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black monday set the stage for ferriday\'s disgrace: paul durman traces the events leading to yesterday\'s conviction

by:Marslite     2019-09-14
The root of John Ferriday\'s death and the Eagle Trust scandal is the company\'s acquisition of a film and lighting company called Samuelson.
Paul Durman announced a deal with disastrous timing a week before the October 1987 stock market crash. In those pre-
Crash day up
Only the stock price, Ferriday won a certain city after merging his private business MCP with the two listed companies.
With Ferriday in power, the new-
Eagle Trust soon set foot on the road to acquisition.
The eagle was the main victim of the loss of confidence after Black Monday, and its stock fell below the price it issued to buy Samuelson.
Ferriday promised to find funds to buy a large number of new shares, rather than delaying the transaction.
The money he found from Eagle.
He used 13 to cover it up.
5 m start-up by connecting-
It was not until April that the parcel delivery company became part of the eagle and then, through a Jersey trust, finally arrived at the Eagle\'s stockbroker, SBCI Savory Milln.
On April 1988, Austin Knight of KPMG Peat Marwick completed an audit of the Eagle account, and internal concerns about lost money peaked.
Ferriday says he has invested heavily in the Laforza car project in Turin.
To confirm this, Mr. Knight sent a representative to verify this, and took the time to ask the owner of the car company how he could get the Ferrari.
The trip seemed to satisfy him and he canceled Eagle\'s account without qualification.
Eagle Trust chairman Leslie Thomas condemned Ferriday for exceeding his authority in investing in car projects.
The memorandum of condemnation reads: \"I have been asked to send this letter to you.
Go ahead, your teammate Leslie.
When Ferriday agreed to sell his stake in Eagle to Malcolm Stockdale, Yorkshire businessman, in May 1989, the whole story began to be made public.
Within a few weeks, Eagle Express (
Renamed Connect)
In the process of cleaning up, MCP construction supplies called the administrator and found that several pounds were lost.
Mr. Stockdale called the Ministry of Trade and Industry and the office of serious fraud also joined the hunt.
Troubled by the controversy, Stockdale was replaced in September by David James, a company doctor with confidence in the bank.
Mr. James tried to save something for Eagle\'s 33,000 shareholders by setting up Samuelson and suing Peat Marwick and Swiss Bank (
Owner of HSBC Securities)for damages.
Mr. James said: \"When I saved the business. . .
I have never seen a company like this one that has been abused and misused.
The loss of shareholders has been seriously affected. \'(
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