All wrong at Allco

David Coe and his fellow ‘principals’ at Allco are experiencing one of those ‘everything that can go wrong has gone wrong’ moments. Some of it is of their own making.

The latest unpleasant moment in a escalating series of unpleasant moments came on Wednesday, when two margin lenders lost their nerve and dumped 22 million shares in the group founded by John Kinghorn (more recently of RAMS Home Loans fame) and which Coe and the other nine principals continued to build over nearly three decades. The sales, which generated less than $60 million from shares once worth about $300 million, drove Allco shares to record lows.

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