Bradford & Bingley shareholders strike back!

ESKIMO

cardsharpsQuote:

'you mean EX-shareholder'

Well, technically speaking yes, and no. As a taxpayer i am also a stakeholder come shareholder in 'absolutely nothing'. Woohoo!

ESKIMO

To a certain extent yes. But generally speaking most 'normal' shareholders have a degree of interest in a particular business, its buiness practice, ethos, ethics, products and/or services etc most commonly because they like it. Like whats it's about and even 'believe' in it. Not neccessarily in it to make a quick buck or two.

As a shareholder in a fair few companies, i'm interested in the people, products and services. Mostly i look for longevity and try to invest my own hard-earned savings as an alternative to giving it to the banks to make all the money on it and giving me a tuppence in return. It's also an alternative to putting it in a safe or under your pillow.

Depends if you are only 'in it to win it'. That, is gambling!

ESKIMO

Ever the optimist.

Raise your voice. Shout from the rooftops. Don’t take it lying down. Stand up and be counted.

For shareholders, there are a few options available:

1. Ask Mr. Peter J Clokey to reconsider his Assessment Notice.

‘If you are dissatisfied with this Assessment Notice you may require me to reconsider my determination. To do so you must submit your request for reconsideration (together with any reasons for your request and supporting evidence that you wish me to consider) by Friday 27 August 2010 at PricewaterhouseCoopers LLP, 1 Embankment Place, LondonWC2N 6RH. I will then consider all such request and issue a Revised Assessment Notice which will explain whether I have upheld or varied my Assessment Notice.’

- This is effectively self-representation. It won’t cost you an arm and a leg, other than a few postage stamps. Each shareholder will be assessed individually based on their own individual merits – so to speak, which is reassuring to know as opposed to assessment on a majority basis i.e. ‘class act’ (which I will go on to explain later). Although the likely hood of any such change in decision remains in doubt. Then again, if you don’t ask, you don’t get. Remember that!

2. Join an action group such as through;

The United Kingdom Shareholders Association (UKSA):
www(dot)uksa(dot)org(dot)uk(fwd-slash)BradfordBingley(dot)htm
called the Bradford & Bingley Shareholders Action Group (BBSAG)

And/or alternatively, the Bradford & Bingley Rights Issue Action Group under Leon Kaye Solicitors:
www(dot)leonkaye(dot)co(dot)uk(fwd-slash)bradfordandbingley(dot)html

From my initial enquiry, after having spoken to one of Leon Kaye’s advisors, it appears as though Leon Kaye are making their case against the directors.

I have been informed that they are making the effort to contact shareholders individually and I have reason to believe they will be forwarding their case relatively shortly.

Under the British system ‘Class Action' or ‘Representative Action’ means you have to ‘opt-in’ to basically ‘appeal’ or ‘take action’ – normally a law-suit etc. Which is, as it says on the tin; ‘a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued.

Interestingly America’s system is ‘opt-out’. Which means you are automatically included into the ‘collective’ – even if you might not want to be. Therefore, you have to ‘opt-out’ if you don’t wish to take any action.

They both have their individual pros and cons. On the one hand, if everyone joins forces, everyone shares the same financial burden if things go adverse, but get to reap the rewards of compensation/remuneration if things go in their favour.

Alternatively, it could be more costly and expensive to participate 'in' than the compensation/remuneration is actually worth.

Think of it like personal accident or injury claims. It’s up to you as an individual to prove negligence on the others behalf. (You have to prove that they are guilty). Which calls into question, resonable grounds of appeal.

Please Note:

Like many shareholder action groups, many require a voluntary financial contribution in order to take or pursue legal action. These differ from any statutory legal obligations.

But still, it is something certainly worth considering.

Either way, I’ve made my bed.


P.S. Appologies for the long post folks. Needed to get that off my chest!

I genuinely and sincerely feel sorry for 'ordinary' people. The banking and finance sector is a funny industry to be in at times. 'Ordinary' folk deserve more!

Power to the people!

experience08

ESKIMO wrote: »

Ever the optimist.

Raise your voice. Shout from the rooftops. Don’t take it lying down. Stand up and be counted.

For shareholders, there are a few options available:

1. Ask Mr. Peter J Clokey to reconsider his Assessment Notice.

Did anyone ever get a penny back from B&B?

Thrugelmir

experience08 wrote: »

Did anyone ever get a penny back from B&B?

Its still insolvent.

dunstonh

experience08 wrote: »

Did anyone ever get a penny back from B&B?

Hopefully not, no.

King_Of_Bling

Thrugelmir wrote: »

Its still insolvent.

This is interesting, didn't B&B organise a rights issue when they were insolvent? So, shouldn't the CEO and board have been brought before the courts for fraud?

Ark_Welder

King_Of_Bling wrote: »

This is interesting, didn't B&B organise a rights issue when they were insolvent? So, shouldn't the CEO and board have been brought before the courts for fraud?

B&B probably became insolvent due to the failure of the rights issue. If the issue had succeeded then the company might have survived - for a bit longer...

http://en.wikipedia.org/wiki/Bradford_%26_Bingley#Part_nationalisation_and_sale_to_Santander
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4592715.ece

scott_lithgows

King_Of_Bling wrote: »

This is interesting, didn't B&B organise a rights issue when they were insolvent? So, shouldn't the CEO and board have been brought before the courts for fraud?

For putting their customers into the hands of abbey/santander their punishment will be in the after life.Straight to hell with them!

geoffky

Jesus wept..i wonder if i scream loud will someone give me back the estimated 80k i have lost in the last 3 years due to interest rates..i doubt it and i also doubt you have a case...it is sad because savers are paying for the reckless borrowers..