GlamSol 2017

  

Firm of the Year

Pass judgment on your firm and take the RollOnFriday Firm of the Year 2018 survey. 20 seconds of graft for a lifetime of satisfaction. If you're in-house, there's a poll for you, too
  
  

Main Discussion

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SumoKing
Posted - 11 May 2017 18:20
I desperately want to see these pleadings "As an international firm of lawyers we naturally decided not to do a cursory internet search's worth of DD which would have revealed what a steaming pile of shitt we were buying, please invest!"
camenbert
Posted - 11 May 2017 18:42
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I wonder what the court fee on that would be....
Vinnie Gambini
Posted - 11 May 2017 19:15
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daddy - £10,000. The 5% fee is capped at £10,000 and anything over £200,000 is the same court fee...

buzz - is Quindell is the only Defendant?
SumoKing
Posted - 11 May 2017 19:52
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directors too surely?
camenbert
Posted - 11 May 2017 21:16
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Well, that's dull...
SumoKing
Posted - 14 May 2017 20:55
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Signed off on accounts saying 100 m profit later restated to 60 m loss? 600 m claim you'd take a punt against director wouldn't you
tarquin
Posted - 14 May 2017 21:08
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Accountancy is an art, not a science, Sumo
Vinnie Gambini
Posted - 14 May 2017 21:11
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You would, in most circumstances... Plus any insured entities that you can get on the hook...

It's early days yet... I imagine there will be some procedural wranglings to get through and some disclosure applications that dictate the direction (if any) of the claim.
Moosheepploptrump
Posted - 15 May 2017 14:49
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Buzz (or anyone else) - What is your interpretation of that announcement? Only asking as I have significant dealing with SGMS
kc101
Posted - 15 May 2017 15:14
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As far as I recall, at the heart of it Quindell booked WIP as revenue with no regard to the impact of aging of work/files on realisation, and made aggressive growth projections using the same model. It's fairly aggressive accounting even for a PLC and utter madness for a law firm. But not illegal.
Moosheepploptrump
Posted - 15 May 2017 15:21
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Slater Gordon Motor Solutions - - line of bix as you suggested...
kc101
Posted - 15 May 2017 15:33
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Anyone with an FT subscription would have been able to identify some major concerns quite easily. Maybe the law firm that made the bad deal should sue the law firm doing the DD on the bad deal to buy a legal business. The whole thing gives you a lot of faith in the risk awareness and business acumen of law firms doesn't it.
Steven Seagull
Posted - 15 May 2017 17:28
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"Given Quindell (now Watchstone Group plc) has a market cap of £63m, where's that going to come from then? "

what does market cap have to do with assets?
astarte2
Posted - 15 May 2017 21:31
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Is Balding Buzz claiming to know something about finance now?