No insurance for Den Drijver and Kroon
The firm Van der Moolen went bankrupt half a decade ago, but it isn’t over yet for Richard den Drijver and crime Hans Kroon. Several investors are still trying to recover some of their losses. Usually, the board members are protected by a company insurance policy. After all, nobody wants to be at the helm when risking massive claims.
And the claims are substantial. Den Drijver and Kroon are facing a claim amounting some 130 million.
Here comes the good part. As court decided the fall of Van Der Moolen was due maladministration, insurer AIG walked and left Den Drijver and Kroon on their own. For starters, they have to pay their own lawyers. Sidney Berendsen, lawyer for Loyens & Loeff, is defending them. But he isn’t into charity, and the bill outstanding is almost a million.
In the case between AIG and Den Drijver/Kroon, court decided AIG has right to walk away. Both gentlemen may have ruined shareholders but are still living in several expensive apartments. Hell, they have been listed on the Quote 500 list in 2009 edition (nl).
Maybe it’s wise to pay your own lawyer. Especially when he’ll defend you against a 130 mio claim. Maybe he’ll eventually broker a settlement for you, negotiating the claim to a more modest amount. Say, 13 million each. Negotiations are ongoing, FD reports.
first,
this is not very interesting for anyone who is not rdd or croon, next
I like to see them go completely bankrupt. Never seen such crooks. Justice be done.
Don’t forget there are hundreds of former employees who at the time witnessed the fall of VDM.
if you want them to go bankrupt, join in the lawsuit, spamming here ain’t going to go anywhere mate
and how about the old saying – best revenge is to live well
Crap removed.
what’s with this constant microscopic censorship program, are we 2 year olds that mama needs to keep running behind us?
how did you conclude the following is crap?
Erik Drent an all those who have info: please inform me about the smit brothers as mentioned below in comments with the article ” alphabay in trouble’ from 2010
currently investigating fraud…
heeft Rick Smit echt de boel zo opgelicht…..?????
Erik Drent
September 15th, 2010 at 6:32 am
Vertrouw nooit Rick Smit of z’n broer Peter-Paul.
Peter Paul wordt volgens mij nog steeds gezocht door de Spaanse Guardia Civil.
How is this for translation
Erik Drent an All Those who have information: please inform me about the smith brothers As mentioned below in comments with the article “alphabay in trouble ‘from 2010
Currently investigating fraud …
Rick Smit really ripped things …..???
Erik Drent
September 15th, 2010 at 6:32 am
Never trust Rick Smith and his brother Peter-Paul.
Peter Paul appears to me still wanted by the Spanish Guardia Civil.
Thanks for the translation. It is definitely not crap, believe me:I wish it was.
I have information that Peter Paul smit is supposedly still taking people’s money on false statements (some do not get any of their money back) and has been doing so for the last 10 years.
Please contact me for additional info at timcbv@hotmail.com.
Thank you to those who can and will be of any help.
why don’t you reach out to journalists, regulators and law enforcers rather than spamming here?
He is already convicted for one case but there must be more victims.
He must appear in The Hague court in the next few months.
do you have the proof of conviction?
Why do you assume people naive enough to be duped by smit are smart enough to read this super intelligent blog?
do you have a copy of invite to his appearance at the hague?
why are you using a fictional character’s name, it doesn’t suggest your story to be too non-fiction?
Smit can fool everybody talking like he does. He should make an honest living with his talent!
Yes I have a copy of his conviction and documentation of the ‘ new case’ .
Do you have more info? Please contact me, see email address above.
sounds good, email me the copy of conviction and documentation of new case, my address is jack@amsterdamtrader.com
it’s fiction mate, go with the flow already
Jack, you will receive all documents tomorrow. Thanks!
why not today?
why not tomorrow ?
well why not next year in that case?
good question, why?
i am glad we are on same page
Jack, documents are sent.
Jack, is she making up stories again?
yes, duh
Netherlands 2 – Mexico 1
time to bring out the octopus
oh, I see two semifinals where neighbours from north Europe play against neighbours from south America.
how did you predict that Netherlands would win and also the correct score?
wow, junior is such a brilliant forecaster, what’s your target for year end S&P
let me pick tonight’s winner and the scoreline correctly and of course once my prediction comes true, you can invest all your money into my brilliant funds
S&P prediction is a different kettle of octopus. It’ll cost you
what’s the cost? what’s the penalty if you are wrong?
2 and 20, no penalty or clawback if i am wrong, i start a new fund
….And then there is , of course, the official receiver (formally Van Doorne, but Blix Advocaten took over…the curators in the case (Gelderloos, Schaink) now partners in Blix… hmmm.
A quick look at the Blix site documents states that over 6500 (!!) billable hours have been spent for Van der Moolen Holding alone. With 3 more entities to ‘manage’, a very profitable business indeed.
Shame that ordinary creditors are still waiting for their open invoices to be paid…
No rush gentlemen… no rush whatsoever….
too bad, you live in holland, in US you could have sued Blix as well and got money out of them
A law firm such as Van Doorne is never appointed to be the receivers, but some of the present partners of Blix were. Meaning that if they leave Van Doorne and set up their own firm, they take that business with them. If you would look closer, you will see that most of the hours were billed while they (and especially their staff) were still working for Van Doorne. You can’t really blame them for seeing a opportunity to part ways with Van Doorne and improve their own station in life. It would be like blaming a trader for jumping ship in order to improve his bonus deal. You’re in the wrong place for that.
And btw you should be happy you are getting money out of this bankruptcy in the first place instead of venting your frustration and jealousy.
what is the Houseman doing these days? Setting up a new company during his forced sabbatical?
leave this pure guy alone, it is not nice for anyone to be fired
its not nice to be poor either, but so much of the world’s population live below poverty line, get real, getting fired is just a set-back, he can work harder in his next gig
and regarding getting money out of the bankruptcy, once again, look west, plenty creditors got plenty moneys out of lehmans, even though it had large hole, what’s so great about creditors making the most back from vdm, did vdm have large holes in it’s balance sheet that any creditor should loose any money?
Dutch disease comment: it if interesting to notice that receivers’ billable hours are entirely non-governable. And secondly, billable hours seem to drop dramatically if there if no money left in the entity at stake…
the Dutch disease writer clearly in that industry, labeling this info in a sad way.
Receivers industry is mainly one of sucking the remains dry of any entity they get appointed.
of course it is, they are not in the business for charity are they?
To 8:57 am:
Hello?!? If there is no money in the estate, what do you expect them to do? Invest a lot of time AND make creditors whole out of their own pockets? This ranks right up there with the biggest nonsense I have read on this site.
Barely any assets in the estate is the fate of most bankrupcies in Holland (> 95%). Liquidators compete with each other and genuinely make an effort (!) to get their share of the crappy ones (even when it’s clear to them it’s going to be a loser) in hopes of being granted the occasional VDM (Lehman, DSB, etc) that makes up for the losers. I’m not sayin you should feel sorry for liquidators because of this, but its not as black/white as you suggest.
In closing, a simple question. If you are so jealous of the money you think they make, why didn’t you study to become a liquidator yourself?
why is there no money left in the estate, where did it disappear, was there a big hole in the balance sheet to begin with?
if there are no assets in vdm, what was being shown on the asset side of their balance sheet, what was on the liability side of their balance sheet?
you are a liquidator, of course you are going to glorify your work and the god’s work you are doing, what’s new?
how do you mean ‘in hopes of being granted the occasional VDM (Lehman, DSB, etc) that makes up for the losers’; do you mean you stole money from VDM because you didn’t make enough billable hours from your previous engagements?
in closing, a simple answer, i rather prefer stealing money directly and risk being caught as thief rather than pretend to be a white collar savior and do essentially the same under the foolishness of creditors
Now how about that S&P prediction?
How much would you pay for it, given the fact that my prediction track is 100% correct ?
your prediction track doesn’t count for anything mate; what are your last 3 years return, maximum drawdown over entire history of your money management and aum time series pls
are you saying you want my octopus ?
no i am just looking at your position sizing skills; it’s easy to get lost in decision making of long/flat/short; the real deal is in longer/long/flat/short/shorter
why do you use name ‘junior’, is it short for dick johnson jr?
some guy here called me once “junior” and I started using it, sometimes.
well junior is better than being called newbie/noob/pube
http://www.ft.com/cms/s/0/37293f14-059d-11e4-9baa-00144feab7de.html?siteedition=uk#axzz36mZrvziu
how big is tibra in commodities?
https://www.linkedin.com/jobs2/view/14424030