Much like Opal Tower, Purple Bricks is the news gift that keeps on giving.
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After a dismal 2018 for Purple Bricks global company, and watching their stock prices drop by nearly 2/3, international CEO Michael Bruce bought 167,925 shares of the company's stock just before Christmas.
3 other directors of the company also bought shares, apparently to help support the price after its big fall. Between the 4 directors they bought back about $1 million in shares.
That isn't a huge amount in comparison to the more than $46 million in shares Michael and his brother Bruce sold to Axel Springer last April, when the stock prices were much higher.
Of course one of the reasons for the stock's low performance is the Australian "branch" of the company, which had a huge restructuring and a new CEO in Neil Tavender.
In the 6 months of the year ending in October, Purple Bricks had reported operating losses of $18 million, which was a 76 per cent increase over the previous period.
The restructuring followed reports of agents leaving because they said they were not able to make enough money, a "toxic" business culture of bullying and harassment, and a competition to see who could get their vendors to lower their prices the most.
While all these things were reportedly going on, the company made several statements to the press that everything was fine, and the company was "on track" for a successful year.
In fact the company made so many positive and glowing statements in the face of clear reports that the opposite was the case, we became very skeptical of anything the company said.
But with their new fee structure, and better commissions, perhaps the company is on track for a profitable 2019. We shall certainly see.
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