BCS - BrisConnections Unit Trusts

[wonderrman]

Re: Brisconnections shareholders - financial ruin

Hmmm... but they invested into Toll Road Builder to built, not into Financial Institution ?to engage into sophisticated financial products and loose millions...( Please explain)

The company can do what ever they want. Anyone can try and hedge their bets. These guys stuffed up massively, don't know how they haven't been held more accountable for this.

Bit of a joke this whole situation, the EGM should go ahead, from the outside looking in, it looks like BrisConnect have forgotten that the unit holders own the company, not the management or lawyers.

Not a unit holder, following with interest though. wonder.

 

[Julia]

Re: Brisconnections shareholders - financial ruin

Question to financial experts?
As mention in discussion : "Tool Road operator invested into financial derivatives and lost few hundred millions in process.."
1- Underwriters are covering loss?
2-Unsophisticated investors (mums and dads) covering ?

When I heard this I pretty much gave up trying to figure out all the ramifications of this unholy mess. The investment into derivatives adds yet another complication in what is already hard to work out.

I notice that all the original investors have gone very quiet.

 

[Sunder]

Re: Brisconnections shareholders - financial ruin

When I heard this I pretty much gave up trying to figure out all the ramifications of this unholy mess. The investment into derivatives adds yet another complication in what is already hard to work out.

I notice that all the original investors have gone very quiet.

Have to admit the court case started opening things above my head as well. I did start noticing some very tenuous legal claims here based off the journalist reports, based off judges comments (which are not yet rulings). It made me realise that beyond this point, any comments I have to make could be almost as bad (although there were some VERY tenuous claims made by other forum members there!)

I think for now it's time to sit quietly, rather than debate for me. Still watching the thread, little to say at this point in time.

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

Yes, it is way beyond me now too.

 

[Cats]

Re: Brisconnections shareholders - financial ruin

Forum......"Any public meeting place for open discussion "
Keep it coming guys ! Where else can one share ideas and thoughts on this ?

 

[cuttlefish]

Re: Brisconnections shareholders - financial ruin

I'm still astounded that this stock remains tradeable and isn't suspended. Where is ASIC? Where is the ASX? (oh thats right, the BCS chairman is also on the ASX board, no conflict there ).

There is no orderly market for this stock and if a marketable parcel is considered to be $500 worth then any purchase of a marketable parcel also incurrs a $1,000,000 liability when both instalments are taken into account - thus this is a product that should not be available to retail investors any more and the stock/unit whatever the blinking heck it is should be suspended from trading to stop more flys falling into this venus fly trap created by the clever "merchant bankers" at Macquarie.

disclosure - have never been a holder of BCSCA just another flabbergasted bystander.

 

[NiMaC]

Re: Brisconnections shareholders - financial ruin

Did anybody find out why the Yahoo forum thread was deleted?

 

[Cats]

Re: Brisconnections shareholders - financial ruin

Did anybody find out why the Yahoo forum thread was deleted?

Maybe Ray just found another forum ?

 

[Joe Blow]

Re: Brisconnections shareholders - financial ruin

This thread has been temporarily closed while we conduct a detailed review of recent posts.

 

[alphaman]

Someone is accumulating BCSCA

Just noticed the volume. Obviously whoever buying is buying because he thinks he can make a profit out of it, but I thought I'd just post this for people who are desperate to sell. (the BCS financial ruin thread has been temporaily closed)

 

[roofa]

Re: Someone is accumulating BCSCA

Just noticed the volume. Obviously whoever buying is buying because he thinks he can make a profit out of it, but I thought I'd just post this for people who are desperate to sell. (the BCS financial ruin thread has been temporaily closed)

In pre-open, see announcement by Macquarie.

 

[rico01]

Re: Someone is accumulating BCSCA

this is prolly some sort of attempt to form a blocking stake for the shareholder vote at the forced meeting on april 9 or 14 remember 75% is required to force the company into self destruction,.

 

[steve999]

Re: Someone is accumulating BCSCA

http://business.theage.com.au/business/macquarie-takes-stake-in-brisconnections-20090330-9g8e.html

 

[alphaman]

Re: Someone is accumulating BCSCA

Yeah it does look like a blocking stake . MQG 8%, Rowe's QIC 10%, Capital Group 7%.

 

[Julia]

Re: Someone is accumulating BCSCA

More background on some of the manipulations from Business Spectator.

http://www.businessspectator.com.au...e-edge-$pd20090330-QLQDJ?OpenDocument&src=kgb

 

[drsmith]

Re: Someone is accumulating BCSCA

Macquarie's shelf.

http://business.smh.com.au/business/bankers-lock-horns-20090330-9h1e.html

 

[nomore4s]

Re: Someone is accumulating BCSCA

What a mess, I truly feel sorry for holders of this company. It seems no one cares about the holders atm, everyone is too busy trying to cover thier own asses.

This is going to end in tears for everyone by the looks of it. The retail investors are all going to be declared bankrupt, the underwriters will be out of pocket because the fact is retail investors can't pay and it wouldn't surprise me if Brisconnections collapses. Sad state of affairs really.

 

[drsmith]

Re: Someone is accumulating BCSCA

My guess is that the end result will be either the underwriters or the Queensland government (or a combination of) will fork out most of the instalement monies and that by the time this is all over, all the newspaper articles in one collection would be thicker than the bible.

 

[alphaman]

Re: Someone is accumulating BCSCA

Well at least some holders managed to get out. 8% out of 83%, that's almost 10% of the shares held by retail.

 

[Prospector]

Re: Someone is accumulating BCSCA

Macquarie's shelf.

http://business.smh.com.au/business/bankers-lock-horns-20090330-9h1e.html

This is the bit I find interesting from that news:

The units were acquired in the name of a $1 shelf company, ACN 136 024 970 Pty Ltd, which was created eight days ago. The only share of that shelf company is owned by Macquarie Capital Group, of 101 Collins Street in Melbourne.

In The Australian today it said that people who had made offmarket sales had to check that the people they were selling to were bona fide purchasers and if they could not afford the liability of the instalments, then this could revert to the original owner. (I think it was Michael Walshe) Yet here is Mac with its own shelf company.

I hope that the people affected here were able to offload yesterday. And I gather now that with Mac's purchase yesterday, along with support from a couple of institutional holders, they can now block Bolton. Which puts the QLD Govt deep in do-do.

When this is all over it will make for an amazing read. We get so little media coverage in Adelaide, in fact I suspect that no-one even knows about it except for those who are really into the share market.