Game Group *Bust*

justthemoney - 21 Mar'12 - 12:49 - 6989 of 7013

The Board statement is self contradictory, on the one hand they say that they are not in control of the business finances, and on the other hand that shares are worthless. Chaps, shareholders have been taken for a ride here. The buyers were there 2 weeks ago but they didn't want to let it through. With Wal-Mart, OpCapita or anyone else except the GameStop, the Board would lose their jobs. As it stands they'll stay behind the steering wheel of a new company valued at I guess at least £200m.

Shareholders in this country are really sheep to let it go quietly. At the end of the day they are the owners of the company and should at least scrutinise what is going on. In the US this sort of behaviour is illegal, and although shareholders may not get anything back (if it proves that there are no assets), the Board (those responsible) would be behind the bars.

Sorry for all long term holders who were trapped with 80-99% loss bracket.
And even more sorry for the hard working staff who are destined to lose their jobs.

Ta ta from me, off to nurse my losses.

Worldspreads *Bust*

Sun 22:03
Re: To be wound up

doctorh


I think the phrase rhymes with 'clucking bell'.....

Would you all excuse me for a moment whilst I let out a short, sharp,

AAAAAAARRRRRRRGGGGGHHHHHHH!!!!!!

After all, it's not every day I drop a six figure sum... hang on..

AAAAAAARRRRRRRGGGGGHHHHHHH!!!!!!

Thanks, that's better!

Now before anyone lectures me on the folly of trading GKP, can I just point out that I had simply adopted a strategy to swerve a bit of CGT by supplementing my main holding of physical stock with a spread bet position, fully backed with cash deposits to avoid getting stopped out.

That has been closed this evening at 260.35p. Quite apart from loss of potential GKP paper profit, and a position from 140p that is impossible to rebuild, I am facing a loss of most of the cash I deposited - now only looking at an eventual £50k FSA compensation which will no doubt take a lot longer than the GKP timeframe of events are likely to unfold.

I am also wondering how much Worldspreads are themselves exposed to GKP. I understand they cover their net position in the market, and I am also assuming the majority of clients are long. All my positions have been closed out today which I presume means when the market opens tomorrow there may be some big sales going through on Monday.

Just for once I am actually hoping that we DON'T wake up to a big GKP RNS tomorrow...

a very p155ed off doctorh

Worldspreads *BUST*

Nasdaq_Investor - 17 Mar'12 - 09:00 - 153 of 379

Grateful if someone who knows about these things can enlighten with a few answers although I appreciate it's hard without knowing the reality.

Got about 200k in various stocks and paid a lot of margin so liquidation value about 170k.

FT are suggesting IG, Capital Spreads and ETX as possible buyers but would the assets just transfer over without any loss to the client to any acquirer? I appreciate it depends on what they pay. All depends on what they perceive a client base of 5,000 or so is worth. Is a non-painful (for clients) takeover realistic given (based on the FT) the takeover company would have to pay about 5m to balance the books? (About £6m should be still be there in cash and if there is a black hole of 10 to 12m that leaves between 4m to 6m deficit). Or is there a scenario where the takeover company just takes the accounts in a pre-pack - what would s/bet account holders get then?

If no takeover do they just liquidate all assets and clients - retail and prof get paid out as creditors pro-rata and claim the deficit (50k for Professional and I believe 85k for retail) from the FSA?

Any chance of suing the auditors if, as alleged in the FT, they audited whist alleged fraud took place?

Any difference if there is a takeover situation for retail clients and professional clients? I'm a retail client although they did try to get me to sign-up for prof client status but I advised my circumstances didn't fit.

Sorry for the simplistic questions and multiple questions but my mind is a bit middled after all this.

I think Spreadex just took-over MF Global client list but not the actual accounts i.e. a mailing list in the hope broke clients would trade with them.

WorldSpreads *Bust*

Steveglobal4 - 18 Mar'12 - 20:37 - 240 of 379

yes, and i lost 40k alone friday pm on one stock because of all this


Steveglobal4 -18 Mar'12 - 21:03 - 246 of 379

wife has said she is going to leave me if i dont get out of spread beting



Steveglobal4- 19 Mar'12 - 20:50 - 357 of 379

i got through earlier to adminstrators, well they have made me feel alot worse tonite,

I asked if our money in the segregated account was going to be used for the adminstration costs, she reply no, then i relised it was mixed with worldspread money anyways so who knows,

I then said would there be any funds left once adminstration costs were taken out, she didnt think so,

I asked if i should report the crime with my local police she said no,

she then said further info would be on the site within 2 days, how to apply for lost funds

then she said further news should be released friday, ie figures,

After the long converstation, im am a lot less hopeful of recieving the 55 percent plus 50k some have mentioned, i was made to think we will be lucky if we get the fsa 50k, but when first on the phone she said you should get all of it, i kept asking do you mean all of the 50k fsa or all of my complete cash balance again, she would then not answer the question, there is something they are not telling us, which i find not good.

I then asked has the crime been reported to the police, she paused for a long time, and i think she said no, i asked her to repeat and she wouldnt, i pushed on this and she said investigations are taking place.

I mentioned the action group on here, i said should i join, she said it wasnt a good idea. im trying to work out what this means, does it mean all the money will be returned,

to be honest, i wish i would not of phoned, as i was beginning to except what has happened, now i cannot not again as im worried what percentage we will get.

Can anyone else post there conversations uo here so we can try and piece things together.

cheers

I then questions the 50k and said isnt it supposed to be 85k as the money was a cash balance as the bets were closed and i have a screen shot of the cash balance in a segregated account, she then was unsure of the answer.

Game Group

justthemoney - 12 Mar'12 - 21:54 - 2091 of 2105

Yep £80k is a hefty loss by any measure. No, I will not give my money to fund managers as I beat them year after year. This is my first single stock wipe-out and I hope the last. In any case lessons learned, up to 10% of investable cash into any single stock. Shares I tend to buy when undervalued and reinvest dividends until they become overvalued. I don't trade them and seldom take losses. This one to be honest I didn't see coming. The company made a small loss, and the first loss in years as well as a new hardware cycle just around the corner did not warrant for getting out at a loss. Also I tend to follow institutions and they were buying. Only when EA announced fallout with GMG did I smell the rat, but by that time my loss was already rather large. In any case I'm confident that my other shares will do well and get their usual 25% per annum which would annul GMG loss within 2 years. I use stock market as a low effort investment vehicle (buy and hold and reinvest dividends) as anything else would result in lower returns. What I do actively trade is the FOREX market. Several times a day, and have been doing rather well (2%-5% per month with very low leverage 2% and almost no drawdowns). The idea being that you must loose your opinion and follow price action alone. Anyone trading stocks especially buying this pile of crap and hoping for a bounce is a pure gambler. Go and trade FOREX where 3rd party risks are very small, and price action is much more predictable. 4 trillion USD a day market, almost unlimited liquidity on major pairs. And if you want your heart race, you can leverage 1:100 easily. Very sorry to see shareholders wiped-out, as most of us bought into the genuine recovery story. Good luck chaps and I hope this episode didn't kill anyone (financially).

Lloyds, Royal Bank Of Scotland

Dope007 - 12 Mar'12 - 16:07 - 2026 of 2028

justthemoney. I lost more on LLOY and RBS. Their level of crookedness goes beyond anything seen here.

Game Group

justthemoney - 12 Mar'12 - 15:52 - 2023 of 2024

Very sorry for all shareholders (including me) who genuinely believed in the good prospects of the company and invested accordingly. We've been taken for a ride by a criminal gang who are protected by the law. I've lost £80k, a 30% of my entire portfolio. Mistakes learned and will never invest more than 10% into a single stock. What happened here is a robbery at a stroke of the pen. So much from me, awaiting shares suspension so I can claim capital losses.