ASX report sheds light on bad dealings Oct 28, 2009
As one industry expert commented yesterday, if all the ASX disciplinary tribunal could muster to sanction Tricom was a fine of $1 ... Readers may recall that Tricom committed 10 contraventions of the ASX rules, including settlement failures, capital liquidity failures and market manipulation ... Tricom was just the icing on the cake. (Sydney Morning Herald -- Business)
Economists are calling for major reform while we still have the opportunity. Sep 15, 2009
They include conglomerates Babcock & Brown and Allco, once-mighty listed companies such as ABC Learning and Centro, financial planners Storm, managed investment scheme operators Timbercorp and Great Southern, debenture companies such as Bidgee Finance, brokers Opes Prime and Tricom the list goes on. They fell outside the regulatory scope of APRA, while the disclosure regime overseen by ASIC did little to dissuade many small investors from handing over their money. (Sydney Morning Herald -- Business)
Horror days recalled Sep 13, 2009
By the end of January, debt-laden shopping centre giant Centro is in turmoil, as are Allco Finance Group, stockbroker Tricom and, most spectacularly, childcare giant ABC Learning. The troubling news from overseas builds the British Government nationalises Northern Rock bank in February after it suffers a devastating run on deposits, and investment bank Bear Stearns, left teetering after the failure of two of its hedge funds, is finally forced to sell itself to rival JPMorgan in March. (Sydney Morning Herald -- Business)
Falling down on the town Sep 10, 2009
Nexbis was formerly known as Entertainment, Media & Telecoms Corporation and listed by Tricom Equities in April 2000. The company's mission statement in its last annual report: ''Our vision is to become a trusted partner to governments worldwide in their pursuit to create a safer world for their citizens. (Sydney Morning Herald -- Business)
More articles by CBD Aug 25, 2009
Unloved Tricom is bucking up, writes Michael Evans. Tuesday April 08, 2008. (Sydney Morning Herald -- Opinion)
Smiling on the inside is permitted Aug 25, 2009
The Minister for Financial Services managed to keep a straight face during his entire performance when he trotted out several classic one-liners, including: the collapses of Tricom and Opes Prime were only an element in the Federal Government's considerations on the changes ... The grou 00004000 p, which was set up with the help of Reid's father-in-law, Steven Eckowitz, and the expertise of the Tricom founder Lance Rosenburg, also noted how it was preparing to launch a new fund next month. (Sydney Morning Herald -- Business)
Watchdog is no match for sleuth Aug 25, 2009
The parlous financial position of brokers such as Tricom and Opes Prime, unregulated stock lending and rampant undisclosed short-selling was a high octane combination that sent Australia's market into a spiral. Granted, this turned out to be a global phenomenon and it has prompted an international response. (Sydney Morning Herald -- Business)
Feathers fly as Peacock faces putsch Aug 17, 2009
Among them, the odd conflict of interest of its directors, whether it was trading when insolvent and perhaps even concerns about the odd related party transaction, in particular, via its $40 million loan to Tricom and how it might have benefited executives, such as Phil Green. Still, we're not holding out too much hope that our chief sleuth will be able to track down all the clues. (Sydney Morning Herald -- Business)
Former B&B chief faces probe over Tricom Aug 15, 2009
Former B&B chief faces probe over Tricom ... Former B&B chief faces probe over Tricom ... PHIL GREEN is facing an investigation into his conduct as chief executive of the failed investment group Babcock & Brown after a damning report questioned the role he played in the rescue of the controversial broking firm Tricom 18 months ago. (Sydney Morning Herald -- Business)
Babcock directors may have breached duties Aug 14, 2009
The administrators said BBL may have adopted a high-risk business model and that the group's risk management systems may never have reached a point where they were "fit for purpose''. Furthermore, the administrators said they had concerns regarding BBL's support of and investment in Sydney broker Tricom during 2008. The concerns included whether there was adequate disclosure to the market and whether the support of Tricom may have had the effect of providing financial assistance to certain BBL... (Sydney Morning Herald -- Business)
Free-for-all at Babcock as regulator sits by Aug 11, 2009
Investigation 00004000 s have centred on B&B's $40 million capital injection into troubled stockbroking firm Tricom, and the motives behind that action. There also are suggestions that several senior employees, some based offshore, were given the opportunity to trade shares outside B&B's strict trading windows. (Sydney Morning Herald -- Business)
Lotus logo? Well, the boss loves it Jul 21, 2009
In the past 18 months, ANZ has suffered through the disasters of Opes Prime and Tricom, reserved $367 million to cover bad debts, reported the biggest on-balance sheet credit exposure of any local bank, agreed to enforceable undertakings with the corporate plod over several governance issues, axed more than 1000 jobs in this country alone, expanded its Bangalore "off-shoring of jobs" program, and looked on as some of its best and brightest talent headed for the lifeboats. Little wonder then,... (Sydney Morning Herald -- Business)
ASX was blind to Tricom's failings for years: report Jul 13, 2009
THE rogue stockbroker Tricom Equities was a threat to market stability since at least January 2006 because the ASX did not pick up incorrect information about its complex business model, damning findings about Tricom have revealed. Tricom, then managed by Lance Rosenberg, went on to cause near market panic in January last year because it was unable to settle a series of trades after it had lent stock out and could not get it back in time ... The revelations about the ASX's blind eye to Tricom's... (Sydney Morning Herald -- Business)
Affair had the potential to unwind trading system Jul 11, 2009
After selling $400 million worth of shares, mostly as its clients were hit with margin calls, Tricom was caught in a pincer by ANZ, its bank. On January 29 Tricom was left to cover about $121 million worth of shares for the settlement process, but could not find the stock in its account with ANZ Custodians, itself needing three days notice to reclaim shares it had lent out ... Tricom approached ANZ for a loan to pay in kind for the shares it was unable to deliver. (Sydney Morning Herald -- Business)
Record fine for Tricom's manipulation Jul 11, 2009
THE stockbroker Tricom Equities was fined $1 ... A finding by the Australian Securities Exchange disciplinary tribunal also revealed Tricom Equities as a market rogue regularly engaging in blatant market manipulation and failing to appropriately manage its business ... But the findings also show Tricom and its stock lending business model flew under the radar of the ASX as the stockbroker's regulator since at least January 2006, when the company started filing incomplete reports on its levels of... (Sydney Morning Herald -- Business)
Tricom cops record fine for 'manipulation' Jul 10, 2009
Tricom cops record fine for 'manipulation ... The Australian Securities Exchange has thrown the book at stockbroker Tricom Equities - now called StoneBridge - fining it a record $1 ... The breaches ranged from Tricom's inability to meet its payment obligations within the time required through to blatant and unmistakable market manipulation,'' the ASX said. (Sydney Morning Herald -- Business)
Share Market Data Jul 10, 2009
Tricom Equities - now renamed as StoneBridge has copped a record fine from the market watchdog over rule breaches. The Sino-Australian spat over the detention of company employees is unlikely to have significant fallout for the dollar. (Sydney Morning Herald -- Sport)
MICHAEL WEST Jul 8, 2009
Saxo, the Danish bank that rode to the rescue of foundering stockbroker Tricom, is poised to walk away from the deal ... Meanwhile, Babcock and ANZ move on Tricom ... While Tricom fails to rescue its portfolio from Opes, ANZ sinks deeper into the fiasco. (Sydney Morning Herald -- Business)
Malcolm Maiden Jul 5, 2009
MARKET meltdown casualty Tricom appears to have been caught in a pincer on Tuesday, and despite an optimistic announcement yesterday the broker remains under pressure, with wholesale margin lending lines undermined by a rundown in the value of shares it has offered as collateral ... Confusion continues to surround the Sydney broker and boom time market-maker Tricom, despite action by the Australian Securities Exchange, with a company controlled by the Allco founder David Coe and a group of... (Sydney Morning Herald -- Opinion)
Elizabeth Knight Jul 5, 2009
The Tricom founder Lance Rosenberg has one major thing going for him when it comes to rescuing his broking firm - the fact his buddy and $40 million creditor, Phil Green from Babcock & Brown, is the lowest ranking creditor ... The only thing standing between Tricom and financial oblivion is his old mate Phil Green from Babcock ... THE ascendancy of Lance Rosenberg's Tricom to its powerful standing in broking and investment banking was relatively quick. (Sydney Morning Herald -- Opinion)
ASIC must go after executives at B&B Jun 25, 2009
What about the public statements from Green that senior executives did not have margin loans against their shares even as the seriously wounded public company was injecting millions to prop up Tricom, a stockbroking firm closely aligned with Babcock & Brown that specialised in margin loans to executives. A large number of shareholders believed the Babcock & Brown hype. (Sydney Morning Herald -- Business)
Big Four wind back the clock on deregulation Jun 23, 2009
As was evident in the collapse of Opes Prime, Tricom and Storm Financial, that risk was transferred to the borrower. Our banks took security either over the shares - assuming direct ownership - or by lending against real estate. (Sydney Morning Herald -- Business)
IAN VERRENDER Jun 16, 2009
" Thursday July 24, 2008 Nick Moore yesterday provided some welcome relief for a ravaged sharemarket. Tuesday July 22, 2008 Here's a little quiz. Who can guess the exact form of words Peter Lowy, the second son of Westfield founder Frank, will use when he appears this week before a US Senate subcommittee investigating tax avoidance? Saturday July 05, 2008 The stormclouds are gathering. Our market has plunged below 5000 for the first time in two years, oil prices are soaring, America is in... (Sydney Morning Herald -- Business)
Wintrust Financial Corporation Hires Bank CEO & St. Charles Lending Team May 23, 2009
Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States. Wintrust Mortgage Corporation (formerly known as WestAmerica Mortgage Company) engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through... (PR Newswire)
Audacious grab for Babcock Capital Apr 17, 2009
Taemas Bridge also has a key stake in the brokerage Tricom Equities. The management company would be paid about $4 million a year in fees as well as share any upside from the return of cash to BCM investors. (Sydney Morning Herald -- Business)
Rio Tinto's First-Quarter Iron Ore Output Falls 15% as Recession Deepens Apr 15, 2009
If you are putting forward the prophecy of recovery, then doing this deal with Chinalco dilutes the extent to which existing shareholder participate in this recovery, said , who helps manage the equivalent of $42 million at Tricom Equities Ltd. in Melbourne. Most market people are semi-optimists and they dont want to be diluted out of the company at the bottom of the market. (Bloomberg -- Australia & New Zealand)
