Shows the farce of shareholder control - who can stop the situation with an offshore company with offices etc in the USA - JE has done what he wanted to without any curbs. SFC trading !!! Bah if you can call this deadlock trading probably producing oil at the current price at a loss........Longer this goes on the bigger the loss. GLA
Nothing new in this. JE used the company as his private bank. As he for a period was both Chairman, CEO and CFO he did what suited him. He obviously knew the company was headed south so took what he could while he could. The Hawaii flights which was basically commuting for him, the pension, the huge salary not at allaffected by the drop in share price was all part of the plan and it all came out when he sued the bloggers. However there is no chance whatsoever that you will be able to sue him, he was probably fully entitled to do what he did, immoral, yes unscrupulous, absolutely , but illegal , sadly not. You would have to prove that he knew that he was spending money fraudulently and that is virtually impossible
Only the tip of the iceberg unfortunately, TW stated in an earlier podcast that he thought the man had come out of this with a clear $10m - $12m. I know TW is a bit of a D1ck but it is worth going back over some of his previous stuff as quite a lot has come to pass
Just managed to listen to that bear report thing. Christ I don't believe I'm saying this but you have to hand it to the man. They have uncovered some dirt on old Jim. Might even a gid send later on if life if all that comes out and we get a cheque through the post. I used to believe that they were out just to ruin sefton. But actually they uncovered a lot of crap which still needs to be uncovered about him. Apparently 100 flights in 10-12 years first class to Hawaii! Obviously no body knows if this I true but at least someone has the balls to say it. I'll stand up and say I have learnt more from this share and made loads more profit elsewhere because of this share. I feel for the idealistic mentality. It went against all my usual investing decisions and I have paid the price. Still though in the right hands this share could have been brilliant. There is still life left. What's going on no one knows.......but we are still trading and still have some hope.
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