Towercom investment (Goodbody stockbrokers)

Discussion in 'Financial campaigns and consultations' started by 8till8, 27 May 2013.

  1. 8till8

    8till8 Frequent Poster

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  2. 8till8

    8till8 Frequent Poster

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    Last edited: 9 Aug 2013
    Towercom Holdings Ltd and Goodbody Wealth Management

    My worries have been confirmed, letter received from Goodbody that due to bank finance difficulties, Towercom Holdings Ltd is being sold as a distressed asset.

    Loss for investors through Goodbody: -55%

    What a mess and bad performance by Goodbody Wealth Management who should rename themselves "Goodbody Loss Management"

    See link for further info;
    http://www.tmtfinance.com/news/o2-ireland-sale-impacts-towercom-process
     
    Last edited: 9 Aug 2013
  3. Brendan Burgess

    Brendan Burgess Founder

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    Hi 88

    How did you manage to invest in this? Was it a BES?

    Presumably it was flagged as a risky investment?

    Brendan
     
  4. col

    col Frequent Poster

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    I was involved in this as well. Typical Irish managed investment organised by Goodbody with no real information for years and then this.Paying 1% fees annually to manage this charade as well. I understand the main principle of Towercom is part of the new consortium buying out the investors .I would have expected a full arms length deal as a minimum. Also gave investors very little time or an alternative option. You are told you are likely to lose more if you don't accept offer etc. For any would be investor in the future avoid Goodbody. They certainly didn't do a good job on this one and many other investments they promoted. They never lose and the wins are few and far between.
     
  5. Martinius

    Martinius Registered User

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    I am also an investor in Towercom and I don;t believe that the process is transparent. A few investors have asked for an investors meeting with Goodbody but they have declined. I am trying to see if we can get a group of us together to put pressure on to ensure that the deal is as fair and transparent as possible. Email me and I will share details.
     
  6. Martinius

    Martinius Registered User

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    I have given a verbal 'no' vote as I believe that a better deal could be on offer with a little more time to structure an investment. Goodbodiy's have a clear conflict of interest as they are getting an estimate €500k fee from this while they decimate the value of the funds they are managing on our behalf.

    As today is the deadline, we can only try stall the sail by voting no and maybe getting another bite at the cherry.
     
  7. 8till8

    8till8 Frequent Poster

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    It appears the distressed sale of towercom has proceeded and funds to be returned to investors shortly.

    Incidentally, Goodbody are fund raising and advising on Hibernia REIT which is being launched shortly and beyond belief they are contacting Towercom investors to see if they'd like to put the remains of their lost money into the next deal.