This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

BCS - BrisConnections Unit Trusts

Jump to new
Re: Brisconnections shareholders - financial ruin

Macquack,

Macquarie dump all their shares, so dont have any say in the vote.
Click to expand...

So why wouldn't they buy back in at .001 and vote to wind up the company and save themselves $1.999 per share??

brty
 
Re: Brisconnections shareholders - financial ruin

brty said:
Macquack,



So why wouldn't they buy back in at .001 and vote to wind up the company and save themselves $1.999 per share??

brty
Click to expand...

There still is time left to do that, or maybe they are relying on Bolton to do it for them.

If Macquarie do as you suggest and buy back in just to wind up the trust, then they should be run out of town and run out of the country.
 
Re: Brisconnections shareholders - financial ruin

It might not be directly related to Brisconnections, but Nick Bolton has been in the news for other reasons unrelated to his share trading.

His internet domain name company got hacked and now the credit card details of his 60,000 customers are up for sale: Hacker adds to Bolton's woes
 
Re: Brisconnections shareholders - financial ruin

From the Age:

Santamaria told the court that Bolton had struck a put option to sell up to $77,000 of BrisConnections unit trusts at a strike price of 0.1 ¢ a unit to friend John Howard Williams of Melbourne.

The expiration date on that option is April 21 ”” eight days before the next $1 instalment is due, and Australian Style Investments is due to pay its first $70 million instalment.

"That agreement is effectively an exit strategy," Santamaria told the court. He also said the debt owed to BrisConnections would end up with a "$100 company" that was controlled by a person who had "some relationship with the defendant".

"These BrisConnections units will be sent to the bottom of Port Phillip Bay," Santamaria said. "The defendant has effectively embarked upon a scheme where he is taking on liabilities that will be transferred out of his name on April 21."

Santamaria said BrisConnections had evidence that suggested the put option with Williams was signed on November 18 last year, six days before Bolton bought 47 million units.

The fact that he struck put options BEFORE he purchased the initial tranche of units...does that indicate he knew exactly what he was doing all along? Can anyone work out what he would stand to gain from this strategy? Also, why would his Dad's business partner want to write this put option contract with him?? That could leave him with the liability!

This keeps getting more and more interesting.
 
Re: Brisconnections shareholders - financial ruin


Oh Bugger, they host our website and we pay by credit card direct debit! Not through Bottle domains though, phew!
 
Re: Brisconnections shareholders - financial ruin

It just keeps getting bigger.

Macquarie have invited themselves to the court case. See page 16 of today's Financial Review. At the risk of simplifying the report it seems they are more on Bolton's side than against him. They are concerned that they could be open to a class action by shareholders if Brisconnections don't act in the interests of shareholders.

This is a very much cutdown version of the Fin Review article: http://www.tradingmarkets.com/.site/news/Stock%20News/2218399/

The full article says that Macquarie and Deutsche are concerned that Brisconnections statements that winding up the trust will not extinguish unitholders' liability is misleading.
 
Re: Brisconnections shareholders - financial ruin

More detail on yesterday's proceedings here: Big guns for BrisConnections battle

four Queen's counsels and a senior counsel on show at the Supreme Court in Melbourne, with almost 30 solicitors and juniors in tow, for the latest act of the drama starring rebel shareholder Nick Bolton....
Click to expand...
 
Re: Brisconnections shareholders - financial ruin

From that article, Brisconnections have apparently engaged some dodgey character to buy 19.9% of the company.

That would only cost them roughly $76,000 and would certainly thwart Bolton at the EGM. But how would they then find the $152 million or so that they'd need to find in the second instalment? Perhaps they are using this dodgey guy because their intention is to have him in vote at the EGM to save their backsides, then he (or whatever company structure he sets up) defaults and the underwriters cover his shortfall.
 
Re: Brisconnections shareholders - financial ruin

Check today's AFR.

'There were extensive communications on these online forums between holders in units in which they are discussing amongst themselves how they can divest themselves of their liabilities.'

Reference to this thread perhaps?
 
Re: Brisconnections shareholders - financial ruin

Yes, I heard that they were looking at using all the forum messages as evidence.
Also I heard they had hacked boltons e-mails???

Its certainly hotting up
 
Re: Brisconnections shareholders - financial ruin

Obviously im no lawyer, but i think it would be difficult for a company to be able to force forums and websites in general to give up personal details of their users, due to the privacy act etc.

Sure is interesting to watch though. How did the members here go? Did you manage to get rid of your shares?
 
Re: Brisconnections shareholders - financial ruin

prawn_86 said:
Obviously im no lawyer, but i think it would be difficult for a company to be able to force forums and websites in general to give up personal details of their users, due to the privacy act etc.
Click to expand...

G’Day Prawn,

I don’t think there are any details stored by ASF that can be traced back to a user. Am I wrong in thinking this?
 
Re: Brisconnections shareholders - financial ruin

I'm fascinated by the whole thing....that article in the Age this morning described BrisConnect as having 4 QCs and a legal team of 30 solicitors, juniors etc. all to take down this 26 y.o. guy who accidently purchased $40k worth of stock!

The other issue is this Williams character who has vanished off the face of the earth... I reckon he's floating around in a yacht in the middle of Port Phillip Bay somewhere.
 
Re: Brisconnections shareholders - financial ruin

cutz said:
G’Day Prawn,

I don’t think there are any details stored by ASF that can be traced back to a user. Am I wrong in thinking this?
Click to expand...

Hi Cutz,

Every post is stamped with the IP address of the author of that post, although this information is only visible to administrators and moderators. This IP address can then be traced back to the user in question via their internet service provider.

Also, IP addresses are recorded at registration.
 
Re: Brisconnections shareholders - financial ruin


Unless you have a dynamic ISP? OK Joe, how is privacy protected then, if you were asked to provide those details? I understand the ISP can narrow down to a suburb, but where to from there?
 
Re: Brisconnections shareholders - financial ruin

Enzyme said:
From that article, Brisconnections have apparently engaged some dodgey character to buy 19.9% of the company.
Click to expand...
I doubt whether that would be Brisconnections or any of the underwriters as about 67 million units are for sale on the ASX at $0.001. While that's more than the $0.00001 quoted in the article the difference is still only loose change for Brisconnections and the underwriters.

As for Williams he might be sailing around Exmouth Gulf by now.
 
Re: Brisconnections shareholders - financial ruin

Prospector said:
Unless you have a dynamic ISP? OK Joe, how is privacy protected then, if you were asked to provide those details? I understand the ISP can narrow down to a suburb, but where to from there?
Click to expand...

With both the time of the post and the IP address the ISP can then identify an account.

This information would not be supplied to any third party by me unless I was required to by a court order.
 
Re: Brisconnections shareholders - financial ruin

prawn_86 said:
Sure is interesting to watch though. How did the members here go? Did you manage to get rid of your shares?
Click to expand...

Hi Prawn_86

Unfortunately I've still got my 500,000 shares. I did get a letter from a group in Melbourne who were looking at aquiring no more than 19.9% of units (I'd say it was sent to all shareholders). But it went to my home address and I'm away working so I didn't action it. Mine are still listed on etrade (along with everyone elses!).
 
Re: Brisconnections shareholders - financial ruin

prawn_86 said:
Obviously im no lawyer, but i think it would be difficult for a company to be able to force forums and websites in general to give up personal details of their users, due to the privacy act etc.
Click to expand...

a few years back in commsec chat . a poster was forced to make a public apology and threatened with legal action over a statement he made in chat regarding EMS ( eastland medical) .he posted unfactual slagging off and was actually pulled up on it .

it can happen..... dunno about here but it was a big thing in the commsec chatrooms back when it happened


LOL just thinking back now .this incident was at least 7/8/9 years back ........ hahahah i need to get out more
 
You must log in or register to reply here.

Similar threads

May 2024 DDD
2 3 4
Replies
69
Views
7K
qldfrog
TTZ - Total Telcom Inc.
Replies
2
Views
2K
TacoTed
Superhero - Afterpay/Zip backers fund Robinhood-style trading platform
Replies
13
Views
5K
Dona Ferentes
PGOL - Patriot Gold Corp (Royalty Company)
2
Replies
30
Views
7K
TacoTed
R
Scale Economies
Replies
3
Views
1K
RickyY
R
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...