Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
In this podcast I pose some regulatory questions for Quindell and the Ministry of Justice regarding the resigning compliance officer Mrs Helen Cutler, I explain how Quindell made money buying a POS business from a convicted Nigerian fraudster ( and other rubbish deals) and I expose what has gone on with Mobile Doctors and Speedy. This is all very shocking.
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Comments
jimmy
Shocking. QPP is a slow motion (low velocity?) car crash ( with fictitious passengers in the back seat) of a company. What is most concerning is lack of interest thus far by the FCA , the Law Society and the SRA.
There are tectonic plates 5000 feet under the Pacific ocean that can move faster than the financial/ legal regulators.
Diabel
Your exact words: ‘everything falling into place……except the share price’. I suggest you look at that statement because your sounding like the morons on the lse. Don’t lose your sainity and what remains of your credibility on this. The rising share price is clearly destroying you.
Forty Two
Flipping ‘eck. I have to say if I were Robert Fielding (not a comfortable thought I grant you) and stood accused of enriching myself at the expense of shareholders in cahoots with an unsavoury convicted felon and also of inflating operating cash with share sales and sales of medical reporting cases and PI claims etc. when I had been telling the market that I was comfortable with the cash position I would feel the need to clear my name if it were untrue, whether or not it constituted fraud or just being a bit cavalier/wide. I think I would actually start legal proceedings against you Tom if it were untrue. You would have sullied my impeccable character. I wouldn’t sue you if it were true mind. Hey ho. In other news I am still struggling with the £750m price tag (or was it £1bn or £2?) put on Legal services. P81 to the 2013 accounts shows they paid £45m (including deferred that was discounted by £5m to get a fair value) for Silverbeck, Pinto and Comp Lawyers. Mostly in shares. The three sported a princely £30m of accrued revenues. Net assets of £10m if you dock the payables. You could throw in ALH (more of a marketing company – but hey) at a cost of £47m (net assets at acquisition £4m) or £53 including deferred and why not Crusader at a purchase price of £7m (assets £3m at time of purchase) – oh and Compass (cost £8m, net assets half a bar). You have given ACH Manchester quite a dinging here buy why not throw that in at its purchase price of c. £30m (net assets at the time quoted as £6m). Using the purchase prices of all these I get about £150m. I ignore Overland (don’t start me on Overland!). Now seasoned observers (or heaven forbid investors) in TIG know that RT has never knowingly underpaid for a business (they wrote all the TIG acquisitions down to the square root of fuck all after he’d flogged his shares and buggered off) and he was a seller of Quindell at 54p as announced on the 18th Nov, having humorously entered in to an agreement on Bonfire night – quite a bonfire of the vanities (other people’s mostly). Maybe he was just being charitable and allowing the immense value he created with these deals to accrue to remaining shareholders rather than himself. Just maybe. He’s shown his colours at least. I hate to say I wouldn’t back him with what he does with other people’s money but I rate him very highly when it comes to handling his own dosh. I would rate Mr Fielding as highly if he were to put a stop to your alarming allegations and declare his innocence as I am sure a man or honour is minded to do.
Tim reynolds
S & g have bought several companies companies. They bought Panone for 33 million which increased their head count by 400 the deal was a mixture of shares and cash . Panone at the time had projected revenues of 34.5 million. This was not a fire sale and panones revenue would likely be sustainable . The morons think s & g are going to pay 1 billion for qls they really need to look at what s & g have previously paid for other outfits in non fire sale situations . Be good if you could elaborate on this in a future Bearcast . Fen tons purchase was 32.5 million added 280 staff sorry don’t know turnover . If you add these two together staff wise it would equate to c qls so an estimated non fire sale bid estimate on headcount would be 65.5 million not 1 billion ……as reported by morons
Forty Two
Tim – couldn’t agree more – the Fentons t/o and other UK acquisitions data can be found in the 28/11/2013 announcement here: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01471628
Pauly Walnuts
S&G bought Russell Jones Walker (head count 425)….
http://www.legalfutures.co.uk/latest-news/slater-gordon-to-enter-uk-market-with-54m-purchase-of-russell-jones-walker
The transaction included £27.6m of upfront cash, of which £10.3m went to clear debt.
I also can’t see how the fabled calculations of £750m for QLS are arrived at. Bizarre.
Mark-King
I am one of the Doctors working for Speed medical (I also invest on the side) and have been watching this with interest. I have seen a massive increase in work coming from Quindell legal services and was wondering why? I knew all their work went to Mobile Doctors. Now we know. Further Mobile have been trying to raise cash by trying unsuccessfully to flog large case volumes to doctors, that has clear not worked so they flog the lot to Speed Medical.
haha
Tim reynolds
Probably the ft article writer had gone long . They wrote along the lines a “source close to the company said 6 times revenues” more like they had been on the sauce … I’m actually quite surprised at the ft printing this nonsense and can only assume they had some motive. It will all come out in the wash soon enough