JOHN MOORES, THE HIGH FLYER SWANSEA CITY WANT ON BOARD Moores, Cronies to Pay about $55 Million in Peregrine Settlement Moores was chairman of Peregrine with an office in the building. He had paid a mere 33 to 59 cents a share for his stock. He dumped $487 million of it during the actual fraud period, and about $650 million, almost all he controlled, through the history of the company. Several executives of the company were convicted criminally for their role in the fraud. Moores was never charged, and a judge in the criminal cases wouldn't let defense lawyers bring up Moores's windfall. Civil suits showed clearly that the board, including Moores, had been told of accounting and other irregularities by the chief executive, but one San Diego judge after another, including Benitez, let the board members, particularly Moores, off the hook. In one instance, the company's lawyer warned board members not to sell their stock, because they knew of an upcoming acquisition that might knock the shares down. Nonetheless, Moores dumped massively prior to the acquisition announcement. "The pigs are at the trough," said the attorney. Moores got away with it. He put some of the proceeds of his Peregrine stock sales into the Padres ballpark, subsidized by the City for more than $300 million. Moores is said to have made up to a billion dollars on land deals tied to ballpark district real estate that he got for a lowball price. He denies he raked in that much. He has now taken his winnings to Texas, after slashing the payroll of the Padres. When it was evident that Peregrine would fall in disgrace, Moores brought in his personal attorney, Charles La Bella, who quarterbacked a study by the law firm of Latham & Watkins. To no one's surprise, it vindicated Moores and the board. The lawyer for the Securities and Exchange Commission bought into that Latham & Watkins study. Shortly, he went to work for Latham & Watkins. "The relative small fry go to jail, Moores keeps his millions even after this chump change settlement." LINK: http://www.sandiegoreader.com/weblo...-cronies-to-pay-about-55-million-in-peregrin/ Check out the comments in the link after reading the Article. How the hell HUW JENKINS or any other Swansea board director can state due diligence in bringing in these american garbage is beyond belief, it seems we are being stitched up, and need to wake up, John Moors is the last person we need on our board at the Liberty, and anyone thinking anything different is living in Disney land................
"Response to post #3: The Securities and Exchange Commission traditionally nails small fry for getting an inside tip on a stock and making maybe $50,000, but the big boys that rake in hundreds of millions and have heavy political connections go free. One of my columns had this lead: "The law doth punish man or woman/ Who steals a goose from off the common/ But lets the greater felon loose/ Who steals the common from the goose." It's been going on for centuries. I thought Obama would end it. I see a few signs of improvement at the SEC, but not many. As I've said many times, the SEC was set up in the 1930s to protect the public from Wall Street. It evolved into an agency that protects Wall Street from the public. Best, Don Bauder
Moores's Personal Attorney Named to High Justice Department Post LINKhttp://www.sandiegoreader.com/weblogs/financial-crime-politics/2010/nov/04/mooress-personal-attorney-named-to-high-justice-de/
Employees Tossed Under the Bus LINK: http://www.sandiegoreader.com/news/2007/mar/22/employees-tossed-under-bus/
Incest: The SEC and Wall Street & MOORES LINK: http://www.sandiegoreader.com/news/2011/jun/01/citylights1-sec-wall-street/ Hope you are following the trail, and your getting to understand how this John Moors operates??
San Diego Justice Link: http://www.sandiegoreader.com/news/2007/jul/12/san-diego-justice/ I could be here till next week posting the fraud of John Moors company, I'm of the opinion our board are now incompetent, and not fit for purpose!....
The Nuttiest Thing I Have Heard Link:http://www.sandiegoreader.com/news/2004/oct/21/nuttiest-thing-i-have-heard/
Unethical, Immoral, And Unconscionable, Moores. Link:http://www.sandiegoreader.com/news/2004/may/06/unethical-immoral-and-unconscionable/
SO WHO BENEFITED THE MOST FROM ALL THIS FRAUD? Who profited the most? Moores, chairman of the board from 1990 to 2000. For a brief period after the fraud was initially uncovered in May of 2002, he jettisoned more than $600 million of stock at fancy prices. But his board buddies rolled up big bucks, too -- including Charles E. Noell III, Moores's longtime investment-banking lieutenant, head of Moores's JMI Services and general partner of JMI Equity Partners. One civil suit charges that Noell was the conduit through which Moores controlled Peregrine. In contravention of accepted management principles, Peregrine was an insiders' web, and Moores was the spider at the center, despite his claim that he was an outsider. For instance, in 2000, most boardmembers and officers had been connected with other non-Peregrine, Moores-related enterprises. Two had been with XVT Software, controlled by Moores's JMI Equity. According to a civil suit by San Diego attorney Michael Aguirre, Peregrine bought XVT for $4.7 million when its liabilities exceeded its assets by $915,000. Through the years, there were also boardmembers connected with several other Moores investments, such as Texas-based Neon Systems and Bindview. Spider in the Middle Link: http://www.sandiegoreader.com/news/2003/may/15/spider-middle/ AND HUW JENKINS WANTS THIS MOORES ON OUR BOARD??
I would have thought that the Petty saga would have made the board ultra cautious about foreign investors
It wouldn't so it seems. What happens to us next will define our future not just in the PL but the Club itself , you pray that the Board are acting in the Club's best interest but I'm not so sure anymore , wealthy men in life only have one aim and that's to get wealthier. Does anyone believe that this bunch of ****** are becoming members of the Board because they've watched a self promoting film .If the outgoing members love the Club that much then why not donate a few shares to the Trust I'm sure they'll still be rich enough not to notice .
Any protests being organised before the Utd game? That would give the board some food for thought surely?
The reality is that the Value of the Board's investment has increased beyond their wildest imagination. Take Huw Jenkins who owns 13.2% http://www.swanseacity.net/club/club_ownership/ If the club is valued at circa £100m, then his stake is worth circa £13m - and how much did he actually invest?
Have the board learnt nothing from our past. I want these Americans nowhere near our club and would rather end up back in the Championship than see them raping our club for a second time.
I've no idea and to be honest good luck to all that bought into the idea of owing the Club and carried out actions rather than just words. But for anyone not to be concerned about the potential new board members (at the moment not investors which is a separate issue ) is worrying in it's self .They have a much publicised unscrupulous past which is not media speculation but direct quotes from court officials and others who deal in cases of fraud and such like. It would be interesting to know what the Board consider to be due diligence and at what they set the standard at , because to me the bar is set far too low if they've passed it . They will look to take control no doubt and part of that process is for us to buy the stadium (something which wasn't even considered a year ago ) so that they have a mortgage able asset, something which will loaded against the Club and not the new owners , asset strip and their guaranteed parachute payments of 3 years if and when we get relegated & that should bring them in a nice return on their "investment" .
It really does worry me, I would rather struggle through and get relegated in years to come, than suffer the same fate with a couple of crooks taking us for a ride and leaving the cupboards bare.
Barring something spectacular happening this investment WILL go ahead. I! like most on here would like to slow the process down and re-evaluate the situation but I doubt it will happen. The deal is scheduled for completion in the next couple of months or so, and I fear it will be ratified.
