My understanding is that TSSI is being sold - the proceeds will go to the Bank of Scotland and pay the administrators costs. There is no chance of a debt for equity swap.
A class action is probably out of the question unless some of the big shareholders decide to throw some cash at lawyers but in reality what will be achieved? I doubt if the directors have very deep pockets.
As regards Wavelength it would appear that either it was given away or the managemnt took over some of the debts in lieu of paying anything for the goodwill. I can do some more research if anyone really wants to know.
Liquidation following the conclusion of the administration would be useful as it would enable us shareholders to attend the EGM and question the directors. The liquidator also has to prepare a report on the conduct of the directors leading up to the insolvency - not good from where I am standing as clearly the group was insolvent back in March 04 - they should have done something then, not continued to trade - this is illegal.
I would also be ineterseted to know how the landlord allowed the company to run up over £2m of rent arrears - Is the landlord connected in any way??
Scipher stock quotes
Scipher stock charts
Follow this thread
