Phil A.
Mar 16, 2009, 04:14 PM
This piqued my interest because it is a local story, but the more I read about it, the stranger it becomes so I thought I'd share it with the wider MR audience!
Apparently, a Building Firm did some very creative accounting to turn their balance sheet around by purportedly buying a ruby for £11m of preference shares...
The company failed last week and now creditors are searching for this mysterious gemstone that is apparently worth 4 times more than the most expensive ruby ever sold.
It all looks very suspicious and I wouldn't be surprised if a few people end up spending time in jail at the end of the saga!
Details here (http://www.ft.com/cms/s/0/e7a878aa-100c-11de-a8ae-0000779fd2ac.html), here (http://www.contractjournal.com/Articles/2009/03/13/65814/wrekin-construction-empire-built-on-11m-ruby-gemstone.html), and here (http://www.contractjournal.com/Articles/2009/03/10/65637/wrekin-construction-in-administration-rbs-inflexibility-blamed.html)
Apparently, a Building Firm did some very creative accounting to turn their balance sheet around by purportedly buying a ruby for £11m of preference shares...
The company failed last week and now creditors are searching for this mysterious gemstone that is apparently worth 4 times more than the most expensive ruby ever sold.
It all looks very suspicious and I wouldn't be surprised if a few people end up spending time in jail at the end of the saga!
Details here (http://www.ft.com/cms/s/0/e7a878aa-100c-11de-a8ae-0000779fd2ac.html), here (http://www.contractjournal.com/Articles/2009/03/13/65814/wrekin-construction-empire-built-on-11m-ruby-gemstone.html), and here (http://www.contractjournal.com/Articles/2009/03/10/65637/wrekin-construction-in-administration-rbs-inflexibility-blamed.html)
