Bloxhams gone to the wall after the regulator asked them to cease trading due to lack of capital.
They had overstated incomes in recent years or something like that.
The Davy boys had bought most of their private client business recently and they are being handed the rest of the business by the sounds of it.
Client holdings unaffected.
Are they gone forever or just suspending operations? Financial irregularities that the CBI were investigating seem to have been uncovered.
Gone forever.
Could somebody with You Tube access please post the 1980s classic âGone Foreverâ from Wexfordâs finest âCry Before Dawnâ?
Of course Brendan Wade of Cry Before Dawn later teamed up with Paul Bell to form The Wild Swans. Could somebody with You Tube access also post up Dancing At The Crossroads?
Both songs very apt indeed with this news about Bloxhams.
Not sorry to see them go then Bando?
Tragic to see one of the great Celtic Tiger names go to the wall like this.
Infairness they were the Oldest Stockbroker in the country, hardly a Celtic Tiger invention
I can see you but I canât hear,
Nothing at all
Iâve lost you, I know itâs clear,
Believe in it all,
I can see you but I canât hear,
Not a word,
YOUâRE GONE FOREVER.
No chance the Blue Knights or somebody could buy them out?
More shame for the accounting community, any sign of Tadgh Gunnell yet lads?
Major spin going on in the papers this morning pinning it all on Tadgh Gunnel. As the most junior partner youâd have to wonder if this is the first the rest of the partners knew there was something wrong.
Either way, it would appear that the partners are about to pay out big time. Unlimited liability âŚ
Worldspreads, BloxhamâŚwhoâs next?
Who do they have to pay out to?
I thought there was no shortfall in client funds?
In fairness, it would appear our regulators are finally beginning to, you know, regulate âŚ
There was mention of a couple of outstanding court cases related to bond deals in the paper this morning.
They should have got WarrenG on the case. The man was preaching about the need to regulate years ago.
Was it Bloxhams who sold the junk bonds to the credit unions?
I think that was Davy.
Hereâs the relevant phase from the Irish Times report today. Looks like the partners could be on the line for some cash relating to debts owed by the firm in addition to potential liabilities arising from the court cases.
[i][font=Arial][size=3][left]Davy is paying about âŹ6 million for the two businesses, which is likely to go towards Bloxhamâs large debts built up in the expansion of the firm in recent years.[/left][/size][/font]
[font=Arial][size=3][left]Any financial shortfall left will have to be paid by the seven individual partners, including Mr Gunnell, as the unlimited status of the partnership leaves them personally liable. An eighth partner, the insurance company FBD, owns 12 per cent of the stockbroking firm.[/left][/size][/font]
[font=Arial][size=3][left]Bloxham is facing costly legal actions in London over claims of more than âŹ20 million from investors in European bonds that were virtually wiped out in value.[/left][/size][/font][/i]
A further Irish Times article mentions that Bloxhams owed NIB about âŹ20 million. If Davyâ paid about 6 million that presumably leaves approx 14 million plus any other creditors that the partners will need to pick up the tab for.
Surely a call to them along the lines of âIs everything alright there lads?â would have been sufficient from the regulator, rather than cause this big fuss? Only trying to make a name for himself.