The Evil Diaries: BHS, William Hill and Watchstone

Frank Field is potty. How could he possibly claim that Green is worse than Maxwell? Maxwell engaged in fraudulent accounting and stole from Maxwell Communications and Mirror Group pension funds. There is no suggestion whatsoever that Green has so behaved.

About two years ago Green realised that BHS was a hopeless case. He could have put BHS into liquidation but instead chose to sell his shares to Chappell, who is clearly a fraudster and should do time as a result of his transactions with BHS. I suppose the authorities are awaiting the liquidator’s report to identify the evidence which allows an efficient criminal prosecution of Chappell.

The duty of a company director is to keep himself informed as to the financial condition of his company and, thus informed, if necessary, invoke insolvency procedures – which may well entail appointing administrators and liquidators. Green seems to have elected not to do that and, instead, alighted upon Chappell, whom he must have known would prove to be a hopeless shyster.

I do not care whether Goldman Sachs gave him advice formally or informally. The responsibility was that of Green. And he knew and knows it.

But Green has no incentive to assist the prospective pensioners of BHS unless he can do a deal which settles his involvement. Therefore it is pointless for Field to strut and pose since, if there is an effect, it will not improve the lot of either the creditors or the prospective pensioners.

*****

William Hill (WMH) is up 20p at 333p on the putative approach of the RANK and 888 combo. No price has been suggested. However, I am told that there may be two other bidders who could step up to the plate. Thus WMH is a strong hold and, arguably, a buy.

*****

Finally, if you are at a loose end, it could be worth trousering a few Watchstone (WTG). It’s better than sitting on cash. Now 220p.