KPNQwest« Terug naar discussie overzicht

1. [verwijderd] 29 juni 2004 18:47

   auteur info

   •    [verwijderd]

     Lid sinds: 01 jan 0001

     Laatste bezoek: 01 jan 0001

   •    Aanbevelingen

     Ontvangen: 0

     Gegeven: 0

   •    Aantal posts: 0

   Ik ben in KPNQwest gestapt vandaag. Ze zullen dan wel failliet zijn maar hun netwerken en evnetuele claims (minimaal 3 miljard) geven dit aandeel echt nog wel enige waarde. Met dit bedrijf, en met de aandeelhouders, zijn smerige streken uitgehaald en het wordt payback tijd.Uiterst risicovol natuurlijk maar daar zijn de grootste winsten mee te behalen. koersdoel 0,40 ct, u bent gewaarschuwd.
2. [verwijderd] 29 juni 2004 21:04

   auteur info

   •    [verwijderd]

     Lid sinds: 01 jan 0001

     Laatste bezoek: 01 jan 0001

   •    Aanbevelingen

     Ontvangen: 0

     Gegeven: 0

   •    Aantal posts: 0

   
   
   
   
   KPNQWest Trustees May Seek EUR3 Billion From Co And Offcls
   
   
   
   AMSTERDAM -(Dow Jones)- The trustees of European telecoms operator KPNQwest NV (36492.AE) could seek up to $3 billion in a U.S. court from parent Qwest Communications Inc. (Q) and several company officials, a trustee said Monday.
   
   
   
   "The deficit at the company is about $3 billion. It is up to the judge whether we can seek that deficit from the company and its officials," said trustee Jan van Apeldoorn by phone.
   
   
   
   Earlier Monday, the trustees said they have filed a complaint in the U.S. District Court for New Jersey against Qwest Communications and several of its existing executives. The complaint was also filed against former executives Joe Nacchio, Robert Woodruff and Drake Tempest.
   
   
   
   KPNQwest is the former joint venture of Dutch telecommunications company Royal KPN (KPN) and Qwest Communications which collapsed in spring 2002. It remains listed on the Amsterdam stock exchange because Dutch bankruptcy proceedings have not yet been completed.
   
   
   
   The company failed after the banks and the parents stopped providing funding. KPNQwest, which operated a pan-European fiber-optic network, was one of the most high-profile alternative carriers to collapse in Europe because of its size and the speed of its demise.
   
   
   
   The trustees are suing for debt relief under the U.S. Racketeer Influenced and Corrupt Organization Act, or RICO Act, and are also claiming damages for alleged mismanagement and breach of duty, said Van Apeldoorn, who couldn't say whether the trustees are considering to file suit in the Netherlands as well.
   
   
   
   Qwest is also under investigation by the U.S. Securities and Exchange Commission and the Department of Justice.
   
   
   
   Further, a class-action suit filed over KPNQwest's collapse has recently been widened to target KPN and Qwest Communications.
   
   
   
   The suit, filed by U.S. law firms Kirby McInerney & Squire LLP, Glancy & Binkow LLP and Schiffrin & Barroway LLP, alleges that KPNQwest, its executive and supervisory board members and its corporate parents have deceived KPNQwest minority shareholders with "a fraudulent scheme and deceptive course of business."
   
   
   
   KPNQwest officials could not be reached for comment.
   
   
   
   -By Fred Pals, Dow Jones Newswires;31 20 5890 221; fred.pals@dowjones.com
3. [verwijderd] 29 juni 2004 21:07

   auteur info

   •    [verwijderd]

     Lid sinds: 01 jan 0001

     Laatste bezoek: 01 jan 0001

   •    Aanbevelingen

     Ontvangen: 0

     Gegeven: 0

   •    Aantal posts: 0

   [quote=Yellowwwe]
   
   
   The suit, filed by U.S. law firms Kirby McInerney & Squire LLP, Glancy & Binkow LLP and Schiffrin & Barroway LLP, alleges that KPNQwest, its executive and supervisory board members and its corporate parents have deceived KPNQwest minority shareholders with "a fraudulent scheme and deceptive course of business."
   
   
   Lees goed : en Kpnqwest MINORITY Aandeelhouders. Stel ze winnen dan blijft er dus ook iets over voor de aandeelhoudes. Met 30 miljoen ben ik al tevreden.
4. [verwijderd] 30 juni 2004 19:02

   auteur info

   •    [verwijderd]

     Lid sinds: 01 jan 0001

     Laatste bezoek: 01 jan 0001

   •    Aanbevelingen

     Ontvangen: 0

     Gegeven: 0

   •    Aantal posts: 0

   AMSTERDAM (Dow Jones)--KPNQwest NV (36492.AE), the collapsed European telecoms joint venture, was known to be financially unsound even before its IPO in 1999, a lawsuit brought in the U.S. by trustees of the company has alleged.
   
   It was already clear to joint venture partner Qwest Communications Inc. (Q) of the U.S. and some of its executives that KPNQwest's business model wasn't working, the lawsuit claims.
   
   "By the time of KPNQwest's initial public offering in November 1999, they (Qwest and some of its executives) realized that the business model of KPNQwest, which was similar to Qwest, was beginning to collapse," said the complaint filed in a New Jersey court this week by the KPNQwest trustees, who are appointed by a Dutch bankruptcy court.
   
   KPNQwest is the former joint venture between Quest and the Netherlands' Royal KPN NV (KPN). Set up in 1998, it went bankrupt in spring 2002 after its banks and parent companies halted funding.
   
   The 125-page complaint alleges fraudulent activity by Qwest and some of its current executives.
   
   The lawsuit was also filed against former Qwest executives Joe Nacchio, Robert Woodruff, Drake Tempest and KPNQwest's former chief executive, Jack McMaster.
   
   A Qwest spokesman said the company doesn't comment on pending litigation. KPN and the former KPNQwest executives named weren't immediately available for comment.
   
   KPNQwest was one of the most high-profile alternative carriers to collapse in Europe because of its size and the speed of its demise.
   
   Its business model was to build a fiber-optic Internet Protocol-based network with money provided by third parties in exchange for rights to the telecommunications facilities KPNQwest would build.
   
   "Back in 1999, the defendants knew, but failed to disclose to KPNQwest managers or directors not affiliated with Qwest, that there was no reasonable basis for believing that Qwest's model could enjoy any significant measure of success on a going-forward basis," the complaint, dated June 25, alleges.
   
   The trustees are suing for debt relief under the U.S. Racketeer Influenced and Corrupt Organization Act, or RICO Act, and are claiming up to $3 billion in damages for alleged mismanagement and breach of duty. The amount relates to the deficit calculated by the trustees.
   
   KPNQwest's market capitalization, which once stood above EUR40 billion, has been decimated. The company's shares, which are still traded on Euronext Amsterdam because the bankruptcy proceedings haven't yet been concluded, are trading around EUR0.10.
   
   The suit alleges Qwest and certain executives manipulated KPNQwest's accounts to make it appear more profitable than it really was.
   
   One of the allegations is that KPNQwest and Qwest inflated their financial results by swapping network capacity with each other and with other telecoms companies. These deals are known as "hollow swaps" when arranged so that both sides can book revenues from a deal in which no cash actually changes hands.
   
   The suit also alleges that Qwest and its executives made personnel changes at KPNQwest to ensure the fraud could continue.
   
   But although the complaint blames Qwest and some of its officials for the demise of KPNQwest, Jan van Apeldoorn, one of the trustees, told Dow Jones Newswires Wednesday this doesn't necessarily exclude KPN from all responsibility in the KPNQwest bankruptcy.
   
   "We still haven't decided yet if we will start other proceedings (in the Netherlands) which could include KPN as defendant as well," Van Apeldoorn said.
   
   KPN is charged as a defendant in other proceedings over the bankruptcy of KPNQwest.
   
   A class-action suit filed in New York earlier this year on behalf of KPNQwest shareholders was recently widened to target both Qwest and KPN.
   
   The suit, filed by U.S. law firms Kirby McInerney & Squire LLP, Glancy & Binkow LLP and Schiffrin & Barroway LLP, alleges that KPNQwest, its executive and supervisory board members and its corporate parents deceived KPNQwest minority shareholders with "a fraudulent scheme and deceptive course of business."