UK 13:57 Monday, 26 October 2026
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The detailed interim statement from Slater & Gordon out overnight throws into focus the depth of the cash crisis at Quindell (QPP) and how the bastards have serially deceived investors about this. This is really shocking.
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Comments
invetigate
Should be noted that Slater and Gordon believes they have given an advance to Quindell which secured. look at Slater’s cash flow statement.
can not believe QPP has not dropped at least 20% today. QPP have not fully informed market around the exclusivity payment actually is an advance.
Miserly Investor
As Invetigate said, it looks like a secured advance from the cash flow statement. I wonder what the terms of the advance are and on what assets it is secured? If it’s an advance then it is a liability of the company and yet more quasi-debt not referred to when announcing the glorified cash position in the update of 12th January.
(n.b. an advance would be outside the scope of VAT as opposed to a payment of £10m + VAT)
Jon Fiennes
Tom I am delighted to see you have cut back on the obscenities and the most obviously gratuitously abusive behaviour. That is an admirable and wise step, one I have counselled for for some time. I applaud you and hope you can repair some of the damage done. Rest assured it won’t go unappreciated by many.
As for your analyses on Quindell I recommend you pass those to the authorities, they will certainly act if you can provide sensible grounds. So far it seems they have taken little notice, but perhaps if you sat down with them and explained your thoughts you might exercise their interest further. Failing that mentioning things to PwC would set things in motion as they could not fail to respond on any such blatant points if they had substance when all facts are known.
Finally another suggestion, if I may, of a supportive nature. A professional footballer does not generally spend time barracking amateurs sunday league, nor does a successful film actor go out of their way to criticise amateur dramatic groups, both for obvious reasons. I therefore question if it helps your profile as a profesional financial journalist when you attack so obviously small private investors, often with minimal experience who post on other bulletin boards. At best you anger and annoy less gifted people, at worst you start to look as if you are no more well equipped to comment than they are.
Well . Just some thoughts.
Kind Regards and keep up the positive aspects of your work
Jon
Pauly Walnuts
I have to say that something struck me as odd whilst reading the Legal Futures article on S&G’s 2 recent acquisitions here….
http://www.legalfutures.co.uk/latest-news/slater-gordon-unveils-next-two-acquisitions-quindell-talks-continue
Leo Abse & Cohen has an £8.4m turnover, 159 staff and is a ‘highly regarded’ Uk wide hearing loss practice.
According to the Manchester Evening News coverage of S&G’s swoop for QLS here…
http://www.manchestereveningnews.co.uk/business/business-news/slater—gordon-lines-up-swoop-8502245
… QLS has 750 staff across 6 locations.
Also, according to page 19 of the Legal Services Teach-in from 17/6/14, QLS annual run rate was £900m.
So, QLS can pull in more than a hundred times the revenue of little Leo Abse, with less than 5 times more staff. No wonder S&G want to buy them.
Does anyone else smell anything fishy here ? Last time I had a bigger whiff of fish than that was whilst strolling along Grimsby docks on a hot summers day !!!
zeronegative
As we KNOW that S&G are NOT going to bid £1billion for QLS or anywhere near that number, they’ve don’t have the funds, the question is what are Quindell’s plans going forward. I believe that Quindell’s plan for the next six months is.
1. Flog the claims businesses (already begun) – get around £100million if lucky
2. Disposal of non-essential business and close worthless junk bought by RT
3. Rename the company – Telematics Industries for example
4. Apply to list on NASDAQ as a technology company
5. De-list shares off AIM as shares are perceived to be too toxic.
I really need to stop doing lists.