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  1. #781
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by Lola View Post
    Wonder if Forabr on behalf of clients will join in this party as members of the Class. Now that would be kind of ironic. But perhaps they quit before the SHTF. mmmm
    Read the conditions - clients need to sign up by themselves. FoBar only could sign up if they did hold shares in their own account (not sure, whether they did, but would be surprised).
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  2. #782
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    Quote Originally Posted by BlackPeter View Post
    Here is the herald article (no paywall):
    https://www.nzherald.co.nz/business/...ectid=12276317

    And here is the invitation to sign up:
    https://imf.com.au/cases/register/cb...ction-overview

    Still need to digest that myself ... but so far it looks like that shareholders have little to lose, unless they don't sign up.
    Thanks for that link bp. Have signed up for class action, nothing to loose if anything few cents to gain from my written off holdings (thankfully not very large).

  3. #783
    Alley Cat Brain's Avatar
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    we now have a second class action, this one is against the directors whereas the first one was aimed at the company. Will we get a chance to double dip?

    http://www.cblclassaction.co.nz/

  4. #784
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by Brain View Post
    we now have a second class action, this one is against the directors whereas the first one was aimed at the company. Will we get a chance to double dip?

    http://www.cblclassaction.co.nz/
    Cheers for pointing this out. Here is an article (though not mentioning the first class action): https://www.stuff.co.nz/business/116...-sue-directors

    One sort of hopes that the two legal and commercial teams talk with each other.

    I did contact both teams and asked for comments on how the two class actions are aligned and whether it would be in their view possible and sensible for shareholders to join both of them. Shall report back if I get an answer.
    Last edited by BlackPeter; 19-10-2019 at 11:36 AM.
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  5. #785
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by BlackPeter View Post
    Cheers for pointing this out. Here is an article (though not mentioning the first class action): https://www.stuff.co.nz/business/116...-sue-directors

    One sort of hopes that the two legal and commercial teams talk with each other.

    I did contact both teams and asked for comments on how the two class actions are aligned and whether it would be in their view possible and sensible for shareholders to join both of them. Shall report back if I get an answer.
    Just went through the IMF paperwork and discovered that signing up with them "excludes participation in any other class actions against CBL". (clause 14 in the Q/A document).

    Interesting - this means shareholders will need to decide without input information which of the legal teams has the better chances to succeed. What a mess.
    ----
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  6. #786
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by Brain View Post
    we now have a second class action, this one is against the directors whereas the first one was aimed at the company. Will we get a chance to double dip?

    http://www.cblclassaction.co.nz/
    Good. I absolutely believe that the Directors fully deserve the detailed scrutiny of the Court on their actions. On the face of it they appear to be woefully in breech of their continuous disclosure requirements to the extent of reckless endangerment of shareholders. The IPO process itself may have been seriously misleading and also needs to be very thoroughly reviewed.
    Last edited by Beagle; 19-10-2019 at 12:40 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  7. #787
    Reincarnated Panthera Snow Leopard's Avatar
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    Quote Originally Posted by BlackPeter View Post
    Just went through the IMF paperwork and discovered that signing up with them "excludes participation in any other class actions against CBL". (clause 14 in the Q/A document).

    Interesting - this means shareholders will need to decide without input information which of the legal teams has the better chances to succeed. What a mess.
    One action appears to be against CBL the company and the other against the directors of CBL.
    So maybe some wiggle room.
    om mani peme hum

  8. #788
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by Snow Leopard View Post
    One action appears to be against CBL the company and the other against the directors of CBL.
    So maybe some wiggle room.
    Does not sound that way.

    Got a response to my question from CBL Class Action (funded by the NZ LPF group) and they say shareholders need to choose.

    Didn't hear back so far from IMF Bentham, but suppose that their Q and A is already pretty clear on that point.

    Given that two major shareholders (Harbours Asset Management and Argo Investments) signed already up to CBL Class Action (LPF) - and given that it is NZ based and funded, this might be the place to go.

    People who signed already up with IMF and want to change can do that during the cool down period of the contract (I think 21 days).

    Anyway - interested to hear other peoples views ....
    ----
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  9. #789
    Legend Balance's Avatar
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    Thanks BP, you are doing a favour for all CBL shareholders in this forum.

    The directors of this company need to be held to account.

  10. #790
    Alley Cat Brain's Avatar
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    All a bit tricky. The LPF claim is going directly for the directors whereas the NBR reports with regard to the IMF claim that it is aimed at the company because of the following.

    “Glaister Ennor partner Jack Porus said the claim was focusing on the company because “we believe there is likely to be insurance available to meet the claim and, at this stage, we are reluctant to widen the action to include other parties such as directors, auditors or actuaries.”





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