The Great Scrabble

The Great Scrabble is a term commonly applied to Jeremiah Creosote's rapid sale of businesses and stock in August 2009, in a last ditch attempt to avoid full bankruptcy, and disentangle himself from the 'sinking ship' of legal troubles attached to them. As a former accountant described it, 'essentially all the fingers were removed from all pies at once with haste, resulting in tremendous mess, he got covered in gravy'.

The incident is mainly noted by economists for its slight knock-on effects in the market in the period, and for the calamitous failure of the strategy. Assets were not evaluated properly for their true worth, and it is estimated Creosote lost up to £25 million by selling too cheaply. Furthermore serious questions were raised by the Financial Conduct Authority about the methods being used to avoid mentioning the legal problems to buyers, resulting in fines of £9 million and a year-long inquiry.