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12 September 2011, 12:57 am
#1
Betfair cofounder in litigation
One of the founders of internet gaming group Betfair, Mark Davies, is suing his law firm, alleging that Speechly Bircham cost him millions of pounds when he tried to sell shares in the group.
Davies left Betfair in July 2010 but is in dispute with Speechly Bircham over the sale of Betfair shares, claiming damages of more than GBP 4 million as a trustee of two family trusts that held stakes in the gambling company.
According to a High Court writ reported by the Daily Mail over the weekend, the trusts had instructed Speechly Bircham that they wanted to sell their shares after the Betfair IPO on the London exchange last year, when the price was GBP 13 a share.
But in October 2010, when the shares were trading at GBP 15.50, Davies was told the shares could not be sold because they had not been registered properly, says the writ. Betfair shares are now worth only GBP 7.05.
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6 October 2011, 5:53 am
#2
Nice news. I have also read an article about this where Davies is like trying to take advantage of the time where a portion of company share is amounting between 13-15 GBP.. Good story.
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