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Name: BRIAN STOCKBRIDGE
Address: 125 Old Broad Street London Ec2n 1ar, United Kingdom
Born: 28/08/1973, HIGH WYCOMBE, UNITED KINGDOM
Appointment date: 14/10/2014
Cease date: 29/06/2021
Name: KEVIN JOSEPH DOYLE
Address: Unit 282, 60 South Beck Drive, CONDON QLD 4815
Born: 09/03/1937, PROSERPINE, QLD
Appointment date: 05/09/2013
Cease date: 21/06/2021
Name: WALTER DANIEL DOYLE
Address: 16 Bd Princess Charlotte 98000, Monaco
Born: 06/12/1955, CLONCURRY, QLD
Appointment date: 05/09/2013
Cease date: 21/06/2021
Thanks to you all for your input. Glad to see we have a few new participants.
I too have wondered how a conservative, large Dutch bank could have stepped into this dung hill. I also believe that they are a sophisticated group and would not have extended this loan to this type of company unless handed questionable accounts/info. I believe a letter to the link Johanes kindly gave us for Netherlands financial regulators is a good idea and one I will follow up on.
I am very interested to read this "there is absolutely legal grounds for the subordination to be deemed invalid for lack of consideration" from BillClinton. I had not known that and can't help but wonder if this is also the case in the UK. Can anyone offer an opinion on this?
Some of us are "gathering" on a whatsapp site. This vote was rigged in my view. I've yet to hear from a noteholder who was informed in advance of the vote on May 1, 2020 to subordinate our assets. I don't think we should go quietly.
FCA emails are : MIUMailbox@fca.org.uk and Consumer.Queries@fca.org.uk
As for shareholders to file a complaint to SEC, I think there are a few angles to look into.
If I'm not mistaken, NQ minerals have been pledging their shares too to raise funds under Invenio Capital PLC.
And if I may suggest, in order for us to have a better discussion on what to do, I would suggest if we do it in a closed group rather than an open forum like this.
If we all think that ING is part of it somehow, I think we all should write an email to Netherland financial regulators ?
And also we file another complaint about NQ Minerals to SEC (since they also raising fund from US Investors) too.
As for the UK firms, at the moment Avenir seems the only firms that regulated by FCA, and we've sent 3 emails to Avenir about this voting , but they didn't respond at all.
FCA did respond about this and they suggested to write email to :
@moxx - that was precisely my earlier point. Beyond the matter of bondholders not being aware and the vote 'rigged', bondhonders were not provided any consideration for taking subordination. Under US case law, there is absolutely legal grounds for the subordination to be deemed invalid for lack of consideration.
ING are a conservative bank and appear to have done extensive DD and obtained legal opinions and reps + warranties. Culpability here rests entirely with the actors orchestrating the "restructuring".
Where did the $60mm of ING proceeds go if not to Audley bondholders to repay / partially repay or compensate them for subordination? Only prior debt I'm aware of is James Dean's Rivi/Kiwoz (converted to equity and getting $8mm+ per year for their streams).
Where did the $60mm from ING go? How much went into the hands of the Doyle cabal?
There is where the accountant must shed light.
Are these the supposed 'marketing and other expenses' that the accountant could not reconcile? Where is PKF (accountant) on this? I notice Walter Doyle's registered address is also at PKF's London office. ODD
The other thing that puzzles me...if you subordinate bond holders,in return for their lower security , it's customary to offer something in return---- higher coupon, shorter maturity, redemption et al---.
Not just 100% losses, talking of which what os it that the board claims the bondholders received in lieu of subordination?
I think ING would have been aware, these guys are used to dealing with less scrupulous types:
And as you know:
NQ Minerals PLC : March 3rd 2020 on their facebook page:
US$60 million debt refinancing agreement – Hellyer Mine NQ
NQ Minerals Plc – 2 December 2020 -- Their Press release: –" (AQSE:NQMI, OTCQB:NQMLF,
OTCQB:NQMIY) (“NQ” or the “Company”) is pleased to confirm that, further to yesterday’s
release announcing execution of the US$55m loan facility between its subsidiary Hellyer Gold
Mines Pty Ltd and ING Bank N.V. (the “ING Facility”), that all necessary conditions precedent
for drawdown of monies against this facility have been satisfied. As a consequence, the ING
Facility has been fully drawn with proceeds being used to retire Company debt maturing in
In old money,thats 9 months for ING to examine , lick , caress and strip search every nook and cranny regarding this deal. With an army of compliance workers, 9 months is enough for ING to know all there was to know. Claims the facilityit was used to retire all debt maturing in 2020 suggests other debtors were higher ranking than the secured bondholders---I wonder, who are these entities?
Your ING guy looks like he got royally screwed by the Doyle cabal. He joined and they all left him to an Administration hahaha.
LatvianPrince has the correct angle in my view. Some of it being corroborated through my own network, while these introducers who pocketed large commissions on Audley unbeknown to the end investors should be answering some FCA questions.
I don't think ING totally aware of the situation. But I'm very much agree with the idea to attack the largest institution in the picture, so it will become a massive case. There are strategic moves that can be played here, and I think we have a pretty good chance if we doing it right.
If you look closely, the current CFO of NQ Minerals (Mr Adrian Moroz) was an ex ING staff worked as Director Natural Resources & Mining. How coincidence is that ?
I think putting pressure on the bank that has the bond's collateral is the quickest resolution for reasons which I won't bore you with.
As to your wider point, it really is quite fustrating all these SPVs that seemingly only favour the borrower, it really makes this alternatives space an untrustworthy quagmire. Speaking to a guy today, on UK parlimentary committee for collapsed financial schemes, 80 cases in the intray currently.
Totaly agree !
I think the easiest way to see if there are too many layers of companies in order to get the financing.
NQ Minerals could issue the bond themself, but somehow use a UK Listed SPV, which is listed in another country.
These as*holes use multi-layers of companies and regulators to confuse us and the regulator.
But eventually, we will get one who can be held responsible.
I would suggest you write a complaint to SFO instead of FCA. They should be able to assist given their track record dealing with these sorts of companies .
What lessons we can infer from this sorry mess? I think from this there are a few things I will use as red flags going forward :
1 Frequent director changes.
2 Consistently soft share price in the face of supposedly good news.
3 Directors who aren't really prepared to invest their cash in a business.
4 Unclear debt position.
5 Management with previous bad reputation.
6 Arm lengths companies that are considered close when investing but pushed far when the proverbial hits the fan, eg Audley (now just a another creditor) and Hellyer now saying NQ Minerals' debt nowt to do with them.
7 Talk of main board listings that never marerialise.
Latly, I promise myself to get a real understanding of the processes and tricks directors use to subordinate bond holders' rights.
Nickkdog et al. I e-mailed Johanes today. He kindly provided an outline of his e-mail to FCA. I've just sent my e-mail to the FCA based on the template provided.
Johanes - Please feel free to share my e-mail address with Nickkdog.
Bugerov, Nath123, dianejane01, et al., I have now been in touch with Johanes off site via whatsapp. I encourage you all to consider joining in this exchange by writing to the email Johanes has provided. I think we should share ideas more openly than we might here. In my view, we need to do some writing to relevant UK (and possibly Ausie agencies) to get the word out that there are noteholders who believe they have been dealt with in an abusive and possibly fraudulent manner. I have written to Begbies Traynor, the FCA and others. I encourage you all to do the same. The word needs to get out. Perhaps we can even consider some joint action. What that is I don't know but I for one do not want to take this lying down like a sheep led to slaughter.
Feel free to drop me an email. My email is : firstname.lastname@example.org
There are few of us now, and trying to sort this out together.
Yes, I think so too. It was the investment grade rating and Collateral value attracted many investors all around the world.
They're not gonna get away this time. It is purely fraud!!
Dear All. Just found this thread. I too invested heavily in the 2017 bond series.
I absolutely did not hear about the resolution and was never given a chance to vote.
From just reading this thread, maybe Truva trustees voted on our behalf without our consent. Who knows? All I do know is I feel scammed by these corporate *******s who've taken us for a ride.
Happy to join any group to help.
Let me know if one exists outside of this thread.
Yes, WhatsApp will be the best method. Let's we exchange email first and we take it from there?
My email is : email@example.com
Please feel free for anyone to drop me an email
Johanes, I have been thinking that it would be good to find a way to reach out to more Audley Funding noteholders. How do we get the word out? I wonder, how many of us are there who likewise were blindsided by the subordination?
I have also been wondering about an alternative way of getting in touch where we perhaps could share ideas more openly. Whatsapp? its encrypted they tell me. It would mean exchanging phone numbers I guess. Not really sure what might be the best way. I'm open to ideas.
On another thing,
I think it is better to discuss this matter privately rather than in an open forum like this, what do you guys think?
Yes we had. And we got mixed responses from FCA. The first reply mentioned they will look into it. and another reply from my colleague who is also a client, said we have to report this to BaFin, since the Notes is listed in Frankfurt.
I would recommend to write to FCA and their email are :
FCA - SFO (Serious Fraud Office) --- they specialized in heavy and complex cases, and choose serious fraud and bribery (as suggested by SFO staff to us)
The FCA contacted me and started making enquiries into Audley back in June.
I am awaiting a call back by end of week to hear what progress (if any) has been made.
What I meant in my earlier post is that there is an 8 week period before Begbies Traynor as Administrators will need to publish (publicly I believe) their plan for how NQ Minerals should be administered. That could be to seek to refinance (let us hope!!) or to wind up the company, in which case this could take a long time with who-knows what results.
Still nothing back from my email to Truva Trustees.
Has any contacted or is anyone considering contacting the FCA?
Johanes, Bugerov, et al., I received the same reply from Begbies Traynor as you did. I also wrote to Truva Trustees again on Oct 8 as I have been in contact with them in the past. Part of what I wrote was "Did Truva Trustees receive the April 9, 2020 notice on the date of its issuance? Further, did Truva then inform any noteholders of this April 9 notice?" They have not answered yet. I suspect they are going to hide behind the custodians or registrars and say they were responsible for informing noteholders. About all I can hold hope out for is this statement from BT: "The Joint Administrators will be undertaking investigations into the affairs of the Company." If not a smokescreen, then perhaps they will look into and question. I can not give in to full blown pessimism just yet, although the outlook does look dark. We will know more soon I think as there is an 8 week window from the date of the announced Administration and that day must be fast approaching.
Yep, got the exact same one this morning too.
Legally we're not direct bondholders. Best would be asking our custodian to send an email to them, but we can also send directly too to see how they (Truva Trustee) respond, even though we may already know what the responses are.