Bad financial decisions of our time

Discussion in 'Finance, Property, Law' started by Blogg, Aug 6, 2009.

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  1. Now times have been bad recently, but even compared to my stunning decision to buy some Drax shares a while back :x this takes some beating:

    Not that long ago (about 3 years) ITV buys Friends Reunited for £175m. At the time it was: "A key step in the delivery of our strategy to drive new revenue streams for the company."

    Today ITV sells it for £25m: to the publisher of the Beano. Michael Grade gave his own perspective on this sorry tale:

    "ITV bought it. This management team did not buy it," :lol:

    Now where have I heard that before?
  2. Its all go in the wacky world of bean counting.......... :D
  3. Blogg,

    Not only the publisher of the Beano.... but also the owner of one of the largest genealogical sites after - The financial press reckons that the real target was not Friends Reunited but Genes Reunited. Bargain!

    I looked at Drax a while ago but couldn't make the figures add up. I hope you weren't caught too badly, although I note they are on the rise after the latest results.