SmartLogik Action Group

Recent post at Action Group discussion forum

December 1st, 2007

A member recently posted some very good suggestions at the Action Group discussion forum. The post is shown below. If you want to respond, please do so at the discussion forum (http://slk-action-group.com/members/). There you can register and contribute any ideas you may have.

“One very important aspect of these cases is indeed to look at the rules, and processes. This is a key aspect that shareholder action groups need to address, if we are going to move things forward for future generations of shareholders……improving the `framework & regulatory rules`..
Many believe our regulatory system is a shambles, particularly withregard to treatment of shareholders/stakeholders. One case that has highlighted this is the current Northern Rock debacle. You`ll notice that the UK Shareholders Association have made vigourous
public efforts to get the interests of shareholders looked after…..TV appearances, and meetings with shareholders…
You`ll see that the `authorities` have come under very strong criticism over this case.
You`ll see that various Commons Select Committee enquiries have occurred.
You`ll see that much TV/Media coverage has happened. Questions have been asked in `the house`, at PM level…..
You`ll have heard about various shareholder initiatives and meetings have occurred, and two of the key issues are about `not selling the company assets off on the cheap..and also, the shareholders are pressing for more influence in the sale process, to try to ensure the best value for all parties..
Clearly consideration is being given to jobs, and the future of the business. ..its all part of the pressure being applied to try to get an equitable solution.
This is a sea change in the way such debacles are handled…pressure from all sides is being exerted, to try to avoid the usual `hastely arranged, behind the scenes` firesale…at knock down prices….which so often happens…quite outrageously.
This is why its so important that cases like this are given maximum exposure…not least, in political circles.

Unfortunately, far too many people join up and then just sit and watch…..action groups are all about ACTION. Sitting there like cans of milk on a self will achieve nothing…..stakeholder members must take action.
Should we examine the accounts of APR, before and after the transfer, to see how asset valuations could have significantly changed..supporting the claim that assets have been sold off very cheaply…
One action all members could take would be to send a letter to there local MP, expressing concerns about the case. MP are legally bound to respond to such enquiries. I have done this previously, and had some help…..in a different case. And dont forget to follow up on points where you`d like further explainations.
It might help to write also to senior MPs like Dr Vince Cable… Lib Dem MP, and very pro-active on such issues.
A note to the Tory party…..David Cameron, etc…might also be a good idea for the group.
Justin you might like to draft a letter to these senior people, outlining this case, and the main concerns…..and perhaps asking what is being done to protect shareholder interests in such cases…it appearing easy for company executives to do what they like to avoid any kind of meaningful accountability, when it suites them.
It is possible to raise a petition on the web site of 10 Downing St..complainig about what has happened and demanding action…have we done this…”

Entry Filed under: Accountability, Accounting, Auditors, Banks, Bondholders, Business malpractice, Class Actions, Compliance, Conflicts of interest, Consumer Rights, Corporate Governance, Creditors, Democracy, Double Standards, Finance, Fraud, Government, Insurance, Intellectual Property, Investment Banks, Kickbacks, Law, Litigation, Mis-selling, Negligence, Pensions and savings, Regulators, Responsibility, Security, Share dealing, Shareholder Rights, SmartLogik Action Group, Stockbroking