TRA - Turners Automotive Group [previously TNR - Turners Limited]

[Dr_Who]

Brynes bought more shares!! He now holds 1.47m shares!!

[Nitaa]

Im picking the next lot of bad news for investors within 2 weeks.

[Dr_Who]

Calls to liquidate the company.

Your views?

[blackcap]

Isnt that what they are basically doing with the moritorium?

[Ears]

Blackcap

Moratorium gives them 2 years to decide on liquidation or another activity. I guess a liquidation would take 2 years anyway.

Are you still wearing clogs or are you back in NZ?

[lewinsky]

i guess my concerns with Barry Graham and Dorchester are the following:-



1) Has he misled the market by announcing a forecast profit of $ 6 million in August last year, $ 3 million in February and finally ending up with a loss of $18 million.

2) Is there a conflict of interest between he and Walker being directors of St Laurence and Dorchester.

3) Who are the independent directors?

4) Was the St Laurence deal which Walker claimed to be the best deal he has ever done, in the best interest of ALL Dorchester shareholders.

5) Suspending payments to debenture holders gives a clear message that you are unable to meet your liabilities as they fall due Otherwise why take this action?

6) What is the relationship with Podmore and Walker at the time of the transaction? Did they know each other? Given that Walker is now working for St Laurence the transaction has a hint of cosey about it.

I guess more will be revealed at the next Annual Meeting.

LEW

[Dr_Who]

LEW, I totall agree with you.

Are you going to the meeting? I would love to hear the answers to those questions.

[Nitaa]

i guess my concerns with Barry Graham and Dorchester are the following:-



1) Has he misled the market by announcing a forecast profit of $ 6 million in August last year, $ 3 million in February and finally ending up with a loss of $18 million.

2) Is there a conflict of interest between he and Walker being directors of St Laurence and Dorchester.

3) Who are the independent directors?

4) Was the St Laurence deal which Walker claimed to be the best deal he has ever done, in the best interest of ALL Dorchester shareholders.

5) Suspending payments to debenture holders gives a clear message that you are unable to meet your liabilities as they fall due Otherwise why take this action?

6) What is the relationship with Podmore and Walker at the time of the transaction? Did they know each other? Given that Walker is now working for St Laurence the transaction has a hint of cosey about it.

I guess more will be revealed at the next Annual Meeting.

LEW

very good questions. When everyone was concenred about their cashflow even when they supposedly had $30m of cash and equivilant many (including myself) had great concerns. How is it that i found about about it over 3 months ago and the market only finds out a few weeks ago? Short answer, not enough acountability required and not enough penalities to prevent these rogues from misleading investors.

[lewinsky]

I always look forward to receiving the Daily Reckoning and recommend it as a free service which gives a great commentary on the state of the US economy, gold,oil and markets in general
Todays comments on the state of US banks sort of rings true to our finance companies

--"The biggest problem is that this is not a liquidity crisis now. It’s a solvency crisis. An institution is solvent as long as it can pay its debts with cash. The trouble with leverage is you finance the asset side of your balance sheet with borrowed money. You borrow to buy. That means you have to pay interest (to bondholders in this case) on the borrowed money, and hope you continue to receive interest (on the loans you’ve made).

--Only it’s not happening that way now. As U.S. housing prices continue to fall, more and more homeowners are defaulting are their loans (and even more will, we reckon). These loans, remember, are assets on the bank balance sheet (when they are not securitised and sold as bonds). Thus, the quality of bank assets is now a front-and-centre issue with smaller and regional U.S. banks.

--There are many commentators who would like to sayy this is all matter of sentiment and temperament and mood. But the real issue is the quality of the assets on so many bank balance sheets. The most heavily levered financial institutions will find themselves insolvent. The rest will be forced to make a massive write down on their assets. "

A recommended read!

[Dr_Who]

Three cheers for Bruce Shepard. I will vote in support of Brucie. As a shareholder, I am tied of all the BS that has been going on behind the scene inside DPC that only benefits the few in the know. Time for these jokers to be held accountable!!!!!


Dorchester says bid to liquidate won't succeed

http://www.nzherald.co.nz/section/3/...ectid=10521557