Langbar International

grahamite2 - 29 Dec'05 - 09:13 - 39088 of 39090
Anomalous, thank you for your 39079. There are still some small misunderstandings - I was asking about legal advice, not legal action - but I think I now see exactly where you're coming from. Is this a fair summary:

1. Buchler and Deloittes must confirm or refute Kroll, in view of doubts about Kroll's standing in Brazil.

2. If Kroll is wrong and there are assets, of any kind whatsoever, Buchler should take appropriate steps to realize them.

3. If Kroll is right, the company was a total sham from the outset and proceedings can be taken under S150 Financial Services and Markets Act 2000 against some or all of Nabarro Wells, Insinger Townsley, Arden Partners, LSE. Such a course is better than proceeding against Pearson and Woods for two reasons: a) it is relatively straightforward under statute, compared to a relatively unclear case under the common law of torts; b) these defendants and their insurers will have deeper pockets than Pearson and Woods and their insurers.

Yes, that is a fair summary of what I meant, except that you've missed any reference to 'other' assets that are offered to the company in lieu of obligations that other firms have. Although we are yet to find out what these might be and can not put too much trust that they will be real, it has to be considered that if the assets are real, that the whole matter may be successfully resolved without any pain to the shareholders.


If that is fair, there is not much for the LAG to do until the company reports on Deloittes findings, or the FSA reports; winding up is a side issue; proceedings against Pearson and Woods can wait.

I can leave it at that reasonably happily.

The best thing for the Action Group to do is wait. There's no point in acting in haste to repent at leisure. Besides, at the moment there is little point in charging the members for legal action when it would be better to see if the professionals are able to yield something for nothing. The most successful Action Group is one that motivates people to act without having to raise a penny from its members. The website helps by providing the letters to send to people in authority and the pages of information collected by members from web-searches helping the reporters to write their stories.


I should still like to know the current status of the LAG, though. Do you have a functioning committee, or is it just you? Clond gives strong indications of having lost all interest, and Redagen hasn't had much to say on iii either. Would it not be a good idea for the whole committee to meet David Greene; e-mail all members to give the gist of the meeting, and confirm that no action is to be taken until one of the reports is issued; and in due course e-mail all members with a proposed action plan of the sort I outlined in 38994?

There is no committee yet. David Greene suggested that the coordinators hold a meeting and discuss where they stand but due to Clond being up north and redagen being extremely busy, they've not been able to hold one yet. Until they do, I'm pushing the Action Group along and collecting new members each day. It was intended to email the members with the current position, but unfortunately despite my suggestions and recommendations it has still not been done. Hopefully they will be able to get it together in the New Year.