16 Jul 10
Originally posted by AThousandYoungYes, I've enjoved A&A and CE for many years, in all their various versions. Grognard is a term for a long-time strategy-board gamer, often reserved for wargamers, but not exclusively.
Oh man I hate those people. They can't play the game because they're so busy analyzing the game. My old GM was like that. Eventually I quit his group because I couldn't stand it any more. It wasn't a game - it was a chance to sit around and listen to him blabber about rules and whatever else was on his mind.
Grognard is a new word to me.
Ax ...[text shortened]... ic Encounter is another good board game.
http://www.cosmicencounter.com/screens/home.html
16 Jul 10
Originally posted by twhiteheadWho benefited from boom and bust? Well what about this - a major law firm going into administration
Thats a fair point. Maybe the richest people didn't get affected by the recession. Surely that means that they somehow benefited from it all? Maybe that explains who benefits from the boom bust cycle and might even be encouraging it?
So, does anyone remember what they were earning 10 years ago and whether or not they are earning more or less in real te ...[text shortened]... a lot wealthier in the last 10 years, but that is mostly as a result of moving to South Africa.
http://www.lawgazette.co.uk/news/halliwells-brink-administration
Halliwells employs some 700 fee-earners, including about 114 partners, at offices in Manchester, Liverpool, Sheffield and London. The firm reported a slight fall in income to £83m in 2009, with profit per equity partner down 47% on the previous year at £226,000. That's a lot of jobs at stake. How could it happen?
Shay Bannon, head of business restructuring at BDO, which is advising Halliwells, said: ‘It is well known that the firm assumed substantial property obligations in recent years which have significantly increased operating costs. This, together with the slowdown in transactional activity in the current economic climate, has put pressure on cashflow.'
What she means is they moved into a new and expensive office building at the top of the property boom without yet properly disposing of its previous head office. This would be seen as a risky venture in a well run business and there is every reason to think they knew as much but then we learn that the property deal triggered a massive payout to the equity partners:
"Halliwells, according to reports, took a £21M reverse premium to sign-up at Spinningfields and promptly distributed £16M as 'profit'."
So they took the money as profit, knowing it would be hard for the business to sustain the costs. And then they left the ship before it sank:
"In April, partner Julie Bowker left Halliwells to join DWF's commercial insurance team in Manchester. Three months earlier, five Halliwells associates were reunited with partners Chris Gough, Tim Short and Louise Shaw, who left the firm in 2009 to start up an office for Plexus Law in Manchester. In the same month, eight partners left Halliwells to join rival law firm Kennedys' new office in Sheffield."
So the earners abandoned the firm which could no longer pay its costs.
Well that's business for you. Jobs lost but lots of money made.
16 Jul 10
1 edit
Originally posted by finnegan"Everybody knows the rules, clearly I'm the superior being and deserve the money, social darwinism and capitalism and free market ftw"
Who benefited from boom and bust? Well what about this - a major law firm going into administration
http://www.lawgazette.co.uk/news/halliwells-brink-administration
Halliwells employs some 700 fee-earners, including about 114 partners, at offices in Manchester, Liverpool, Sheffield and London. The firm reported a slight fall in income to £83m in 2009 er pay its costs.
Well that's business for you. Jobs lost but lots of money made.
EDIT
http://www.ritholtz.com/blog/2010/03/60-minutes-michael-lewis-the-big-short/