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Attempted coup causes Cattles chaos

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The chaotic gathering, originally convened to discuss the financial future of the company, had to be adjourned twice while the board took legal advice on how to respond to shareholders. During the second adjournment, Margaret Young, executive chairman, called Cattles’ lead lending banks to inform them of the investor demands.

 

The banks separately convened an emergency meeting of key creditors in a race to respond before news of the coup reached employees but were not in a position to comment before the end of the day. Ms Young fought to keep control of the meeting which followed the announcement of a restructuring and a warning that Cattles’ shares are “likely to have little or no value”. The announcement, which many small investors had not seen because they were travelling to London for the meeting, said Cattles was putting Welcome Finance, its troubled lending arm, into run-off.

 

One shareholder, who said he had lost £80,000 investing in Cattles mostly at the rights issue in April 2008, lambasted the board for “total mismanagement” over 18 months. “When you want money there are pages of information; when there’s a mea culpa there’s none,” he said. “The owners of this company are treated like monkeys.” Several shareholders called for the resignation “before the end of the year” of several board members, including the chairman, for “just being there” while an alleged accounting fraud was conducted by executive directors over several years. The company, former directors and a raft of external advisers are being investigated by regulators.

 

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Attempted coup causes Cattles chaos - Telegraph


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ohhhhhhh

 

so not only did they rip off debtors , some also ran away with the money, it gets better and better .

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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What a murky tale is unfolding. Shows how this sub prime lending lark is nothing more than glorified pyramid selling with the "poor" investors suffering as much as the "clients".

 

Off we go now on the "who is going to be the greediest gravedigger picking over the bones" section.

 

One now has to wonder on the fate of the Lewis Group and Shopacheck who were presumably set up to 'assist' Welcome in obtaining clients.

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what goes around

 

comes around


post office WON 12/11/06

 

abbey.LBA sent 30/10/06.MCOL claim submitted 8/11/06.allocation questionnaire sent 16/12/06.schedule of charges sent 16/12/06.WON

 

2nd abbey claim SAR sent 3/1/07.WON.complaint letter sent 18/1/08

 

alliance and Leicester.WON

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