Rare Coin Company goes bust

[robbiegal]

surely not!?!
if Downies go under the the coin world is in trouble!

[Goldseeker]

Belinda is not part of Downies.   Belinda is Coinworks.   I can't Coinworks going under with the coins that she is offering for sale.

[trout]

Belinda is not part of Downies.   Belinda is Coinworks.   I can't Coinworks going under with the coins that she is offering for sale.

Why is that?
Because they have high value items for auction or because they ripped a seller off and can make a quick buck on the deal, Or they are selling just to get out of the firestorm created by the rare coins debacle:angel:

[enworb]

WWWW: "and using the money 'borrowed' from new clients to pay the return to previous clients or clients who pull out. Sound familiar?

I think their failure has very little to do with numismatics. "

1. Sounds like a Ponzi scheme

2. I agree, failure has little to do with the state of numismatics and more to do with terrible/fraudulent business.

[robbiegal]

Belinda is not part of Downies.   Belinda is Coinworks.   I can't Coinworks going under with the coins that she is offering for sale.

thanks Goldie
I recall there was a Downies connection through marriage albeit dissolved now

[Robster]

Can you picture it- "one for you, two for me, one for you, two for me.!!:diablo:

[dreamcatcher]

It's a shame when these poorly managed schemes rob people of their money. I wonder how the assets of the owners and managed will be treated or if they can be reached.

[trout]

It's a shame when these poorly managed schemes rob people of their money. I wonder how the assets of the owners and managed will be treated or if they can be reached.

Spain seems to welcome these ratbags :angel:

[Unicorn]

Oddly Trout, Christopher Skase came to mind ..... just wiki'd him and it was almost 12 years ago he passed on. Geez time gets away.

[trout]

Oddly Trout, Christopher Skase came to mind ..... just wiki'd him and it was almost 12 years ago he passed on. Geez time gets away.

Only 12 years ago, that oxygen mask kept him going for a hell of a long time then:angel:
Or was it the money he ripped off that kept him going:dodgy:

[robbiegal]

http://www.brw.com.au/p/business/surry_hills_super_bargains_lisa_sEAr6r7suAURQGTj2ioJoN

Lisa Ho has gone into liquidation
Fashion brand Lisa Ho has officially entered liquidation after the 30-year-old business collapsed with debts of almost $20 million two months ago.

However the designer has bought the majority of the brand's intellectual property for an undisclosed amount, allowing Ho to potentially continue the brand in future.

[trout]

http://www.brw.com.au/p/business/surry_hills_super_bargains_lisa_sEAr6r7suAURQGTj2ioJoN

Lisa Ho has gone into liquidation
Fashion brand Lisa Ho has officially entered liquidation after the 30-year-old business collapsed with debts of almost $20 million two months ago.

However the designer has bought the majority of the brand's intellectual property for an undisclosed amount, allowing Ho to potentially continue the brand in future.

And the show goes on :dodgy:
It is about time The Aussie public starts to use their brains and stop supporting these simply stupid investments.
I thought we were the "Clever" Nation, Apparently not :dash1:

[Ozcoins]

Just have to comment on a couple of the things that have been said about "super".

It seems that some people think of super as somehow different to "MY money invested for MY future", when that is exactly what it is.

If you want it put into cash at the current rate, you can do that.
If you want it put into Aussie shares, you can do that.
If you want it put into something else, you can do that.

Its YOUR money make sure YOU are happy with what is being done with it.

The fact that it has to remain invested until certain things happen (like retirement, or hardship) and that there are other rules (like favourable tax benefits) does not change that its just money invested somewhere.

[trout]

Just have to comment on a couple of the things that have been said about "super".

It seems that some people think of super as somehow different to "MY money invested for MY future", when that is exactly what it is.

If you want it put into cash at the current rate, you can do that.
If you want it put into Aussie shares, you can do that.
If you want it put into something else, you can do that.

Its YOUR money make sure YOU are happy with what is being done with it.

The fact that it has to remain invested until certain things happen (like retirement, or hardship) and that there are other rules (like favourable tax benefits) does not change that its just money invested somewhere.

I think most people are talking about the compulsory super that the employer pays.
This was achieved by agreement between the unions and the employers at it's inception.
This was started at 5% and has gone up to 9% as of this post .
What most people are concerned about is where are all the funds invested and do they still exist.
We are talking about a huge amount of money here and we are working on a "Trust Me" basis:dodgy:

[Fulvio]

I think most people are talking about the compulsory super that the employer pays.
...
We are talking about a huge amount of money here and we are working on a "Trust Me" basis

Errr.. what?

You have a super fund. You put in money. Your employer puts in money. What the fund does with it is YOUR call. Where it came from, be it you, your employer, interest or whatever, is irrelevant. You don't like the portfolio, switch funds. Simple.

It seems people confuse potential dodginess by the employer, like when they fail to put the money in, with any shonkiness of the fund, which may overcharge, with the volatility of the market, which may evaporate your money faster than dry ice on a hot tin roof.

The three are totally separate things. The first is an offense, the second may or may not be illegal, and the third is just the luck of the draw. Ask anyone who got cleaned up by the GFC trainwreck.