BCS - BrisConnections Unit Trusts

apra143 · 13 January 2009

Re: Brisconnections shareholders - financial ruin

Did Julia ever get a response to the 2nd email sent out?

In terms of financial ruin, I thought Telstra were bad with their crazy $150/GB excess plans - but even they are happy to waive fees the first time. Luckily getting a share trading account is not as important to mums and dads as getting broadband for their kids.

Julia · 13 January 2009

Re: Brisconnections shareholders - financial ruin

apra143 said:
Did Julia ever get a response to the 2nd email sent out?

No. Didn't really expect to. They made their position clear in the initial response, I guess.

Struzball · 13 January 2009

Re: Brisconnections shareholders - financial ruin

awg said:
You would'nt need $100,000, as that would buy 100,000,000

Oh, so we don't want the bankruptee to buy the entire company? :evilburn:

LRG · 13 January 2009

Re: Brisconnections shareholders - financial ruin

this share has been bad news all round. cant believe people got caught not knowing they owed 2 more installment of $1 each

shaunQ · 13 January 2009

Re: Brisconnections shareholders - financial ruin

I thought of creating a web site that was the opposite of the normal share market, rather than paying to purchase shares. You get paid to buy shares.

So one person puts on they will pay someone 10c to take the shares (completely knowing that it incurs $2 liability).

Another person says they will do it for 30c, the amount of money people would be willing to do it for and or pay, my vary depending on time and their circumstances, and a market could be created.

It may be possible to get paid $20K and onsell that debt for $15K?

Dondi · 14 January 2009

Re: Brisconnections shareholders - financial ruin

shaunQ said:
I thought of creating a web site that was the opposite of the normal share market, rather than paying to purchase shares. You get paid to buy shares.

So one person puts on they will pay someone 10c to take the shares (completely knowing that it incurs $2 liability).

Another person says they will do it for 30c, the amount of money people would be willing to do it for and or pay, my vary depending on time and their circumstances, and a market could be created.

It may be possible to get paid $20K and onsell that debt for $15K?

Just on that is there any limit to the amount of off-market transfers that you do or the period between transfers?

Sunder · 14 January 2009

Re: Brisconnections shareholders - financial ruin

shaunQ said:
It may be possible to get paid $20K and onsell that debt for $15K?

Macquarie is suggesting a trading range AFTER the next installment of about 30c, so for a sane, informed person to buy it would require an offer of $70c in the dollar to take the liability.

This might be a relief to some smaller buyers, but for those with millions of dollars of liability, unlikely they'd be able to come up with the millions of dollars to sell it.

Sir Osisofliver · 14 January 2009

Re: Brisconnections shareholders - financial ruin

Sunder said:
Macquarie is suggesting a trading range AFTER the next installment of about 30c, so for a sane, informed person to buy it would require an offer of $70c in the dollar to take the liability.

This might be a relief to some smaller buyers, but for those with millions of dollars of liability, unlikely they'd be able to come up with the millions of dollars to sell it.

Hey Sunder - where did you hear that trading range?

If that is the case...

Then those that default and are sold into the market via auction...

$500 @ $0.001 = 500,000 shares

Debt $500,000
Sale price $0.30 @ 500,000 = $150,000.00
and they will pursue for the remaining $350,000.00

Ouch!

Sir O

Sunder · 14 January 2009

Re: Brisconnections shareholders - financial ruin

Sir Osisofliver said:
Hey Sunder - where did you hear that trading range?

I'm sure it was either news.com.au or smh.com.au, but a google search of both sites turn nothing up. The article was in the first week of January some time, which is really annoying because it's too far back to search in their own search engine, and not far back enough to be guaranteed to have been spidered by google.

Edit: Just as a side note, if it does trade stably at 30c after the first installment, I probably will buy 5000 or so of these shares and pay the second installment. It probably won't be a good investment for many years yet, but I figure with this large a negative press about it, it's going to be oversold whenever it finds a bottom. If not, I know my liability will only be for another $5000 or so

mikeyfinn111 · 14 January 2009

Re: Brisconnections shareholders - financial ruin

Guys, I brought BCSCA in October at 325,000 units at .002c. I have only found out about his whole thing yesterday!!

I brought them on Commsec and NOWHERE did it say that they were only partially paid units only when you receive the buy confirmation after the sale in small writing and even that wasnt clear. It was my very first purchase of shares so I decided to put a small $650.00 in a cheap stock to see how it all works and hopefully make a little profit. I now need to come up with $325,000 by April and another $325,000 in Jan 2010. I have nothing, no money and very limited knowledge of the sharemarket obviously. Can anybody explain to me without any Jargon of what the hell my options are. How do I find an investor to transfer with?
Im 24 and about to declare myself bankrupt over a $650.00 share pruchase. This is beyond laughable!!

mikeyfinn111 · 14 January 2009

Re: Brisconnections shareholders - financial ruin

There needs to be a clear number of people affected by this so we can rally together and put up a class action against this. There must be hundreds. Its not practicle for MACQ to summon hundreds to court knowing they are going to get nothing.

sails · 14 January 2009

Re: Brisconnections shareholders - financial ruin

mikeyfinn111 said:
There needs to be a clear number of people affected by this so we can rally together and put up a class action against this. There must be hundreds. Its not practicle for MACQ to summon hundreds to court knowing they are going to get nothing.

There are a few others on this thread. Look for posts by Thermalmonster, Bushie and rocket12. Their horror stories are woven into this long thread.

Rocket has been proactive in getting together those who have been caught. Couldn't find him on the ASF member list, but he still has a public profile with a link to an email address. https://www.aussiestockforums.com/forums/member.php?u=22784. If the link doesn't work, just do a search for rocket12 or perhaps sending a pm to Bushie or Thermalmonster by clicking on their name in one of their posts.

Suggest you get in touch with him as it appears there is already a group working with the ASA.

Hopefully there will be a good outcome for all of you, but it doesn't look good at this stage.

Dondi · 14 January 2009

Re: Brisconnections shareholders - financial ruin

mikeyfinn111 said:
Guys, I brought BCSCA in October at 325,000 units at .002c. I have only found out about his whole thing yesterday!!

I brought them on Commsec and NOWHERE did it say that they were only partially paid units only when you receive the buy confirmation after the sale in small writing and even that wasnt clear. It was my very first purchase of shares so I decided to put a small $650.00 in a cheap stock to see how it all works and hopefully make a little profit. I now need to come up with $325,000 by April and another $325,000 in Jan 2010. I have nothing, no money and very limited knowledge of the sharemarket obviously. Can anybody explain to me without any Jargon of what the hell my options are. How do I find an investor to transfer with?
Im 24 and about to declare myself bankrupt over a $650.00 share pruchase. This is beyond laughable!!

Hi Mikeyfinn111, nightmare isn't it!?

We have a well established action group already working round the clock on this. Please PM me and I'll give you all the details.

Dondi

Cats · 14 January 2009

Re: Brisconnections shareholders - financial ruin

Dondi said:
Hi Mikeyfinn111, nightmare isn't it!?

We have a well established action group already working round the clock on this. Please PM me and I'll give you all the details.

Dondi

Would like to know about your action group.........please send details to e mail admin@lunagel.com.au
We are also stuck in the Brisconnect nightmare.
regards,
cats

adman0001 · 14 January 2009

Re: Brisconnections shareholders - financial ruin

Help!! I'm another one!! Been losing sleep over all this, just moved from QLD to Newcastle, been camping down the coast for 3 weeks,haven't even got a house yet. Using my brothers pc and finally stumbled onto this site. I've got half a million of them at .1 of a cent, a measly $500 bucks worth,I just can't believe this is happening, have'nt even had the courage to tell my wife yet cause they're in her name! I was just pure speculating to see if i could double our money for X- mas Hols. I wish I had nothing if all this falls on us, cause I've been working for 21 yrs, just a bum sparkie with a dodgy back, but have managed to accumulate a little for my retirement yrs. There has got to be a way out of this. I made some calls today and finally got directed to Slater & Morgan who love this sort of stuff apparently. Very busy, they reckon they will get back to me within 48hrs, by the sound of it, they are talking to quite a few other ppl as well. Please include me in this action group. Started new job, I don't get home till 6 at night, can only respond then and later I guess, but want to talk to ppl concerned. Try and Sleep easy.Adman

Dondi · 14 January 2009

Re: Brisconnections shareholders - financial ruin

adman0001 said:
Help!! I'm another one!! Been losing sleep over all this, just moved from QLD to Newcastle, been camping down the coast for 3 weeks,haven't even got a house yet. Using my brothers pc and finally stumbled onto this site. I've got half a million of them at .1 of a cent, a measly $500 bucks worth,I just can't believe this is happening, have'nt even had the courage to tell my wife yet cause they're in her name! I was just pure speculating to see if i could double our money for X- mas Hols. I wish I had nothing if all this falls on us, cause I've been working for 21 yrs, just a bum sparkie with a dodgy back, but have managed to accumulate a little for my retirement yrs. There has got to be a way out of this. I made some calls today and finally got directed to Slater & Morgan who love this sort of stuff apparently. Very busy, they reckon they will get back to me within 48hrs, by the sound of it, they are talking to quite a few other ppl as well. Please include me in this action group. Started new job, I don't get home till 6 at night, can only respond then and later I guess, but want to talk to ppl concerned. Try and Sleep easy.Adman

Hi Adman,

Email oasis1471@gmail.com and I'll fill you in on what our group has been doing.

Dondi

Struzball · 15 January 2009

Re: Brisconnections shareholders - financial ruin

I would imagine it would be in the companies best interests to buy back all the shares. The shares are worthless anyway, and they'll never be able to get the millions of dollars off the small time investors, so I can't see they'd be any worse off.

Why can't they do that? Would there be any problem for the company if they were to do that? (besides the initial cost in buying all the shares @ 0.001)

Fatcat · 15 January 2009

Re: Brisconnections shareholders - financial ruin

Struzball said:
I would imagine it would be in the companies best interests to buy back all the shares. The shares are worthless anyway, and they'll never be able to get the millions of dollars off the small time investors, so I can't see they'd be any worse off.

Why can't they do that? Would there be any problem for the company if they were to do that? (besides the initial cost in buying all the shares @ 0.001)

Do you really think that is a possibility with Macquarie being involved??

Sunder · 15 January 2009

Re: Brisconnections shareholders - financial ruin

Struzball said:
I would imagine it would be in the companies best interests to buy back all the shares. The shares are worthless anyway, and they'll never be able to get the millions of dollars off the small time investors, so I can't see they'd be any worse off.

Why can't they do that? Would there be any problem for the company if they were to do that? (besides the initial cost in buying all the shares @ 0.001)

Yes, they'd lose out on their underwriting agreement, costing them billions.

Even assuming this wasn't the case, from what I understand the majority of share holders owe hundreds of thousands, not millions of dollars. If someone owed you say, $1m, and you knew you could only get $200,000 out of them, would you just forgive the debt and say "Not worth it, since I can't get the lot"? or would you get what you can and write off the rest?

The other possibility is that they sell the debt at 10c to the dollar to a debt collector, and it's the debt collector's problem to make a profit out of it.

Calliope · 15 January 2009

Re: Brisconnections shareholders - financial ruin

Sunder said:
The other possibility is that they sell the debt at 10c to the dollar to a debt collector, and it's the debt collector's problem to make a profit out of it.

That's a real possibility. Big companies that know they have no chance of recovering debts sell the debt off at a big discount to the debt collectors. The phone companies do this all the time with the huge mobile phone bills that naive kids rack up.

BCS - BrisConnections Unit Trusts

apra143

Hash

Julia

In Memoriam

Struzball

LRG

shaunQ

Dondi

Sunder

Sir Osisofliver

Sunder

mikeyfinn111

mikeyfinn111

sails

Dondi

Cats

adman0001

Dondi

Struzball

Fatcat

Sunder

Calliope

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