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​Troubled mortgage company loses director

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Australian Broker | 10 Feb 2014, 05:00 AM Agree 0
Firstfolio has announced the company’s interim CEO has agreed to stand down from his position following recent issues with the firm’s recapitalisation proposal.
  • Jack O'Neill | 10 Feb 2014, 09:32 AM Agree 0
    Terrible run of luck as of late - a poisoned chalice of sorts
  • oldBroker | 10 Feb 2014, 11:26 AM Agree 0
    Their troubles were orchestrated by Mark Forsyth, who was only concerned with acquisitions and growth... and the company's operations fell apart. They bought LSA which was a very efficient, very profitable money manager and absolutely trashed it. Same with Lawfund. Mark Flack was the wrong choice to clean it up since he was part of the problem. This company, and it's incompetent managers, should fade away.
  • Melbourne Broker | 11 Feb 2014, 05:26 PM Agree 0
    I can't understand why some Board members have not also resigned. This strategy must have been approved by them and yet Mark Flack seems to be "carrying the can" for it. These Directors (mostly) were responsible for the strategy pursued by Mark Forsyth and finally they realised that he was not able to extract value out of all the various acquisitions and sacked him. They then appointed David Hancock and sacked him after a few months when the disagreed with his vision and strategy moving forward. How they couldn't have some idea of his views before they hired him is hard to fathom. Then they recycled Mark Flack and now they've sacked him after another strategy plan has gone belly up! From reading the ASX announcements, it doesn't look like the injection of funds under the great Recapitalisation Proposal will be happening any time soon and it has taken around 12 months to get to this point! And then there's the note in one report to the ASX "in the absence of the IZN Recapitalisation proceeding, the Independent Directors consider that there will be a significant uncertainty as to the ability of Firstfolio to continue as a going concern." The future really looks good - NOT! I think it's about time that some Directors took responsibility for a number of failed strategies over the years and fell on their swords. Hopefully there's a "white knight" galloping to the rescue but I suspect not!
  • Hills Broker | 12 Feb 2014, 11:05 AM Agree 0
    The saga continues - I am now starting to doubt my decision to stick with them, especially as they do not keep their brokers informed about anything that goes on - we have to hear it in the press. Poor form.
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