
and cancel the transaction straight after.. A little risky.

 

[sails]

Re: Brisconnections shareholders - financial ruin

There's a problem with that theory. Everyone who seems "for" action to take place assumes that there's a victimless way out.

If BCS becomes the purchaser of these funds,

1. They are essentially relieving these people of their debts

2. The underwriters are then under no obligation to underwrite the missing dollars.

So, BCS goes under and legitimate holders have their value wiped out - they would have no reason to pay the addition $2.

I did also suggest that perhaps the underwriters could make a market to enable these people to sell their shares.

What's the point of going ahead with a project when a potentially large number of investors don't have the millions required? Surely, this thing will go bust anyway. May as well make the necessary market or procedures to let these unsuspecting investors out and try and get the funds from those that can actually afford.

Whether these investors found the relevant info or not, it doesn't change the fact they simply don't have the funds. In many cases, banks would have first mortgage on their homes, so there's not going to be much in it for BrisC anyway. May not even be enough to pay for debt collection. Let alone the moral side of ruining the lives of so many.

If they are going to trap people in by not letting them sell before the instalments are due, how can BrisC know if they actually have the funds to proceed with their project anyway?

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

Me too,
I dont think you will be able to buy them

 

[jackson8]

Re: Brisconnections shareholders - financial ruin

Thanks Jackson.

Anyone else able to post an actual screenshot of the final screen which appears as at today's date before the Buy commitment is made?

okay have just placed a sell order over some other shares that i own.......after filling in initial form and hitting "proceed" button a warning came up concerning warning of the short selling ban........then once hitting "confirm" the order is placed .........so therefore if there was to be a warning concerning bcsca you would expect it to come up after hitting the "proceed" button .......which would still give you the option to chicken out before hitting "confirm"

 

[rocket12]

Re: Brisconnections shareholders - financial ruin

I cant proceed with only 10 shares.
A comsec Transaction has to be for $500 or more

It has no mention of $2.00 unpaid up to the confirm screen

The screencap above is definately the final click. I tried with BHP with one share but it wouldn't let me due to not enough money, so did it with 25 shares for a total of $600 BHP shares and once I clicked that button this is the screen that comes up. (Ps i've cancelled the order)

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

Thats the same screen as I got, And at this stage you have bought them.
You then get to find the $2.00 unpaid when they e-mail you your share certificate.

 

[jackson8]

Re: Brisconnections shareholders - financial ruin

I did also suggest that perhaps the underwriters could make a market to enable these people to sell their shares.

What's the point of going ahead with a project when a potentially large number of investors don't have the millions required? Surely, this thing will go bust anyway. May as well make the necessary market or procedures to let these unsuspecting investors out and try and get the funds from those that can actually afford.

Whether these investors found the relevant info or not, it doesn't change the fact they simply don't have the funds. In many cases, banks would have first mortgage on their homes, so there's not going to be much in it for BrisC anyway. May not even be enough to pay for debt collection. Let alone the moral side of ruining the lives of so many.

If they are going to trap people in by not letting them sell before the instalments are due, how can BrisC know if they actually have the funds to proceed with their project anyway?

if brisc were to pursue the payments and according to their latest ann. they are going to ....they have six months to pursue and charge interest and other fees over and above the installment price

surely the only option would be to declare bankruptcy for those unable to pay or sit out the 6 months and hope not to receive the dreaded letter.

not advocating bankruptcy as it has a lot of other negative implications on your life but for those without another avenue it may be their only saviour

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

if brisc were to pursue the payments and according to their latest ann. they are going to ....they have six months to pursue and charge interest and other fees over and above the installment price

surely the only option would be to declare bankruptcy for those unable to pay or sit out the 6 months and hope not to receive the dreaded letter.

not advocating bankruptcy as it has a lot of other negative implications on your life but for those without another avenue it may be their only saviour

Even if you declare bankruptcy, other assets can be liquidated. I hope there will be a better way forward than that. I am thinking Commsec's lack of disclosure will come into play, given Rocket's sequence above, and the warnings given to Julia by E*Trade and NAB to me.

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

I certainly Hope & Think so too.

I am from the UK and not sure what your laws are here. Im certain back home this would have been kicked into touch by an un-enforceable credit agreement or similar. where no contractual agreements are in place and signed.
I guess things are a little different here.

 

[Cartman]

Re: Brisconnections shareholders - financial ruin

No vested interest in Brismob but been reading a bit of this thread

Sunder people here are suffering my friend ----- what is your point!!

bottom line is humans will take a punt on almost anything if the R/R looks ok ---- stock drops fom $X to X cents ------ ill punt a coupla thousand on that -- who knows it might get to 2X cents and i make a coupla thousand

people dont look too closely (ie do lots of research) at something that is cheap because ----- mmmm --- its CHEAP !!

unfortunately this one wasnt cheap

so even tho you are probably technically correct Sunder ------

stop preaching holier than thou reasoning and just put yourself in their shoes and leave them alone -- cause the day may come when u do something similar and u may well be looking for some support from someone

probably regret posting this one but --- oh well --- what the hell

 

[Bushie]

Re: Brisconnections shareholders - financial ruin

Go Cartman, thank you for that oh so needed vote of support, I must admit that Sunder's attitude had me a tad intimidated, & I didn't like the feeling, my emotions are so raw as it is. Referring also to the chatter about the screens, Netwealth had no warnings at all either, but as you all have said, does it matter in the end? We are trapped now, & what we are really looking for is a legal way out that won't cost us our homes & other possessions.

 

[Cartman]

Re: Brisconnections shareholders - financial ruin

Go Cartman, thank you for that oh so needed vote of support, I must admit that Sunder's attitude had me a tad intimidated, & I didn't like the feeling, my emotions are so raw as it is. Referring also to the chatter about the screens, Netwealth had no warnings at all either, but as you all have said, does it matter in the end? We are trapped now, & what we are really looking for is a legal way out that won't cost us our homes & other possessions.

No probs Bushman ---- hard to imagine how u poor buggas feel ---- sickening stuff -----

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

Hey Bushie, there are a lot of people offering you support; do not be intimidated by people who are trying to kick you down.