Morning sports fans,
You have probably seen by now the news, in the papers ,that BBY has been put into administration. A sad day indeed and a sorry indictment on something that this happened in what is considered a bull market. Usually these things manifest when the poo hits the fan during a crash or similar but no, it takes a special kind of management to stuff it up in a bull market ,so well done.
At present we have not been told much and the ASX has been pretty woeful to be honest.I suspect they have no experience of this sort of thing as a new generation has never had to deal with it.Anyway the important thing is that client positions and stocks are safe and settlement for outstanding trades should take place as normal.At least that is what we have been told and what has happened so far. At the moment BBY is suspended by the exchange ,all orders have been cancelled at the ASX and NSX and so we cannot buy or sell for clients as the administrators try to get a handle on whats what and whether there are any parties out there that could potentially snap us up.
Rest assured as a Stock Exchange member, not some fly by night AFSL holder, we have the stock exchange behind us so there should be no issue with holdings or settlement.
As to the future …ah there lies the rub…at the moment we are waiting to hear if there are any buyers for the firm out there or we have to make our own arrangements. The assets of any broking business are its’ people and as the hours tick by, those people will move on due to the uncertainty.
I have been approached by a number of brokers to bring my client base over to them.I have yet to make a decision.It may be that this is natures way of telling me I should change tack..I have yet to decide.
In the interim you are able to move your stock positions to any other broker and BBY should ok that with a nod from the administrator.It may be that I land somewhere else in which case if you feel so inclined you can move your portfolios etc over to that broker and we can move forward.
Hopefully at worst this is an inconvenience and not a financial issue.
I hope this is not my last rambling that I write but just depends which way the cards fall.
It has been a great pleasure in bringing you financial news every day with an eclectic twist and of course the very popular joke..maybe I will continue to write it just for fun and those of you who got this as an email can follow the blog on www.beeksdownunder.com instead perhaps.
Thank you for your jokes, encouragement, support and business over the last three or four years..who knows I may be back sooner than you think…
And finally…..have to end with a joke…
A man returns home a day early from a business trip.
It’s after midnight. While en route home, he asks the cabby if he would be a witness.
The man suspects his wife is having an affair, and he wants to catch her in the act. For $200, the cabby agrees.
Quietly arriving home, the husband and cabby tip toe into the bedroom.
The husband switches on the lights, yanks the blanket back and there is his wife in bed with another man!
The husband puts a gun to the naked man’s head. The wife shouts, Don’t do it! I lied when I told you I inherited money.
HE paid for the Porsche I gave you. HE paid for your season Wallabies tickets. HE paid for our house at the beach. HE paid for your golf tour and 4×4. HE paid for our golf club membership, and HE even pays the monthly bills!
Shakin his head, the husband lowers the gun. He looks at the cabby and says, ’What would you do?
The cabby replies, ‘I’d cover him with that blanket before he catches a cold.’
Have a great day and any issues please ring me on my mobile 0414345137 or email me …office email still works.