Quindell – why did Phil Hodgkinson depart on New Year’s Eve?

Comments

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   wildrides

   5 January 2015, 09:09

   I think he left because he is a very sensible fellow who has seen the light .

   At the current price there wont half be some blood on the carpets of the UK when QPP suspension occurs . People have a deluded sense of risk in this share that I just cant fathom . How they sleep at night is a question that currently eludes me .

2. ---

   Claims Specialist

   5 January 2015, 09:18

   Or maybe loose lips were sinking a ship

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   Invetigate

   5 January 2015, 09:56

   Quindell is a bank/financier to a technology company in Canada – Biosign.

   http://web.tmxmoney.com/article.php?newsid=72596087&qm_symbol=BIO

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   Bubbidy

   5 January 2015, 10:43

   Tom, Your articles often have spelling mistakes, such as: “cheaky”.

   I suggest you use a spell-checker before you post an article on your website.

5. ---

   Legal Eagle

   5 January 2015, 10:44

   Or maybe he always intended to leave after 2 years, and it had been agreed. Perhaps he left amicably and has agreed to remain as a consultant for a period of time. Maybe as an entrepreneur and businessman , he always intended to do his own thing ultimately. Perhaps he left on 31st December because it was the end of the financial year and therefore the best time to do so, maybe he is handing over his role during his consultancy, and there is absolutely nothing remotely strange about it at all.

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   Abdiel

   5 January 2015, 11:41

   @legal eagle, you ar ofc correct we simply do not know. But if the main man from the legal side of Quindell, ie the only division that was making any “profit” quits . In a properly run company I would expect to see some PR blab about him leaving due to as you say, any or all of the above, and announcement of replacements etc. I haven’t seen anything.
   I note that he resigned end of December, 2 days later an article appears in the telegraph (apolgies to tom if he broke first , but was reading this today) http://www.telegraph.co.uk/finance/markets/11321301/Quindell-eyes-disposals-to-boost-cash-position.html , I wonder which division is up for sale at fire sale value?

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   Jeremy

   5 January 2015, 11:51

   How many of the 80m (pre consolidation) shares he was paid with does he still have?There was a fairly vague 12 to 36 months lock in.

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   Tom Winnifrith

   5 January 2015, 12:08

   Jeremy

   A good question. As it happens I spent 45 mins on the phone with a very good man today. There is an explosive Bearcast special on the way tomorrow at which this matter (lockin lies) and a wholesale fraud revelation will be aired. Out in the am

   T

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   MS

   5 January 2015, 12:21

   meanwhile over on thisismoney.co.uk the delusions continue.

   http://www.thisismoney.co.uk/money/markets/article-2894815/Quindell-broken-confirms-plans-sell-divisions.html

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    Invetigate

    5 January 2015, 13:49

    Tom

    I think everything you say seems a waste of time. When will the LSE do something, QPP is becoming a joke.

    Am I right in say that over 20% of stock was issued to acquire businesses by Quindell. This overhang firstly diluted things for shareholders but now these holders desperate to get out?

    Regards Invet

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    wildrides

    6 January 2015, 01:48

    Bub iddy(ot) ………………. you call yourself that and your worried about typo errors ?

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    Forty Two

    6 January 2015, 02:09

    Nice spot on the Biosign. So the puffed up prospects of the Quindell Solutions Canada business include lending $6.8m to a co with a mkt cap the quarter of that that is going bust. Terry must surely go down as the worst investor ever. Whatever he touches turns to shit. He is the Buffet of atrocious investing and I suspect we have seen but a small fraction of his talent.

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    Forty Two

    6 January 2015, 02:31

    According to Biosign filings on sedar the original loan was Dec 5th 2013 – just three weeks after Q raised £200m to fund “growth opportunities”. You gotta love the way they take the piss out of City investors. Respect to he/she who digs up a Lava connection…

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    Captain Canuck

    6 January 2015, 07:20

    @FortyTwo, I’ll keep digging but Tim Scurry (iter8/Quindell) was connected to Lava and Colin Simpson (company bought by Quindell/iter8 now the interim CEO of IBAO) would likely be where the tie is if any.

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    Invetigate

    6 January 2015, 08:54

    With respect to Biosign – Quindell would have booked revenues for the software licences from Biosign in 2013 and 2014? $CAN2m in 2012 and $CAN3m in 2014.

    The cash has not been collected, a loan in its place.

    Then Quindell has written a demand loan so do not have to write of the revenue? Likelihood of collecting the cash would be pretty low. Why would they write a demand loan when they have no money or real assets to demand?

    Biosign capitalised at $CAN1.36m and $CAN 0.9m net assets. Revenues < $CAN100K in 2012 and 2013.

    Interesting the rampers on the BBs calling it a great deal! Cash Cash Cash! They have no idea. “Fools and their money easily parted”

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    Invetigate

    6 January 2015, 09:52

    Why did QPP not release a RNS as Biosign put a release to its stockmarket in Canada yesteray. Is there an obligation to reciprocate? You would think a $CAN6.8m (£3.8m) demand loan that is “unlikely” to be paid back as being material. Since Biosign says they might not be able raise funds to continue. You wonder how many other demand loans are out there to cover revenue booked?

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    Forty Two

    6 January 2015, 15:16

    Thanks Canuck – I notice Scurry has made his linkedin profile unsearchable on Linkedin – what’s he suddenly got to hide? I already looked at it several times anyway. He probably doesn’t know how to use wayback to view historic webpages despite his IT prowess anyhows…