Feltex (FTX) - All over for shareholders

[Balance]

https://www.nzherald.co.nz/business/...ectid=12107616

"We conclude that the FY04 forecast was an untrue statement," Justices Glazebrook, O'Regan and Kos said in the written judgment.

"We stress that this stage of the inquiry is to determine if the prospectus contained an untrue statement. We have not considered the materiality of the shortfall. This is because materiality is, contrary to the approach of the High Court, not relevant when considering if a statement is untrue."

High Court Judge Dobson has been suitably reprimanded for a faulty determination.

[percy]

Supreme Court may have been reading this thread and realized that the law had been a jackass in the High Court?

http://www.scoop.co.nz/stories/BU180...prospectus.htm

Justice coming hopefully for the hoodwinked Feltex investors.

Pity so many have died waiting.!

[Balance]

Pity so many have died waiting.!

Sadly, so true Percy.

What happened to them was an absolute disgrace and a total indictment of the IPO process.

[Beagle]

Excellent decision by the supreme court. I remember very well the "extremely creative" window dressing that went on with that Feltex IPO process. Thankfully the good Lord gave me a good brain so I could see through the half truth's and disingenuous statements in that IPO but I feel for the investors who were relying on firms like Forsyth Barr that were really pushing this onto their clients with all the determination of a used car salesman trying to sell an end of life vehicle that had sat on the car lot for years, for a premium price. I named that firm because their behavior was reprehensible and I experienced the really hard sell, but there were other firms pushing it hard too.

Hopefully those investors that are still alive will get some decent compensation. This decision gives me some hope that the NZX is not at the extreme wild west end of the capital markets spectrum that it might otherwise be viewed as.

[minimoke]

I found a few of these in an Estate wind up (along with ALF and Dominion finance). I dont think I binned them - but I dont think they were IPO bought. Will they still apply?

[Balance]

Excellent decision by the supreme court. I remember very well the "extremely creative" window dressing that went on with that Feltex IPO process. Thankfully the good Lord gave me a good brain so I could see through the half truth's and disingenuous statements in that IPO but I feel for the investors who were relying on firms like Forsyth Barr that were really pushing this onto their clients with all the determination of a used car salesman trying to sell an end of life vehicle that had sat on the car lot for years, for a premium price. I named that firm because their behavior was reprehensible and I experienced the really hard sell, but there were other firms pushing it hard too.

Hopefully those investors that are still alive will get some decent compensation. This decision gives me some hope that the NZX is not at the extreme wild west end of the capital markets spectrum that it might otherwise be viewed as.

Get the transcripts from the case and Forsyth Barr's behavior in pushing this dog and stuffing the shares up the discretionary managed portfolios of its many elderly South Island clients is beyond despicable.

[Beagle]

Yes I couldn't agree more Balance. I used to be with them many years ago and left for a number of reasons, any one of which in hindsight are a breech of their fiduciary obligations to clients.

[Balance]

https://www.nzherald.co.nz/business/...ectid=12108106

Excerpts :

"The Institute of Directors says the length of time of the Feltex court case is concerning and highlights the complexity and liability of governance roles."

"The timeframe is concerning....the length of time this is taking is difficult and challenging for all those involved. The IoD will monitor what the courts decide and consider what learnings there are for governance best practice."

The wheels of justice turn slowly but let's all hope that in this case, the promoters and directors who ripped tens of millions of dollars by selling a lemon to investors get their just dessert.

The length of time taken is because these scumbags (who openly boasted that they did very well selling the lemon without juice left in it) chose to fight the search for justice and compensation every step of the way with their QCs and legal maneuverings - paid for from the tens of millions of dollars they hoodwinked out of investors.

https://www.nbr.co.nz/article/feltex...mail-db-153408

Disgusting and despicable beyond contempt.

[Balance]

https://www.nzherald.co.nz/business/...ectid=12201774

Date for 5 weeks' hearing set from Nov 4th, 2019 - almost another year away and 13 years since Feltex collapsed, and 15 years since it IPOed.

Inconceivable that a high court judge could ruled that an untrue statement (incorrect forecasts) in the prospectus is IMMATERIAL!

Deceptive behavior of raising additional IPO money to pay dividends to make the IPO attractive to Mum & Dad investors - okay with the judge too!



Let's