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Firstfolio chair defends Forsyth's forced exit

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Australian Broker | 22 May 2012, 04:30 AM Agree 0
Firstfolio's new chairman has defended the forced resignation of chief executive Mark Forsyth, and lamented the company's poor stock performance
  • James Smith | 22 May 2012, 09:48 AM Agree 0
    The market is never worng, the share price is two cents for a reason. Overpriced puchases and poor managament.
  • Tony Grierson | 22 May 2012, 10:10 AM Agree 0
    About the first thing Forsyth did was introduce an account keeping fee of $150pm for Lawfund trail books in run off mode. See you pal!
  • Coast Broker | 22 May 2012, 10:20 AM Agree 0
    Agree with Tony. Goodbye Mark Forsyth. I am glad I am with another Aggregator and only have a small trail income from my short period with Lawfund. It is almost at the point that the fee will be more than the trail received. Interesting that they say the Mark Forsyth had no industry experience. So why was he hired in the first place. I think ASIC needs to look into this sort of thing with management of businesses being employed and they do not have the experience. I feel sorry for the other Brokers that are using Firstfolio as their Aggregator.
  • Qld Broker | 22 May 2012, 10:55 AM Agree 0
    A number of brokers in Townsville had dealings with a Mortgage Manager that aggregated with First Folio and charges $275.00 per broker, per month out of our trail to complete a statement. Lot of angry brokers in Townsville also.
  • Craig Dres | 22 May 2012, 11:19 AM Agree 0
    Firtstfolio a disaster of own making. Wrong CEO; wrong strategy; massive debt profile. No clear path till 2014 at least.Why did they buy Club?? Debt servicing will gobble cashflow next 2-3 years. Zero dividends.
  • Confused??? | 22 May 2012, 02:54 PM Agree 0
    CAlibre was also an interesting purchase, why would anyone buy a wholesale funder in this market?? I think there are more skeletons in the closet in that business, and given that it is a public company, more heads will rol...watch this space.
  • Jane Santini | 22 May 2012, 03:31 PM Agree 0
    They over pay for Club then give one of the CFS directors a senior role. What a cash cow for him.
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