Van der Moolen files for bankruptcy
194 comments / September 9, 2009
After some 500 negative comments on the earlier posts on the fall of Van der Moolen, this won’t really come as a big surprise. The company finally filed for bankruptcy Wednesday night. One day earlier the brokerage department (Aespen) escaped the burning house with a management buy-out.The press release noted that discussions on the transfer of remaining trading positions are in an advanced stage, and everything will be liquidated. Without positions the traders won’t be of any use – they will probably be fired.
Nothing left for shareholders
There won’t be anything left over for the shareholders. The share price will sink as it turns out to be a worthless piece of paper. The company will join the mass grave filled with the corpses of DAF, Baan, Ceteco, KPNQwest, …
That's really fast, from an apparent normal company to bankrupt in a month!
What happened with Frank Vogel of GSFS, the guy who helped VDM to a huge tax reclaim of which part was profit but it never got accepted by the Dutch tax authorities?
Frank Vogel has his lawyer representing him in the board of VDM…
Anyone with some bankrupcy law backround know where the current employees line up in the credit line when it comes to firing them and the usual months of pay out they would recieve? For the guys that have worked there for 5-10 years can they expect a dutch style payout or is their August salary their last one?
Sorry dude. When a firm goes bankrupt there's no money left for Dutch style payout.. You'll get some cash for 3 months I think by UVW.
More like 2
and the onest that decided to stay got fucked big time
leaving last month they would get quite some $
now they get almost nothing
congratulations on your decision
please explain
yes it deserves more explanation
12:32 PM, dumb comment.
dumb?
i think he means that the guys that left earlier got some severance payment "dutch style"
the guys still on board will get almost nothing, true?
I you leave voluntarily (ie: quit your job), they wouldn't give you a severance payment. The lucky ones are the ones, if any, that were asked to leave by the company.
Michel lebel ?
who is Michel Lebel??
If you loose your job due bankruptcy, you will get at least something. If you leave voluntarily – you will get nothing.
The guys who left the firm should have stayed – as they will now have to do without unemployment benefits..
Hey, what about this:
The former RvC consisted of 3 men. Zwart, Paardekoper, McNally.
McNally = personal account and friend of Richard den Drijver
Paardekoper = legal counselor of Frank Vogel, the dividend stripping guru and once proposed boardmember of VDM. Frank Vogel did not really leave the crime scene, he is still involved in the background.
The question is, what's wrong with Peter Zwart? Did Richard den Drijver REALLY allow an independent and credible person to take place in the RvC? That's hard to believe..
(RvC = supervisory board)
I like the chick.
go to tibra, they hire anybody
Yeah, me too, the chick's hot.
She's now got a job as a stripper downtown.
HAHAHAHAHA, that's so funny!!! :rolls eyes:
probably better bonus for her 🙂
correct me if im wrong, but the guys that left VdM did it because VdM wanted to change bonus contracts – it means that their contracts were terminated by the company and they just did not accept the new ones. So they got their golden handshake as the employer was responsible for terminanting the job deal
i'd like 2114
to be my personal whore
2114 is a quote-reporter, just like you were
nowadays you work at the helpdesk of the NEM… answering calls for Fransie Bauer 😉
I wish RDD, HK, Eggbert, Frank the Butcher and the Board of Directors a shitty life in the future. You can all rot in jail. All the best to the rest.
@ 2:53 PM : the traders who left didn't receive any compensation, a new contract wasn't enforced yet.
Please ONNO !!! Since You left Van der Moolen is not going well !! Stop to be ill and Van Der Moolen will be back to Glory !!!
We had two excellent top managers Onno and Egbert , together they can do miracle
RDD made 1 big mistake to take Peter Zwart in the board, in the past years he fired a lot of people including some CFO's and replaces them with "Yes sayers" or "likkers" including the last CFO Mrs L Moos, why is she not fired and still working for the company?
VDM has the last 2 years 4 different people on Legal… that says a lot i think…
I heard that Tibra, Nino Options and Scrocca are looking for experienced market makers.
Are they looking for experienced market maker manager ?
Linda Moos was elected as CFO (without being on the board) because she hasn't got the power to stand up to Richard den Drijver.
In her defence I must admit she's very young. And it's easy to claim you wouldn't have permitted all the foul play, when you're standing on the sideline…
Yes you're right, @8:56!! Linda sold her soul for a big lexus LS and a 20K Salary. It's very strange that she was not fired earlier.. as CFO!!!
When she thought that she was too young and not hard enough to get the job you shouldn't award the job..
She was not qualified and experienced enough as CFO.
However, that's not a crime. Hope the true con artists (Den Drijver, Kroon, Egbert) won't escape prison by scapegoating her… She should be worried I'm afraid!
It began with the bonusdeal that RDD wanteded for al the traders, the deal was so bad that 80% of the english traders resigned and most other people lost their trust in the company.
They negociated the bonus deal because RDD, Kroon and egbert already spent everything with the loan to Kroon's son and all their personal expenses ( real madrid, monaco, nice appartment)
If the swindling with fake invoices and transfers of large sums of money between the fake companies of RDD will emerge, dear blushing Linda will find herself in the middle of it. And she did not just left high school.
Fact: 2114 was "with" RDD
I agree, the girl has a pretty face, but believe me, her ass is HUGE!
Maybe Jeroen Smit (Ahold, ABN AMRO) can start writing a book about the VDM case. What would be a good title? "De Malle Moolen"
It's one messed situation there at VDM. Some good and long term employees are now screwed. I hope all the scamming board members and directors get what's coming to them!
hee guys what´s up with Linda..she wasn´t that bad? she worked more hours then anybody else at VDM?
But what about the former (real) CFO Wolfswinkel..what happend to him why did he leave..he was RDD´s right and left hand..heard that he was the one who signed the Avalon loan document..when he left after ONE year CFO of VDM he received over € 800,000??!!! was that money to keep his mouth shut??
anybody any scoop on him??
@ 7:32 you are up early!!
for a fact that money was to keep his mouth shut. he knows exactly where all the bones are hidden.
If someone should investgigate something, it would have to be Martin McNally. he has been the bookeeper of RDD forever. All the shell companies used are controlled by him. He was on the Supervisory Board of VDM (and privately the accountant of RDD). Hilarious….
Egbert did you really find it so hard to find a buyer of the trading book that you had to step up and be a hero and buy them yourself for a large discount.Do you still get a fat salary for this from two companies now.Could KBC really find no other buyers, anybody out there even see the book, surely Optiver/All Options/IMC could have bid more than the SchlechtBert
WANTED FOR THE MURDER OF VDM
RDD, HK, Eggbert, Frank the Butcher
THE BAD ASS 4
Please approach with caution,suspects may be armed with lies ,cash and various other weapons of mass destruction.
http://www.fd.nl/artikel/12917956/curator-kraakt-beleid-top-moolen , anybody know anything about the last part ("Nieuw Bedrijf?"). And what the hell is that van den Eerden guy talking about?
is egbert really that shit….
as a person? no, he is nice
as a manager? yes, he knows shit about management
Did he really take over the VDM position for his own/new company's account????
got a good price, too!!
Every day I am amazed again, what these people have done and that they actually got away with it.
Setting up a new company with Egbert and Onno being behind it and selling the position of VDM with a significant discount to yourself while you are still working for VDM sounds criminal at best to me.
They even make a lot of money on VDMs corps after being partially responsible for its death…and probably get away with it again.
Can regulators please step in and stop this money laundering kind of thing please?
So to answer the above question: If you sell a position for VDM, it should be easy to come out as the best bid for your own company, I suppose, if you know all the details of other bidding companies.
I know for a fact, that other companies bid for the position, strangely they never heard anything back from KBC. Wonder why?
and a funny thing – position was adjusted on cost of VdM and it was put really against the market
it gave it a shitty value – but who cares, its shareholders money anyway
now they take it, adjust exactly to market prices and miracolously they will show nice profit at first day
i am going to write to the afm – this wouldnt happen in the UK or the USA
How was it auctioned? English auction, Dutch auction?
I don't believe KBC (or any of the people that be at this moment) have much interest in selling the positions to anyone but the highest bidder, and even less in selling it to former VDM managers.
So I suppose they will deal with Frank the Div-Stripper, as they won't have all the necessary memberships from start, yet the Stripper has.
So it'll be Egbert, Onno, Frank Vogel who will cash in a huge scavanger bonus on day one. Minus expenses, i.e. some big envelopes filled with cash maybe?
Put this together with where the board members come from (lawyer of the Stripper, accountant of RDD etc.), you'll get a pretty nasty yet clear picture.
And no, this is just a coincidence like the bankruptcy of VDM.
if this is done before the administrator is involved then there will be a big law suit against shitbert
Egbert is the manager of the option trading group, and responsible for the positions. In this function he found a perfect party to take of the positions against a discount : himself.. No other firms allowed to bid. Amazing.
"…in handen is van een bedrijf in de Oekraine".
That's great entertainment. Writing "intangible assets" in the balance shit that are intangible to the utmost extent.
By the way, one year ago I tried to make the shitty sitution of VDM public when some idiot-analyst cheered the share-buy-back. I wrote him (and the FD) if he can remember what Bear Stearns did just one year before their "surseance". And whether he has read "L'Argent" by Zola, where one can find the nice quote "A bank playing its own shares is doomed". I never received an answer.
the AFM will be hearing about this!!! egbert and kbc are in trouble – trust me!
Funny VDM did not receive the "Royal" status when it turned 100 years old, while their recent practices seem to inspire the House of Orange (news today)
Onno will be back in another business ? I M glad that his illness is over !
http://www.parool.nl/parool/nl/30/ECONOMIE/article/detail/261545/2009/09/11/Knallende-ondergang-van-een-beursicoon.dhtml
leuk stukje gisteren in het parool..veel plezier allemaal!
Does anybody know what the bonus deal was that caused all the traders to leave?
because the management had no control on overheads ( alot of the VDM Holding overhead was thx to Den Drijver) they decided that rather than try to control/cut the overheads the traders would have to pick up the entire overhead for each office as well as a portion from VDM Holding also!….given that the standard anywhere is for traders to pay a monthly desk charge this was a total change of basis which was completely unacceptable for many of the guys who left
The contract was worse than discretionary: it promissed you you wouldn't deserve a bonus.
for the record: according to an employee satisfaction survey, RDD was more popular than Stalin. he scored a whopping 98%. that was right before people started leaving…
where all the markets makers will work now ? In onno s and egbert s company ?
I hope the AFM step in and stop Egbert and co! Many people seem to have forgotten H Kroon who also made alot ofoney out of VDM before it sank. He too is a crook who gets away with it all.
As for Linda, she was Finance Director before she was CFO and she must have seen all the dodgy transactions unless she really is as dumb as it seems. She too probably made some money for keeping quiet in the form of bonuses.
yep correct Linda made in 2008 € 425,000 (including bonus, excluding a nice € 4000 a month leased Lexus) She fit´s right in there salary wise with RDD and HK…I am sure AFM has some questions for her!!
who was VDM´s accountant?? They have been sleeping on the wheel for the last 2 years..and signed off on all anual reports??
VDM's accountant is Ernst & Young Accountants LLP.
Ernst & Young Accountants stresses that management of VDM is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS.
Here again the post that was made at a previous story, with the remrk that QuoteNet was wondering how much of this "slander" was true;
Here actually an interview with actually Den Drijver speaking actually about his business, actually a big hoax and actually filling his pockets by actually being a criminal
http://video.yahoo.com/watch/417817/2407731
Still doubts? Stay with AmsterdamTrader for the developing story….
Considering the fact that VDM was very active in England, Germany and Switzerland, the news-coverage there is disappointing. Amsterdam Trader fills the gap.
And my Nederlands is improving every day.
@ Anonymous 3:12
Consultants, Accountants, Analysts and similar crooks ("AAA"-S+P comes to mind…) are never responsible for anything. Especially listed companies are forced to pay them a load of money every year and neither the companies nor the public are profiting from the "work" of Anderson or Ernst & Young or whoever. Honest companies pay for nothing and dishonest companies get away with it anyway.
Richard Den Drijver has his shares VDM stacked in the RDD Family Foundation in Malta (or Zug, not sure). Guess who was the director of the RDD Family Foundation?
His son, who is about 12 years old.. so he could legally sell the VDM shares during lock up periods because, well, the decision wasn't made by RDD himself…
No he couldn't, otherwise he would've sold them in March (the latest). According to filings he sold them about a month ago (@30 cnts or something), after his CEO-ship (but technically within lockup)
If you think the Dutch Court or the AFM would allow the RDD family foundation to sell the shares inside lockup periods of RDD "because it's not RDD", you're a damn fool.
Still, I imagine that somebody so bound on destroying the company found a way to go short a long time ago.
I believe the RDD Foundation is in Liechtenstein, where also remarkable invoices to VDM for "services" came from. Linda, sure you remember?
From a 2006 filing;
RDD Family Foundation (Liechtenstein foundation)
Austrasse 79
FL-9409 Vaduz
Principality of Liechtenstein
Curvalue Limited (Malta company)
34 Cathedral Street
Sliema SLM 06
Malta
read this…you´ll love it!!
http://www.depers.nl/economie/336679/Hoe-Van-der-Moolen-viel.html
great article!! though should quote more from Richards crazy brainjunk emails..
"It's like watching Den Drijver crashing with a Lamborghini.. great, but on the other hand a pity (for the car)."
eehh @11:41…brainjunk or was it brainDrunk as he was sending emails @ 3:24 AM???
Don't drink and blackberry.
or was it "crack" berry??
Poor Richard, the nickname "tricky-dick" is already owned by Richard M. Nixon.
i think the lamborghini quote from above should go more like this…'its like watching RDD driving off a cliff in my new Lamborghini…mixed emotions Buddy'…one of Gordon Gekkos best quotes!
om nostalgische redenen: Hans Kroon by Harry Mens: http://businessclass.i-s.nl/businessclass/18_november_2007.wmv
tenzij je de oude palminvest reclames wilt zien, ook mooi, ff doorspoelen naar 1:00 tot ongeveer 1:09
toegift vanaf 1:18:45
It was Gordon Gekko´s Maserati btw, but i guess that´s inflation.
rumour is now that the afm is investigating the position transfers from kbc and egbert
Hey JJ! Dit is een mooie:'Hans, heb je nog tips??"
"ik moet natuurlijk heel voorzichtig zijn in mijn functie als adviseur, want anders wordt ik aangepakt door de AFM, maar ik heb 'dr eentje: laag kopen en hoog verkopen".
Mooie tip Hans… bijna net zo mooi als de overname van TeleAtlas (tegen de hoofdprijs) door TomTom een goeie zet vinden!
Finaly the AFM is on top of it!
On top of Egbert ?
AFM is on top of it my ass ! The last thing they want is bad press about business practice in Holland.They hope it will quitely go away like Richard did when he crawled away in the night after they tapped him on the shoulder. The financial laws must be as liberal as the sex and drugs laws, light up a big one , its just a little theft,tax fraud,insider trading, conflict of interests, board member incompetence and supervisory board failure and a general bleed the company dry policy by most of the management until we can buy it back later from ourselves.
In any other country the board and CEO would be arrested by now but at the AFM its very very quite, maybe tomorrow we forgot all or the problem goes away,just like Richard and all the shareholders cash.
100
101
For our Friends from Spain
http://www.elsemanario.com.mx/news/news_display.php?story_id=25283
(Newspaper from Mexico!)
hee..september 14 @ 10:54…you are absolutely right..the fact that the AFM let RDD be the ONLY boardmember of VDM for ONE year is very strange, to say the least..
I am to affraid that this will also go into well known "AFM doofpot"
My only hope is on the VEB!!!
Isn't Fred Boettcher with the AFM?
AFM is that a radio station for insider trading !
Hi all !! Lately I've been looking for a quant position, preferably within trading houses in Amsterdam. Does anyone know what is the current situation with this type of work? There are lots of vacancies form banks, but very few from trading houses.
If you long vega then lower vol, if you short vega then raise it. This is all the quant analysis we market makers require. D'ya think you can handle it?
Hi all !! Lately I've been looking for applejuice, preferably premium quality. Is anyone interested in wasting time helping a random person out who you know nothing about except that he is rudely polluting the forum with nothing but his own selfish interest? mail me at willsuckdickforcash@gmail.com !
right… get a life dude!
Apparently the AFM are looking at Egbert's dodgy transactions and they are looking at Directors/Board members of VDM. I hope the AFM actually does do something ranging from big fines to prison time for various people!
I think Legbert is going to get the last laugh…bert.
September 15, 2009 1:48 PM. Maybe RDD and/or HK will give u a golden shower? It certainly looks like applejuice, dunno about the quality though.
The people of Avalon Media Group also run Yarosa in the past…pack of knaves
Van der Moolen promotes a culture of openness, integrity and reliability. These values have been incorporated in the Code of Ethics, which state that the Company’s commitment to ethical behavior and to comply with all laws and regulation in force in countries in which Van der Moolen companies operate.
LOL
Egbert I cant find the trade conformation from KBC, but let me write it down again, so — you hit your own bid on your own virtual exchange in a pre arranged trade with KBC on behalf of VDM and your future company,which you will join in the near future to pocket the nice profits and the last of the VDM shareholder value.
You naughty little trickster and to think some people look for advice on why a trading company may need a Quant analyst ,seems you just need a mask,a gun and a horse named silver and Tonto Ono
Gee ma, why cant I be so clever.
Onno is not involved in the Egbert group. He could probably smell the AFM investigation coming!
Also KBC is not really involved in the sale of the positions. Van der Moolen sold it to Egbert before going bankrupt, so KBC had nothing to say about it.
And yes, Egbert was responsible for the sale. And no, other bids were not allowed. The discount was 3.5 million for a very small position. And yes, the position was marked in the close against the VDM prices, so Egbert and his friends could pocket another quick buck. And yes, marking the close is illegal.
Here's eggbert:
http://www.tybeanies.nl/beanie_images/basket_eggbert.gif
IF KBC had the position as security on the loan it was their decision which of the one bidders they should sell to, maybe schlechtbert sold it to egbert, I bet the new Richbert clears through KBCbert …….velly good price fa u my friend
now for my next trick , I can make all the hardware disappear and make it reappear in my new office in two simple contracts hey presto i can buy it from myself again, this is too easy….signing off on tax reclaims was a little harder, maybe i can have an Egbert Day on May 1 next year where the shareholders can cheer all the work of the Supervisory Board.
And more magic; where will the trading software come from? Liechtenstein, Malta, Gibraltar, Ukraine or Maroc?
"Van der Moolen sold it to Egbert before going bankrupt…"
What's the name of slEgtbert's new company then??
Whats up, boys and girls? I want to hear some new nasty fantasies about Egbert and Onno.
this is unbelievable
are really dutch regulators THAT stupid ?
there is going to be a full investigation in to the sale from vdm to egbert and kbc's responsibilities to oversee that process in a legal, fair and orderly way. watch this space…..
egbert's new company is called "rubbish traders bv"
Seems, Cheatbert will be very popular in Amsterdam, with the AFM and ex-VDM employees.
But that is the price he will have to pay.
After all Trick-bert had a clever mentor: RDD & HK friends and family office, professionals in bleeding companies dry and experts in scavanging the remaining corps and stripping the tax authorities to death.
finally some juicy details. what about drugs and prostitutes ?
What is the relationship of Marco van den B. with Egbert P.? I have heard they are family?
Yes, but Marco left the firm and has got nothing to do with all the dirty mess.
Apparently he left VDM in August;
Managing Partner WEBB Traders
September 2009 — Present (1 month)
Managing Director
Aespen Brokerage
May 2001 — August 2009
Managing Director/Member of the European Management Board Van der Moolen
January 1995 — August 2009
Why he has nothing to do with all the dirty mess?
He's been in a legal battle with RDD for a year, he hasn't been working. He was fired.
Whats the relationship between Hans Kroon and Eggbert, cuz i heard they are related? Is the AFM investigating this?
Marco in legal battle with RDD for a year, while his inlaw Egbert still close with RDD? And the case conveniently settled just before VDM went bankrupt?
With Paardekooper and McNally in the supervisory board, and the knowledge Marco has about OnlineTrader (his unit)? Of course, absolutely no reason to be suspicious.
it will all come out in the wash. egbert is fucked and so are all these other shit traders
Ok, I hear you. I keep my mouth shut.
all frustraded emotions. go on hollidays or work.
@11:33,
Richard! Thanks for joining us! We know it's you…
Poor VDM employees… they have to go to the UWV (dutch welfare) to beg for the September salaries which VDM owes them but cannot pay…
As for crookbert… he can earn some money in selling the organs of dead body VDM for a nice multimillion euros profit.
The spirit of Gordon Gekko lives on! Greed is good!
BTW VDM gave back its CMM and PMM roles in Euronext, in the last annual report, VDM claimed that has an intangible value of 6 M. Did Euronext pay those 6 M?(no way!!!!)….the regulators should investigate more in detail those annual accounts.
We hear that Egbert's new company is willing to pay this amount for the license.
suuuuureee
@11:33, it's frustrated with a "T" and holidays with one "L". And f u by the way, Richard, Hans, Legbert, Onno, and market making manager.
I am 8mio bid…. (RDD trading bv.)
All,
I am appalled by the tone of voice that has been used in postings that I have read the last few days regarding this subject. It is rude, insulting, inappropriate and completely unprofessional. If I read one more posting in this way all communication on this subject will be stopped completely. Money will be transfered an that will be it.
Oh-no-no will be online tomorrow to try answer all questions that are there. Also this meeting will be held in a professional atmosphere otherwise communication will be stopped.
As a last point. Management is doing everything in their power to finalise this complete topic as soon as possible. We are also not happy with the complexity of the situation and the new info that has been coming up a few times. We can not and will not do anything else but take all info in account in judging the situation and unfortunately this takes time.
Regards,
Egbert .
—
Verstuurd met mijn BlackBerry van Vodafone
ROTFL
ROTFLMAO
all frustrated emotions. go on holidays or work.
f u 2
b t w its still mr. Richard for you
Yesssss, Sir, Richard, Sir! I hear and obey.
(Gotta well-paid job for me in some new fraud company?)
Egbert,
Worlds as rude, insulting, inappropriate and completely unprofessional are applicable to you, and your fellow gang members. Don't wory, there are many examples on file.
Cheers,
former non-Curvalue VDM employees
Worlds, wory? Where did you learn to write?
eggis new company: http://www.marketwatch.com/story/transfer-of-securities-positions-van-der-moolen-2009-09-17
Even with HK and RDD off,VDM is able to fuck the last traders in Zug!This thing will never stopp!
Hi guys!
Now we all know the f***ing new company lead by slechtbert and co.. FIRST EURO
Be aware: liars, crooks and pathetic small, oh sorry, tall scumbags may be there!
Bye guys!
Egbert bought the empty company First Euro because it is a member of Euronext. They needed a company to stack the derivatives in.
Shocking they praise themselves for the expiration risk of the position! Positions are small and the 3.5 million discount is too much. Especially because a large part of the position expires tomorrow…
You guys know that Curvalue is not bankrupt yet? This way Egbert keeps his hands free to trade with themselves at a price he decides… And all the traders have been send home last week! The traders still get paid this month, Egbert didn't want a witness……..
http://www.euronext.com/forourclient/mbs/market/list-1663-NL.html?docid=644691
Dat wordt morgen scherp opletten of er niet op rare prijzen gehandeld wordt!
http://www.fd.nl/artikel/13077443/moolen-draagt-posities
Of course, in Paris, just like Curvalue. History repeats itself.
"First Euro will also take-over IT-components and contracts". It is not even a caricature anymore.
They stress the risks they have to bear, with the expiring positions and long term options (2013!).
2,5 million contracts and 1,2 billion value.. And a lot of attention how Eggbert judged the price of trading with themselves…
They are defending themselves as they know this theft won't be forgotten easily..
Egbert if this was really you who posted…you think that by naming yourself it gave you some devine right to preach? You are someone to speak about unprofessionalism, you let a one man run the company into the ground, where is your voice when RDD talk about retail banking and buying overvalued companys and traders? afraid to say anything because you be placed on sick leave? You allowed the company to get burned to the floor and now you sweep the remains, well played my soldier…all of Amsterdam knoows the truth
03:08AM… damned!
Summary;
2005 VDM acquires Curvalue, though no assets
2006 RDD takes charge, VDM cash rich
2007 End of "empty box" OnlineTrader
entire period; no investments in core systems
2009 VDM poor, RDD and HK cash rich
All trading companies continue (Aespen, Cur I, Cur II, VDM Germany)
VDM Germany continues?
Btw., any news from our beloved Franciscus Theodorus Vogel?
Curvalue doesn't continue.
http://www.fd.nl/artikel/13090376/vdm-verkoopt-posities
new name is Alphabert Capital !!
'Ik heb al mijn aandelen verkocht', zegt Roland de Casparis, de voormalige eigenaar van FESDT in een telefonische toelichting. 'Nu ben ik niet meer bij het bedrijf betrokken.'
You are a wise man, Mr Casparis…
Frits Conijn, ARE YOU THERE?!
Then start writing your masterpiece! So that the public knows as well about these crooks who refused to apply with a little less bonus when they were asked to be a bit solidair with the bleeding-company.
And now, at the end, they're screwing the shareholders ones more with the succesful blocking of a fair and decent auction for the remaining positions!
this will make a super movie!!!
From: Richard den Drijver [mailto:richard.dendrijver@curvalue.nl]
Sent: Monday, March 24, 2008 22:31
To: Wolfswinkel, Michiel; 'Frank Vogel'; Seinstra, Elly; Pronk, Egbert (Curvalue); Porskamp, Onno; Hills, Stephen; Hale, John; Berg, Marco van den;
Subject: Time for Change please forward to those who did not receive it.
Dear colleagues,
On the web side off VDM, we have presented the strategic presentation 2008 which most of you have received with the press release for the year 2007 last week.
Be free to forward this text to the staff members, traders, and brokers who were not copied in.
I and Michiel as board off VDM like to share some further information about the future and the changes we need to accomplice for the next 114 years.
Time for Change
Last week we have had the yearly VDM press and annalist meeting for the year 2007.
The Board of VDM (WE) made the promise to the shareholders to be profitable in 2008.
We also explained that the VDM focus would be three business lines:
1) VDM Trading
2) VDM Institutional brokerage
3) VDM Retail Banking
Partnership's can only work if WE (all partners/ stakeholders within VDM ) can share and benefit from the success of VDM only than those who are the WE can commit them self to the future of VDM.
First, learn to share, if you cannot share you will never learn to multiple
Important to understand who are WE? We are the stakeholders in VDM being:
Share holders, Supervisory Board, Board, Management, Support staff and Traders/Brokers.
To make the future a success we have to learn from the past
The last 5 years share holders did not make anything the stock went from high EU 30 to
low EU 3 and currently trade on the expectation of zero future earnings why?
When we look to what happened to VDM in the US (the loss of hundreds off millions of dollars). This happen when traders violate trading rules in 2003-2005 ore make serious trading mistakes it was always the shareholder who paid because there are no reclaims on bonuses paid out. When we have to defend the company for those actions and mistakes made by traders all legal bills are paid by VDM Holding again the shareholder. When we facilitate clients (loan desk US 2005) and kickbacks are paid ore other favors which lead to fines by the exchange again it is the shareholders who paid millions off dollars.
VDM is and was not alone in this and the security industry forces exchange regulated company to invest in procedures, controls, compliance and risk departments etc that is a part off working in this industry.
What we have recently seen happening in this industry with banks and brokers go bust, big position losses by traders ore the hiding off position losses to collect end year bonuses, substantial increases in trading margins and increase in cost of capital are leading to more and not less cost off working in this industry. Those off you who think cost related to work in this industry is not there problem and the only cost related to trade is the square meter around them should wake up. It my be that what you want bud this not how VDM can survive ore by the way any organization working in this industry can survive nor can it receive anymore the support of shareholders willing to support this attitude.
On top of that, VDM was and is still not operating as one organization. This put's huge amounts of additional cost on VDM holding to monitor manage and support all the individual operations. In addition, global membership's infrastructure and IT knowledge is not shared in other words not all the advances off working for one big organization are not yet in place.
Why not: Because too many participants/ individuals within the VDM group want to have there one ''small'' operation within the organization this feels save and comfortable bud which create a lot off red tape and lost opportunities.
..Part 2
What can we learn from this : When WE as VDM do not work as an team ore as one company bud as individual company's and within these individual company's as individual operations where we even within these operations are not willing to share knowledge, support staff, risk, cost, investments and infrastructure there is no future.
I mentioned all stakeholders should participate in the success off VDM.
When we look to Europe in 2007 VDM Trading and VDM Institution Brokerage was a success. Over 2007 in Europe, we paid a total compensation to (only continued business in 2008) to traders off more then EU 40 mio of which was EU 23 mio was paid in bonuses. Contributed to share holders VDM from these European profitable operations was little more then EU 7 mio hardly a fare share of profit distribution between the stakeholders within VDM.
We as VDM Board see VDM Trading and VDM Institutional Brokerage as crucial in combination with VDM Retail Banking this because eventually all Retail bank end users eventually will directly trade with VDM trading ore use the facilities of VDM institutional brokerage. Bud this only will work if trading managers and traders are open to change and are willing to share cost off running these operations. You do not need to be a genius to understand that when the party is a success traders collect more the EU 40 moil and VDM shareholders collect little more then EU 7 mio and when something goes wrong and the party is over the shareholder have to pay (see the 100 off millions in the US ore discontinuing business EU), not an attractive proposition for anybody to invest in.
There are several solutions to make it work bud clear is WE all have to be willing to invest in this future and be willing to part of this bigger successful VDM group and be willing to see WE not as ME because than there is no future for YOU in this.
End 2007 the board agreed with the management EU and US that they would come with a proposal to distribute all cost over the entities and that they would come with a proposal before 1 April 2008 being effective
1 Jan 2008. Cost was only a part of this discussion more important is global trainee trading centers, networks (access to all global memberships), IT, support and capital. Times are changing so the Board will appoint a small task force with representatives from US en EU who will look at the total VDM organization and all it's aspects and will talk with those responsible to have there input which will lead to decisions in Q2 2008 effective 1 Jan 2008 for the road map for the future and success for WE instead of only ME.
Regards,
——————————————
Richard den Drijver
CEO
Van der Moolen
Keizergracht 307
Amsterdam
1001 GJ
E: rdrijver@nl.vandermoolen.com
W: http://www.vandermoolen.com
Hilarious! It's the world famous embarrassing "ME and WE" (aka the "BUD and ORE") letter! Almost forgot that one..
Egbert is the white knight! Letter is hilarious
Bud it not only is a problem off WE ore ME en dat YOU is the problem!
It should have read: VDM press and Analist meeting
Hey, "ME" heeft gisteren de VDM-posities binnen gekregen!
if YOU cant learn to share YOU will never multiple 🙂
Great stuff…
Look, the VDM employees share their memories in the public, wailing wimps with anonymous internet-access.
No wonder RDD was able to take the piss out of them so easily.
I think its the VDM shareholders who've had the p1ss taken out of them!
nonsense, this guy is great(!) – true open minded.
At least he's not one of those thieves in Euro First!
VDM EXPIRY drink tonight ?
@ Werk
Het is toch te gek voor woorden dat allerlei mannetjes hier zo hun gang kunnen gaan zonder zelfs hun naam achter te laten! Wie verzint dit?
Jaap Gelderloos
Curator bij Van der Moolen
Jaap, this is an old topic. Move on to a recent one if you want to receive some attention.
Hi all,
I worked for curvalue for 6 years.
Egbert Pronk was always a tough boss,but always 100 procent correct.I thought,and still thinks, he is a person of great integrity,and very much doubts all the gossip from the coward anonymous writers above
sincerely
mats carlson
Mats,
Any person defending Egbert and his actions is either
1. brain dead
2. sucking up to get a job at Alphabay
3. an accomplice to his crimes
4. otherwise known as RDD, Onno, …
or a combination of sorts (lots of overlap with reason number 1).
egbert is clueless and has never made money trading. curvalue were even worse than vdm. lets see how alphabullshit does. will be gone in a year. egbert has zero credibility in amsterdam trading community.
yet in the annual reports of vdm I see curvalue making money every year???? Also in several meetings between trading firms Egbert was far from clueless. Egbert probably only has zero credibility with spoiled big MM traders who make money just because their firms has very good systems. Try to make it on your own guys before you judge other people! And no, I don't work or have ever worked for Egbert.
i remember egbert from the floor- he was clueless
Let's be honest here, most traders on the floor were clueless. They just learned a trick based on sheets printed out by some computer system.
de aandeelhouders VDM zijn enorm in de maling
genomen door Den Drijver met Hans Kroon voorop
ja gezelling bij het haardvuur met Harry Mens
TV programma Business Class.
[…] slightly different. First of all, Frank is messing up the dates. VDM was declared bankrupt on september 9, announcement of tax reclaim arrived a week later on September 16th. That would have saved the […]
send me imore information to my mail adress thanks