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
Showing posts with label WSPR. Show all posts
Showing posts with label WSPR. Show all posts
Tuesday, 20 March 2012
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.
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.
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.
Subscribe to:
Posts (Atom)
