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How to be a Prick!

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laurie

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10 November 2005
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Received from Mr David Tweed an offer to buy my IAG shares for $3.5 when IAG shares were $5.13 now he is doing nothing wrong but last year at the AGM of IAG I was sitting next to this very nice lady in her 70's who lost her husband a few years back and scum bags Tweed brought $120000 of her IAG shares for a song

cheers laurie
 

Laurie,

He brought the shares or he bought the shares?
 
ASIC etc are well aware of Tweed. Beats me how he is allowed to continue to operate. All very well to say the onus is on the seller to ensure they are selling for a fair price and to check the current market price, but this just doesn't take account of the 70 year old in a distressed state mentioned in your post.

Julia
 
The fairness of the issue aside,

Guys like this show the poor state of so many peoples financial skills.

She probably didn't even know they owned shares until she was made the offer and then couldn't believe her luck.....
 
clowboy said:
The fairness of the issue aside,

Guys like this show the poor state of so many peoples financial skills.

She probably didn't even know they owned shares until she was made the offer and then couldn't believe her luck.....
Click to expand...

This kind of thing is and should be allowed to exist in a free enterprise market.

If a real estate came and knocked on your door and offered you $100 k for your Sydney beachside mansion would you take it ? but if you did, for whatever reason the real estate agent would not be braking any rules.

Tweed has made an offer and the offer was accepted, simple.

I find it very hard to believe that none of these suckers had nobody to seek advice from, even at 70, my father is 76 and he is the sharpest guy I know.
 
and apart from all your valid points,
this situation also shows how people just dont listen,or read newspaper.
Ok,i`m not 70 but the way i found out about this guy was through the media.So when i received one of his wonderful offers i just put the thing straight in the bin.This lady is informed enough to attend AGM meetings yet thought his offer was good.
 
Regardless of whether the lady was 20 or 70 she just like the rest of the adult population is responsible for her thoughts and actions. Go ask a car dealer or a pawn broker how he does business. An enterprising person may have bettered Tweeds bid and done themselves and her a favour.

However, if you were really concerned there would have been nothing wrong with leaning across and telling the lady what her shares were actually worth.

When Tweed tried that trick with AMP 3 years ago it didn't take long for notices to be erected throughout our the workplace. As with all bullies and predators, you've got to open your mouth big and wide. Nevertheless, you are always going to get those that wander off on their own and get eaten.

Cheers
Happytrader
 
I think the situation is a bit different when the "suckers" acquired their shares through a demutualisation, even if they voted against it. Say you're a "sucker" who belonged to the NRMA for 50 years, live on an aged pension and a little bit of super, don't have and don't want an internet connection. You've never owned shares (or maybe you got burnt in the Poseidon boom), and never wanted to. Suddenly you get 150 shares in NRMA Insurance and a bunch of correspondence that you didn't want, aren't interested in, and don't really understand, but at least you recognise the name. Then the name changes, and suddenly you're getting a bunch of correspondences that you didn't want, aren't interested in, and don't really understand, and you're not quite sure who it's from. Then some mob you've never heard of offers you some money for something you don't want and don't know how to get rid of otherwise. You might be a sucker, but I don't really think it's your fault.

I think the problem would be better resolved by changing the requirements for demutualisation so that the new company is obliged to acquire shares at a small premium to the initial price from members whose holdings would be below some limit and who choose to opt out. That would give them a practical, rather than just a theoretical, chance of realising some cash as well as making life more difficult from Tweed and his like.

Ghoti
 
ghotib
As a Meatloaf fan your response is like one of his song titles "You Took The Words Right Out Of My Mouth" well said,for others here this lady husband did all of the finanical "Thinking" as many here do in their own household!

I find it very hard to believe that none of these suckers had nobody to seek advice from, even at 70, my father is 76 and he is the sharpest guy I know.
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That's a bit tough mate! ever lost a partner of 50+yrs know what it feels like getting up in the morning with no one there anymore,my mother died last year because 12 months earlier my father passed away because of his death yep these are so called "suckers" did you read not long ago old people passing away left dead for weeks in their homes because no one cared for them like I said he has done nothing wrong

cheers laurie
 
Actually Lauries I disagree,
Tweet is a vermin,and he should`nt be allowed to get away with this,having said that people should be more informed than they are.Once the lawmakers become aware of his modoperandis he shouldve been stopped in his tracks.
It`s not as if we are dealing with the nigerian scandal thats based overseas and once you are greedy enough to fall for that its goodbye dollars.This is dealing in Australian laws surely something could be done?

But you know though who is even a bigger vermin or prick as you put it the bastards who advice him on how to circumvent the laws that we have in place.
 
But you know though who is even a bigger vermin or prick as you put it the bastards who advice him on how to circumvent the laws that we have in place.
Click to expand...

visual
lol that's a good word you used! funny though he has changed his name from National Securities[or whatever it was called] to a new name! I just sent it back with a few adjectives written on the back if he not doing anything wrong why has he change company name!

cheers laurie
 

Hi laurie,

We might be getting off the track a bit here but for what it's worth I lost my wife three years ago, so yes I do know what it's like to get up in the morning to find your loved one gone.

People being left for dead is a disgrace to this society and to their respective families and I feel very sorry for those people.

I still do not understand how anyone, unless they have dementia could sell a parcel of shares to the 1st person who comes along. They would be getting dividend notices and they could quite easily ring the share registry to find out what those shares are worth.

I am not condoning Tweed's actions because he is immoral but I believe in the process of our free enterprise - offer and exceptence.

There will always be people who exploit the process but in my opinion it would be far worse to continue to regulate our system, where will it end - Police state, communism ???

Don't direct your anger at Tweed, he is not worth it, direct your anger at Aged Care or at the families that are supposed to be taking care of their elderly.
 
Has anyone realised what a great barometer to "Hold for an upswing" recommendation Tweed is?

If you know his game then you can play him too.

Oh yes and by the way, can everyone here please let us all know what other shares Tweed is targeting so all of us here at ASR can get in first.

As for my olds they won't be walking 'alone' as long as I'm around.

Cheers
Happytrader
 
yippyio,
this is probably off track too,however why blame society for people being abandoned? perhaps they deserved to be abandoned, harsh, but you dont lose track of those you love? do you?
 
I stand to be corrected but I'm sure I heard the Chairman of IAG on the webcast last week that Tweed has managed to get 20million IAG shares!! now if he gets enough will he be able to place himself as a director! just a thought on why he just targets shares like IAG and thanks for the many replies this thread has received
cheers laurie
 

Whoops thats a blooper there. I meant ASF and definitely not ASR. Must be getting brainwashed hearing that ad morning, noon and night.
 
Sorry, I'm new here but.... the offer to purchase IAG shares includes the actual value of the share at current market and what they are willing to offer.

There is no effort made to hide the fact.

If people do not want to 'go to the fuss' to sell them via a broker then it is up to them, I see no 'scam' in the plan.

Regards


Andrew
 

His original offer when he first started being a scum did not show the current price he was forced to by ASIC to amend his offer form to include current price and to seek finanical advise I never said it was a "scam" its his targeting of the elderly that has my back up like the bloody cowards that rob old age pensioners of $10 for a drug hit ok they are at fault for selling to him buts its our duty to these people to try and protect them

cheers laurie
 
laurie said:
targeting of the elderly that has my back up like the bloody cowards that rob old age pensioners of $10 for a drug hit ok they are at fault for selling to him buts its our duty to these people to try and protect them cheers laurie
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Laurie,

A valid offer to purchase at a discounted rate is not a crime. As Yipiyio points out, if you accepted $100k for a Sydney beachside property you could not then cry foul.

My wife and I own property and are now looking at shares. When buying property we sometimes make a low ball offer. If the offer is rejected we move on, if accepted we buy. We also buy at mortgagee auctions. Does this make us low lives? (Just a rhetorical question).

The same goes with these share offers. There are various reasons why people accept the offer, I would give the argument that the main reason would be 'a bird in the hand' no hassle transaction. This would be the mark of an uneducated investor, this is likely to be the only share transaction they will ever do and is not necessarily aimed at the elderly.

We hear so many stories about the great 'Aussie Battler' who has lost everything. I have no problem where this has been a result of matters outside of their control. However, all too often when you get the full story they have put themselves in the position and then want to blame someone else.

If you watched today tonight you would have seen the example of people who have over commited on their mortgage because of 'equity mate'. Sorry not the banks fault. It's the person spending the money.

Regards

Andrew
 
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