I can't pretend to know markets or offer insight, so I'll just point you in this direction.
For those needing some background, read this, then this, and then this.
*Update* As Simon suggested might happen in his post this morning, Bluefreeway are now up for sale.
Showing posts with label David Smithers. Show all posts
Showing posts with label David Smithers. Show all posts
Monday, March 3, 2008
Wednesday, January 16, 2008
More on Bluefreeway
Before Hollywood heavyweights arrived at YouTube's gates baying for blood we could have posted a dozen different clips from movies all with bridges out ahead and roads falling apart. Whether a picture is still worth a thousand words or not is one thing, but there is little else in this world like a line from Arnie that can make light of what is really a wholly unpleasant situation for a lot of people employed in Australia's digital media industry.
Simon Chen has some more thoughts on the company today, along with noting that the share price has continued to slide almost 30% since last week, down to 76 cents. For those that missed the news last week, David Smithers resigned from the company after little more than three months on board as a Director. The company has remained fairly quiet since last week's announcement, if anyone would like to share their side of the story, we're all waiting with baited breath.
Simon Chen has some more thoughts on the company today, along with noting that the share price has continued to slide almost 30% since last week, down to 76 cents. For those that missed the news last week, David Smithers resigned from the company after little more than three months on board as a Director. The company has remained fairly quiet since last week's announcement, if anyone would like to share their side of the story, we're all waiting with baited breath.
Wednesday, January 9, 2008
Detours on the Bluefreeway?
Simon Chen over at Eight Black has some interesting news regarding Australian digital media conglomerate Bluefreeway.
"Today, the ASX was advised that one of their Director’s was resigning...the Director in question who threw in the towel was David Smithers, an ex partner and previous Chairman of PriceWaterhouseCoopers, a not too shabby accounting and professional services firm. He also used to be the President of the Australian Institute of Accountants. Oh, and also on the board of Rabobank.
Now I know that there are always 2 sides to the story, but I’d love to hear Mr. Smithers side first. Someone with his experience, wisdom and threshold for corporate pain doesn’t just call it quits after 90 days."
Bluefreeway have been on a buying spree over the past few years, stocking up on a veritable who's who in the Australia media scene. Recently the retail property group Centro ran into trouble due to the cash fueling its acquisition run stemming from the US sub-prime market, I wonder (aloud and with no reason to back it up, pure speculation on my part) if the case here is in any way related.
If, as Simon says, something foul is in play, the fallout will have far reaching consequences.
"Today, the ASX was advised that one of their Director’s was resigning...the Director in question who threw in the towel was David Smithers, an ex partner and previous Chairman of PriceWaterhouseCoopers, a not too shabby accounting and professional services firm. He also used to be the President of the Australian Institute of Accountants. Oh, and also on the board of Rabobank.
Now I know that there are always 2 sides to the story, but I’d love to hear Mr. Smithers side first. Someone with his experience, wisdom and threshold for corporate pain doesn’t just call it quits after 90 days."
Bluefreeway have been on a buying spree over the past few years, stocking up on a veritable who's who in the Australia media scene. Recently the retail property group Centro ran into trouble due to the cash fueling its acquisition run stemming from the US sub-prime market, I wonder (aloud and with no reason to back it up, pure speculation on my part) if the case here is in any way related.
If, as Simon says, something foul is in play, the fallout will have far reaching consequences.
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