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Smooth radio this morning.........."have you been miss-sold aim shares.......no win no fee" ???
The trains continue to be sub-leased to Jindal with the revenue going to Minas Moatize Limitada, but don't forget we only leased the trains too, so in reality anything received by MML is repaid to Thelo. This whole event of the trains is just another sorry tail of mis-appropriation of moneys raised by BHR, our feeling was we owned the trains and hence when leased we would receive the funds... Wrong.. Smoke and mirrors to magic away the funds raised for the purchase of trains along with tens of millions of dollars which were raised to build plant improvements which never took place either. When you consider Fifa are now under investigation by the FBI for bribery and corruption amounting to $150m over a period of 15 years and the whole world is up in arms about it, it makes you want to cry that BHR magic'd away $150m over a two year period and nothing is going to happen... What's even more sad is there are hundreds of other companies listed on aim whose sole intensions are the same as the past BOD of BHR. Their activities are supported by all the same nomads, all the same brokers, all the same PR companies, all the same solicitors and no doubt all the same administrators and insolvency practitioners. Aim and the city of London are rotten to the core, just look at the offices these people work in and the number of staff they employ, and you can figure out something has to be wrong.
Thanks Andy and everyone else. Another painful lesson from the unversity of life! I lost a lot (for me) here, but still completed the Leeds half marathon in a fair time at the age of 67 so I consider myself incredibly lucky really. Just one point though. Are the trains we paid for still running under sub-lease? If so, now that BHR is down the swanny, is there any reason not to know who is operating them? I would like to think of them chugging along making money for someone, even if it isn't for those that coughed up. To Eric and many other thoroughly decent folk who have inhabited this forum over the years, it has been a pleasure getting to know you (virtually), have a great summer and good luck with your investments.
anyone had any response from Baker Tilly - If they are charging similar amounts to other administrators (£700+) per hour then they will be taking their time to thoroughly go through the books and probably at the end of it come out with a report which states on the last page.. and therefore we can conclude shareholders are to receive 0p. Thanks a lot :)
Thanks for the help Andy,Kate, Red. Like a few showing a fair loss here. 5 k made it back on Val (drug cancer research) Still a lot to go there, but research. Hope to meet you all in a happier place. Alan
Thanks to Andy and Eddie and everyone else.As for me I'm still in shock that the BOD are not going to be held on grand fraud charges. It total unbelievable and to top it off BAKER TILLY are filling there pockets as well. Great British justice at its best.
Thanks Andy & co sorry it seems like bad news but you tried so very hard so many thanks to you all Duxi
Hi All. Eddie and I are still plugging away. Vitol had asked for all bids for the assets to be tabled by the end of May, we were not in a position to table a bid given an almost impossible task of unravelling the ownership of assets. Baker Tilly show no interest in understanding what's occurred claiming there are no funds available to pay themselves. Vitol will be looking to secure any offers above $10m to cover their losses, we can only hope there is more than one bidder, and a price above $10m could see some dispersal to shareholders post event. The company now needs to be put into receivership in order a proper investigation can occur, this is what should have happened in the first place as Baker Tilly have done nothing to resurrect the company which is the sole purpose of administration. As for conducting class actions, our efforts to enlist help to proceed with them have faltered, we are now struggling to understand why the individual who offered to help put himself forwards, as he has contributed fork all. Sorry it's not better news but I guess everybody knew the Chuckle Brothers will have muddied the water so much as to make any actions against them almost impossible. Having said this we are able to write to their new employers highlighting their inadequacies, Karstel for instance is now working as a project engineer, take a look at his linked in profile for details. In summary BHR was used for years as a vehicle to draw large salaries by a group of ex-pats who in my opinion had no intension of bringing this company to Tier 1 cost production, in the end their greed caught up with them. We will see through the process of what happens post sale of assets to see if there are funds for shareholders but I wouldn't hold your breath.
Please get in touch Andy. The action group forum is dead with no updates for a month. What is the situation with class action suit. Becket where is andy posting.
AndytheMKDon Are you still involved ? I see you post on other boards , so one would assume you pop in here , a lot of us would like to know if anything is happening . A big thank you if you could let us know either way.
Like most people I look in here from time to time but there is no news yet but I'm sure there are still things going on.
Is there still hope?Anyone heard anything?
Until administration have finished ,guess there's nothing we can do.I still think its madness we have rail allocation and assets valued at around 50/60million ,and know it takes so long to put value on what we have.at least vitol at baker Tilly will do well out of this.
Emailed for an update from Administrators still awaiting response. AMI completed their admin in 3 months - shareholders get 0p. The Administrators fees were minimum £700 per hour! There was an incentive to take their time.
"its not a easy job " It's a (realy) dirty job. If it takes a couple of years to sort out! Fine! A precedent for other like co's not to follow suit . Beware.
They are just very busy trying to sort this out guess its not a easy job .
Same problem here. I wonder why they do not want to speak to PIs? I wonder if BT are being off like this with the action group?
Phoned and left message on Mr dymants voice mail.no one answering.
020 3201 8000 - and then ask the receptionist to transfer you to Mr Dymant or anyone else involved in the BHR admin process - good luck!
Hi Andy Would you be able to give us an update please. Thanks. Pete
Thanks UCL could you please give me that number i'll call him thanks....
I have twice called BT asking for an update and have been told a Mr Benjamin Dymant is the person to talk to. Both times I have called he has been 'away from his desk' so twice I have left him a voicemail urging him to get hold of me so he can update. I would further urge all PIs to ring BT's London branch and ask to speak to My Dymant or anyone else involved in the admin process - if PIs are seen to be putting on pressure for an update then perhaps Mr Dymant will finally step up to the mark!
Not wishing to be personnel ! Could you please stop winding the clock fast forward. Be grateful that we have the "Three musketeers" doing their best. Regards.
Thank you so much for your help in the matter. ...... A simple I don't know would have done .
Then would the person that posted that comment be better placed to ask? You could ask BT as they are responsible for BHR Administration. I haven't had anything back from GB saying its all over is all I could say as its true. This is the communication from BT below, perhaps give GB a call or Zoe Percy. They and they only would be the people to confirm it or deny it. Not anyone on a BB. http://www.bakertilly.co.uk/media/news/Statement-re-Administration-of-Beacon-Hill-Resources-Plc-and-BHR-Mining-Limited-UK.aspx