An extract from Alan Kohler's Business Spectator article today:
The other, unrelated, thing that happened which also damaged Tricom at around the same time, was a margin call against a company associated with executives of Allco Finance Group, called Allco Principals Investments, over 22 million Allco shares.
The client failed to respond to the call, either with cash or more collateral, so Tricom sold the shares for $3 each – a total of $66 million. API and its owners received the proceeds of the sale, after paying the outstanding debt owed to Tricom. At the time, API said it was in dispute with Tricom, but nothing seems to have happened with that dispute since.
As it turned out, Allco subsequently got into difficulties and the shares have now been suspended pending further announcements about the sale of all or part of its business to Macquarie Group. It’s likely that if and when they trade again, the shares will be worth lot less than $3.
In other words Allco CEO David Coe and other executives of the company were sold out of their company by Lance Rosenberg at what has turned out to be a good price, with no potential for recriminations over them deserting other shareholders or trading with inside knowledge.
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