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Online Share Trading

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1time

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md49
Contributor
Clearly having some bad Karma to work through - I bought 20grand 1time shares on Friday at 2pm @ 9cents - only to see them crash and burn 2 hours later. Upsetting as it was, there was almost something poetic about how unlucky one can be (like a freak accident that you cannot control. I will get over it but - my question is, there wasnt a cautionary announcement given? I would never have bought so many shares had this been done? Do I have any chance here or do I write off a good 2 months savings? Thanks all!
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19 REPLIES 19
CHATTYCHAT
Super Contributor
Ouch! The company was under business rescue from August already and this on its own was a warning... And, against whom are you to claim? The Business Resue Practioner? You will have better resukts if you join Zille in her attempt to discredit JZ
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klapka
Super Contributor
1Time seemingly broke JSE regulations as the JSE had to phone 1Time to confirm the rumours of its demise. A SENS should have been issued and dealing suspended before the news went public. It looks as if a lot of people were burnt buying a dead duck/
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SimonPB
Valued Contributor
ya the cautionary of friday was late, way late and way bad in breach of JSE rules .. but me thinks board given up an don;t really care .. but the business rescue cautionary was ut ages ago, and v frot results as well, and v late results
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Wino
Super Contributor
According to reports board meeting ended at 14h30, sens went out at 16h10 hence JSE anger. If this is correct,because you bought before end of board meeting, even an immediate sens would not have helped.All you can hope for now is some sort of payout if anything is left after winding up or someone comes along to rescue the airline. Rather sad as this is the 10th or 11th airline to have failed in as many years.
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SimonPB
Valued Contributor
SENS went out at 17H18, after the close ..
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Rams
Super Contributor
md49...important lesson to learn...do not...do not ever touch airlines again...build that into the rules for your system
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Rams
Super Contributor
oh...and TOP TV
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InvestOne
Contributor
So how long does the whole liquidation process take? I'm eager to get the '1time' line off my portfolio and move on. And on the bright side, a capital loss will help with the tax..
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kicc
Frequent Contributor
Lesson: never buy a company in business recue unless you know for 110% that there is a buyer out there prepared to inject cash in the company which will seldom be the case. I know of very few cases where business rescue has worked and just cant see where it will work.
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Russ
Super Contributor
InvestOne,I feel for you.I was once stuck with a suspended share (RNG) for about 5 years!Check out the chart between 2005 and 2010.Fortunately in the end it recovered so I didn't lose money,except the opportunity cost of my money lying idle for so long.It really irritated me to see a dead share in my portfolio for so long.
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Rams
Super Contributor
Russ, you should be feeling md49?
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Russ
Super Contributor
Correct Rams.That's what I meant but looks like they are both in it.
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CHATTYCHAT
Super Contributor
After most of the facts have been published, one not mentioned: the cost of liquidation. These guys have a splendid meal, so what liquid assets are left of 1Time will be lost in the months to come.
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Wino
Super Contributor
Interesting choice of non de plume md49. If I correctly recall, 1 Time were flying mostly outdated McDonnel Douglas MD80's and MD90's.
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Rams
Super Contributor
and what about InvestOne...One Time...1time??
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SimonPB
Valued Contributor
an next week FastJet.co.za launches ticket sales .. shakes head ..
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InvestOne
Contributor
Hahaha..conspiracy!?? I did have 1time shares but my exposure wasn't as bad as md49. Still sad to see the airline die, hopefully we not going to suffer now because of reduced competition.
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Rams
Super Contributor
what about the taxi guys who wanted to launch their own airline...can you imagine stopping in midair to drop off passengers!
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Wino
Super Contributor
Yeah, but based in Kenya and flying Africa.Maybe they will enter domestic market later. 1 Time had an opportunity to upgrade their fleet about 18 months ago. But because of board squabbles at the time they lost the opportunity. No way a great business model with old aircraft that suck up to 40% more juice then the modern ones and still be a low cost operator?
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