
Johnnyray
The Dick Smith shareholders might have a different opinion.
https://www.theaustralian.com.au/ne...s/news-story/5bdf3ae9035ddf6aa5592d006e12c4f8
I always thought our players were underpaid ...
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The Dick Smith shareholders might have a different opinion.
Eric Watson's open letter to New Zealand Warriors fans
"We want to give our support to Andrew McFadden..."
Much has been written of the failure of DSE and just where all the bodies are buried. Read these for more info
https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private-equity-heist-of-all-time/
https://www.nbr.co.nz/article/dick-smith-shares-trading-halt-ck-183412
"The last point, that the business has some serious operating problems, is right on the money. But this business had serious problems when Woolworths sold it. Private equity owned it for less than a year, pulled cash out, spun the accounts and said they had turned the business around. After the spin washes through, the same old problems are revealed, and Anchorage have walked away with $520m. That’s why this was a heist and Dick Smith shareholders have that sinking feeling."
https://foragerfunds.com/bristlemouth/dick-smith-response-to-the-heist/
Hanover and DSEThere are more than a few things seriously wrong with this world right now.
An amazing story. Thanks, Fenderboy, for the post. Tho it's not so amazing if you think about it. Having once been a CA, even an auditor of the registered variety, I realised at the time (80s, 90s) that for many it was a license to print money. 3 of Anchorage's 4 is it Managing Directors are CPA's or FCA's, which takes my view of them lower still. And I always used to think that it was the solicitors who were the crooks. I'm sure there are a few who are straight up, but...
There are more than a few things seriously wrong with this world right now.
This is a simple version from the Sydney Morning Herald today. Bill Wavish may have some answering to do.
Dick Smith float looks like window dressing
The most obvious thesis is that Anchorage "window-dressed" the inventory balance of Dick Smith when it acquired the business and the inventory remained window-dressed until the company failed.
This suggests the inventory balance shown in the prospectus for the float is false. If this is the case, those who bought shares in the float, mostly super funds, have been played for mugs.
The inventory caper only came unstuck in 2015, long after the crew from Anchorage had socked away hundreds of millions of dollars by tipping their shares into the superannuation system.
That this inventory caper was afoot from the very beginning seems clear – the statutory disclosures at the time of the acquisition simply do not reconcile – and there is therefore scope for regulators to act without waiting for six months.
Read more: https://www.smh.com.au/business/ret...w-dressing-20160205-gmmg88.html#ixzz3zRxI2X8q
My memory is different. The Auckland Rugby League, then the wealthiest sports organisation in the country set the Warriors up and it was the Auckland Warriors. After the management disasters that followed with Ian Robson, then the Lowe/Boyle/Tainui partnership who took over from the ARL the NZRFL took over the running of the club and then renamed it the NZ Warriors, as they were the NZRFL. Watson came along soon after. I think it had much less to do with promoting it to NZ than the fact that the NZRFL were involved.The club was formed in 1995 as the Auckland Warriors but when Watson took control, in 2001, they were rebranded as the New Zealand Warriors.
Here is your new av brotherBeing a Cantabrian born and bred (don't live there now) I am a staunch critic of all teams Auckland!
I'm pretty sure it was renamed from Auckland Warriors to NZ Warriors when Watson took ownership. After the Tainui/Lowe debacle they renamed the club and pretty much reset things up the Warriors falling over and the player contract situation is one of the reasons that get cited when there is issues with clubs and players contracts now being protected.My memory is different. The Auckland Rugby League, then the wealthiest sports organisation in the country set the Warriors up and it was the Auckland Warriors. After the management disasters that followed with Ian Robson, then the Lowe/Boyle/Tainui partnership who took over from the ARL the NZRFL took over the running of the club and then renamed it the NZ Warriors, as they were the NZRFL. Watson came along soon after. I think it had much less to do with promoting it to NZ than the fact that the NZRFL were involved.
There was a time gap between the Lowe/Boyle/Tainui collapse, which if I recall left players like Stephen Kearney out of pocket for a years salary, and Watson taking over. The NZRFL took ownership in the meantime in conjunction with the NRL. They went scouting for investment options and that is when Watson came on board. All he had to do was underwrite the club, he didn't have to pay anything for it. The name change happened as soon as the NZRFL took over so it had nothing to do with Watson.I'm pretty sure it was renamed from Auckland Warriors to NZ Warriors when Watson took ownership. After the Tainui/Lowe debacle they renamed the club and pretty much reset things up the Warriors falling over and the player contract situation is one of the reasons that get cited when there is issues with clubs and players contracts now being protected.
I'm pretty sure after he brought it he said he was renaming the club and had a similar line like in the article about bring an NZ side vs Australians every week.
This also goes along with the change of primary colours after Watson took over from blue home to black.
Watson is a delegator, not a hands on type. That is why he has employed JD. My guess is keeps in touch with JD to enjoy the ride.I would rather Watson concentrated his efforts on getting the club to field consistently winning teams.
12 May
Compiled from 8 ratings