http://www.news.com.au/business/story/0,23636,23283898-14334,00.html

Just FYI, though....the news article said that 2 directors were forced to sell shares to pay off their margin calls. David Ryan and Martin Kemp.

There's no mention of Eddie dumping his stock.

Obviously, it's not worth as much as it was but I see nothing about him dumping.

reply he actually owns effective 26 Feb 2008 he owns 12,168,487 Ordinary Shares
308,880 Options
price at 1.85.583, so his value is a lot less than 30m

While it has been stated that Mal owns the 36ers there are a great many doubters who believe that Eddy is the actual owner. He does own the Dome, but Mal seems to travel to Brisbane a lot to "visit" Eddy?
The rules do not allow one person/company to own two teams so possibly there is a bit of creative accounting happening. If there is truth in the rumours then maybe the 36ers and the Dome will be looking for new owners if Eddy's financial situation worsens? As someone else stated, maybe the Bullets will be in trouble as well. At this stage it is only conjecture and rumour, but, if there is a 'fire sale' then the truth may be stranger than the fiction.

DICO there is announcement from the ASX atr 13.13 AEDT his shares and wife shares have decreased

I have heard that the Dome and 36ers will be for sale in the coming months.

Read into that what ever you please.

If this is true then Mal shouldn't be picking the new coach.

You kids are crazy if you think ABC is Eddies only assets. You think he gets by day-to-day by "holding" ABC shares? Maybe he sells 10,000 a week to pay his bills?

I'm sure this has Mr. Groves rattled, but his company still trades at a profit. It still has a Market Cap of A$1.0Bil.

I think there is a lot he would be selling before selling "smaller" assets like basketball teams.

"Me", please use a new name as "me" has long been used by another contributor. Thanks.

If this is true then Mal shouldn't be picking the new coach.

Isaac can this speculation regarding the ownership of the Sixers be stopped. Until someone can produce some documents and provide evidence that Eddie Groves is the actual owner of the Sixers, it has to stop.

No one has any proof and its getting beyond the joke. Give Mal the respect he deserves and take the man on his word.

Lock this thread now because this website is slowly losing its credibility.

The thread still has value IMO - Groves owns the venue and this is impacting the upgrades that had previously been mentioned to fans - new speakers, video screen, etc. Obviously those were promised by Mal in good faith and, due to Eddie's circumstances, have not been delivered. Worth fans being aware of that so they understand why it's happened - e.g., can't blame Mal.

As for speculation, not sure of laws regarding that. Joe, email me if you know.

What if Phyl Smith bought 36ers and the Dome? He could appoint himself as coach!

I would suggest that he would have insured his portfolio through a series of put options which would mean that his actual personal wealth may not have changed all that much.

BenFitz, if you are going to buy put options for that many shares you have to have significant liquidity available. Edddy Groves has always been an aggressive business man as was seen with watering down his/own and his shareholders value with continued refinancing in his attempt to expand into the US.

Also, turnover of ABC stock would not be at a level to sustain value of its dervitaves therefore put options would be relatively expensive.

One of his directors has had to dump his entire portfolio. If Eddy was taking puts dont you think his colleagues on the board would have been as well. For his colleague to get such a big margin call would have suggested he had very little hedging so one would assume the same for Eddy.

Unfortunately, financing costs are not what they were 6 mths ago and ABC is highly geared. I fear for Eddy as demands will soon be placed on ABC by its financiers.

Given the disclosure young Eddie has made to the ASX today, he doesn't have any put protection in place.

Eddie sold just over 8 Million shares @ $1.85 yesterday, while his wife dropped a lazy 11 Million shares in to the market.

There goes 6% of his company.

Last year or two Groves bought Pete's Golf then sold it soon after for fraction of what the consortium paid for it. Bought a 5 or 6 mill boat and then sold it for about half. Sold shares to pay margin call. Sounds like ABC has not been travelling well for a while and he needs to get rid of some toys. There will be denials but denials had come out of HIH and One Tel also. Brisbane Bullets and the Dome may be put in the toy category.

Yeah but the margins will fluctuate as a % of his overall wealth indexed by his mothers age. Soooo, factor in the puts and depreciate this by half, throw in Hodges number and you have his true value. Pretty simple really!

Is that really you Paul? Sounds like it....

Why would anyone vote labour?!?!?!?!

LOL Paul Keating. Pure Gold

They wouldn't...it's Labor!

http://linky.com.au/r0nxa

Interesting reading that, DJ.
Eddy was going to rename the dome and do renovations.
Singapore Government or Mcquarie bank interested buyers of ABC learning centre.

I think you will see him sell off his AMerica centres and already has buyers ready to go. Needs to have this all in place before he starts trading on the stockmarket again otherwise the shareholders that are left will jump ship and he will left with nothing. Doesn't look good with directors selling huge parcels of shares and some selling on Friday before this all happened.