Posts: 109
Threads: 0
Joined: Nov 2013
Reputation:
2
(27-11-2013, 03:03 PM)CityFarmer Wrote: (27-11-2013, 02:47 PM)lilvestor Wrote: Actually what is stopping him or the other 3 shareholders from buying back those shares from the open market now? The average forced sale price of those stocks should be far higher than current market price, technically they have profited from this perverse act by Goldman Sachs?
One of the main reasons of stopping them is lack of fund, IMO
The previous shares owned were by margin loans. After the recalls, and I doubt they have sufficient fund now to re-purchase them back.
They should have more funds now unless they lost money from the forced sale...
Posts: 2,802
Threads: 170
Joined: Sep 2010
Reputation:
1
I wonder what were these insiders talk about during their 4 times a year board of directors meetings?
chiak kopi?
share margin financing ideas on how to cook up their companies' shares price & gain profit personally?
this William chan guy is one man to mark it down in yr dairy
Posts: 1,343
Threads: 49
Joined: Nov 2010
Reputation:
7
How to lure retail investors into buying when they want to offload, what stories to cook up.
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
Posts: 536
Threads: 11
Joined: Sep 2012
Reputation:
5
28-11-2013 08:15:48
SINGAPORE PRESS-Broker seeks to recover $68 million from 10 clients - Business Times
Global broking giant Interactive Brokers has launched the largest legal action so far in the wake of October's penny stock collapse, taking aim at at least 10 clients as it seeks to recover about $68 million of losses.
BT understands that Interactive Brokers launched arbitration proceedings earlier this month against 10 individuals and entities through the American Arbitration Association.
( http://link.reuters.com/qum94v) NOTE: Reuters has not verified this story and does not vouch for its accuracy.
(Compiled by Rachel Armstrong; Editing by Subhranshu Sahu) ((rachel.armstrong@thomsonreuters.com)(+65 64035665)(Reuters Messaging: rachel.armstrong.thomsonreuters.com@reuters.net)) Keywords: SINGAPORE PRESS/INTERACTIVEBROKERS
Not a call to Buy or Sell
Mr Bump: All I Can Smell Is My FEAR
Posts: 173
Threads: 2
Joined: Nov 2010
Reputation:
2
(27-11-2013, 02:59 PM)CityFarmer Wrote: (27-11-2013, 11:40 AM)level13 Wrote: Unfortunately, the SFA above states that this disclosure is not necessary at this moment.
The action of using shares as collateral against loans from financial institutions is deemed to result in a change of ownership. These institutions can now have the authority to do whatever they want in the event there are problems with loan repayment. Since at the end of the day, there is an indirect change of ownership, why arent such disclosures mandatory??
The quoted SFA clause granted the nondisclosure of financial institutions e.g. banks due to their nature of business
Listed companies are required to disclose share pledging arrangements, after the last SGX rule update on Sept 2011, i.e. the Rule 728, but only for controlling shareholders, not directors and SSHs.
Exactly! If there is anything that needs to be tweaked in SFA, then this should be it.
There are no good stocks. Stocks are only good when they go up after you bought them.
Posts: 9,841
Threads: 711
Joined: Mar 2012
Reputation:
64
(28-11-2013, 09:20 AM)level13 Wrote: (27-11-2013, 02:59 PM)CityFarmer Wrote: (27-11-2013, 11:40 AM)level13 Wrote: Unfortunately, the SFA above states that this disclosure is not necessary at this moment.
The action of using shares as collateral against loans from financial institutions is deemed to result in a change of ownership. These institutions can now have the authority to do whatever they want in the event there are problems with loan repayment. Since at the end of the day, there is an indirect change of ownership, why arent such disclosures mandatory??
The quoted SFA clause granted the nondisclosure of financial institutions e.g. banks due to their nature of business
Listed companies are required to disclose share pledging arrangements, after the last SGX rule update on Sept 2011, i.e. the Rule 728, but only for controlling shareholders, not directors and SSHs.
Exactly! If there is anything that needs to be tweaked in SFA, then this should be it.
IMO, nothing to be tweaked on the clause in SFA. The SFA clause exists long before the update of Rule 728, and it is there for a good reason.
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
Posts: 3,682
Threads: 6
Joined: Oct 2012
Reputation:
94
29-11-2013, 12:03 PM
(This post was last modified: 29-11-2013, 12:07 PM by specuvestor.)
(27-11-2013, 03:14 PM)lilvestor Wrote: (27-11-2013, 03:03 PM)CityFarmer Wrote: (27-11-2013, 02:47 PM)lilvestor Wrote: Actually what is stopping him or the other 3 shareholders from buying back those shares from the open market now? The average forced sale price of those stocks should be far higher than current market price, technically they have profited from this perverse act by Goldman Sachs?
One of the main reasons of stopping them is lack of fund, IMO
The previous shares owned were by margin loans. After the recalls, and I doubt they have sufficient fund now to re-purchase them back.
They should have more funds now unless they lost money from the forced sale...
No offence but this reminds me of the story of an emperor that remarked during a famine: "没饭吃就吃猪肉粥"
Pyramiding upwards especially with margins is no joke. It is an experience that nobody should go through, but unfortunately the experience had to be earned, especially for traders. It's like riding a motorbike... most likely you will have an accident eventually. But hopefully you will have a small one.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
Posts: 3,474
Threads: 95
Joined: Jul 2011
Reputation:
17
29-11-2013, 12:37 PM
(This post was last modified: 01-12-2013, 06:26 AM by Temperament.)
"Pyramiding upwards especially with margins is no joke. It is an experience that nobody should go through, but unfortunately the experience had to be earned, especially for traders. It's like riding a motorbike... most likely you will have an accident eventually. But hopefully you will have a small one. "
Unquote:-
Pyramid up is dangerous because if we are wrong we will lose a lot of money. But pyramid up in a full-blown Bear market is it any less dangerous? After all value investors should find a lot more companies with deeper margin of safety due to low tide and not because of adverse conditions.
Like to hear many different opinions and experiences. Please share.
So nobody here seem to have Pyramid Up or Down? Very strange leh. NO?
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
Posts: 9,841
Threads: 711
Joined: Mar 2012
Reputation:
64
The latest update from the saga...
Penny stock debacle: More stakeholders take court action
Straits Times
Date
28 Nov 2013
AuthorRachel Scully
THE fallout from the penny stock debacle involving Blumont Group, Asiasons Capital and LionGold Corp continues as more stakeholders head to the courts.
A court portal setting out pending cases shows that US discount broker Interactive Brokers Group has taken legal action against six Malaysians and two companies.
Among them are Blumont chairman Neo Kim Hock, Ipco International chief executive Quah Su Ling and LionGold director of business and corporate development Peter Chen Hing Woon. Mr Chen is also an executive director at Signature Metals.
The other three individuals are JK Yaming International Holdings director Tan Boon Kiat, Mr Lee Chai Huat and Mr Kuan Ah Ming.
Two companies registered in the British Virgin Islands - Sun Spirit Group and Neptune Capital Group - round out the eight defendants in this case.
...
Ref: http://www.singaporelawwatch.sg/slw/inde...urt-action
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
Posts: 2,743
Threads: 23
Joined: Mar 2013
Reputation:
25
why all use US based Interactive Brokers? Cheaper comm?? or better executions?
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
|
Homepage
PR Newswire
