Member Info for addicknt

Apologies, my terminology was misleading. However, regardless of the various subsequent statements, the original one did seem to suggest the company was throwing in the towel.

Are these people simply betting that WTG will win the legal case? Otherwise, I struggle to see why anyone would invest in a company which has declared that it's liquidating itself.

What a car crash! I do hope they've got some good lawyers. The CFO gets the boot, but the CEO,the man responsible for the stupidest deal in history, gets to keep his. And their lucky lenders end up owning the stinking pile of dung that was their UK business, and the proceeds of the legal action. I guess they must be confident of victory.

jackdaw, your comment is of course correct; a company would never say the phones are quiet. However, given what's just happened, wouldn't you agree that the balance of probability is that the phones are busy?

Couldn't agree more,there are p&d merchants out there and they should be castigated. However, there are also some remarkably stupid people who read these boards and who frankly, should not be let near the market. They simply don't understand what it's all about and they get fleeced at every turn as they chase the dream of wealth. They don't understand how business works and wouldn't know a balance sheet if it bit them in the arse. For a brief moment, their imaginations put them in the same bracket as Warren Buffet...right up to the moment all their wealth has disappeared. Sadly, they only have themselves to blame.

times do we see this pattern repeated on this bb? A company makes an announcement effectively stating that it's bust. A raft of private investors think they must be lying and and we enter a period of the loons claiming that the share is "massively undervalued" and "this is a great buying opportunity", "I've just bought another x million" etc. etc. The company then makes the next statement stating that the game is almost up. Suddenly the scales fall from the eyes and the loons try to bail out...normally at a vast loss. Why are people so stunningly stupid with their own money?

xan, the problem with your analysis is that people don't believe there are £129m of net assets. This is EXACTLY the same issue that undid QPP. Until such time as this issue is put to bed, the company will be under immense scrutiny.

A bit like furry-ears. What's that; account number three, or is it four? I'm surprised he hasn't been rumbled.

Sorry, meant FDA!

I can't see anything new, but they most certainly demonstrate the superb progress that the company has made over the past 12 months. Obviously we're all waiting with bated breath for the FCA, but the company sounds incredibly optimistic. it's also good to see Novartis have already paid the $10m. Exciting times.

a-2-b, he runs an outfit called Quob Park. It's an investment company and he's persuaded certain gullible types to invest behind him. He recently announced, without any sense of irony, that he would float the business in a couple of years time and it would be worth at least £1bn. Currently it's worth the square root of zip all. There are so many fantasies involved in his claim that it's simply not worth going into it. As far as this company is concerned, I'm afraid the likes of Mr Minerals are in for a rude shock. This became a very short-term punt, and well done to those who traded it. The idea that it represents a great long term investment seems to be somewhat fanciful. One fears RIM is about to learn a very valuable lesson.

No, they're suing for the full amount of the consideration.

RIM, I don't short...never have, never will. You are correct about the sale of the professional services division; it was the deal of the century. An essentially bankrupt business sold for a vast amount to the thickest buyers in corporate history. Sadly for the current shareholders of WTG, the buyer is now suing the company for £650m. As far as this case is concerned, it matters not that it wasn't in the Sunday press, all the information you need is contained elsewhere. If you have any sense, you'll sell as soon as you get a chance tomorrow.

richinMinerals, no it didn't get taken out,as you describe it. It currently trades as WTG and is subject to multiple law suits and is still under investigation by the SFO. Additionally, it has announced its intention to sell off the remaining businesses and to shut up shop. The shorters made a fortune...as they will here.

steello, the purchase was before he was rumbled.And in the context of his earlier share sale,it was peanuts.

theanalyzer, they haven't denied the allegations. Indeed, they appear to have completely accepted them.

Don't touch it Masli...this has a horrible whiff of QPP about it.

One thing is for sure: those shorting this got it absolutely spot on.

stuart, it's quite clear in as much as it doesn't deny the allegation and explicitly accepts that an indictment exists, albeit from the 1990s. It doesn't offer an explanation of the clumsy attempt to change the spelling of his name, nor the fact that this was never disclosed. One suspects he won't be reappearing as CEO and that given the nature of US justice, an extradition order may well appear. They tend not to forget these things. As for the company: it may well be a very good development indeed.

Interesting responses. "Business as usual"...except without a CEO. "No secretes"...except it has been kept secret for years and the consequences of not telling the truth in a prospectus are severe. "TW up to his usual tricks"...you mean uncovering the truth. The one comment I agree with is that the Board have dealt with this in the correct manner. The RNS doesn't even deny that the allegations are correct; it merely seeks to brush them under the ****et as being 'historic'. The solicitors report will be interesting.