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OSG, might I humbly suggest as a theme for your sermon next Sunday

'Cast not your seed upon stony ground, lest ye suffer the fate of the disciples of ARB'?

When I suffer the slings and arrows of Scotwin and his ilk, I turn to and I take comfort from Luke Ch 4, verse 24.

Good stuff, OSD.

We have not the power of prophesy ..., we know not the day nor the hour...

Wise virgins keep themselves oiled up, so as always to be ready .

May all of you learn to discern the sheep from the goats, the wheat from the chaff, the good lubricant from the snake oil., and heed not the beguiling words of false prophets.

And may you all give generously to the WWF.

How about 'the emptiness of the pursuit of worldly riches', OSD? That might make make long term QBT investors feel better.

And if I have correctly understood a recent post on the other board, how about doating this week's collection to the WWF? The WWF is sounding the alarm about overfishing of swordfish in the Med apparently.

Scot, the cause of action was QBT's. QBT did not need to do any deal with Gardin to bring the claim, and has borne the whole costs of the litigation.

You are completely wriong to say that the claim could not have been brought by QBT unless it did the deal with Gardin, and that it would therefore have received nothing but for that deal.

I am sure you are not suggesting that Gardin, as its CEO, would not commit QBT to pursuing the litigation uless he was given a 10% rake off. That would be a very grave breach of duty, actionable on the part of QBT and would almost certainly result in Gardin being removed as a QBT director barred from holding anyUK company directorships in future. It would also be a libellous statement, which could get you in serious trouble unless you can substantiate it.

I would ask you to try again to explain the benefit to QBT in this deal, but I don't want to encourage you to indulge in further speculation which may get you into trouble.

While on the subject of speculation, I am gratified to see that recent announcements suggest that my guess that if anything at all comes out of the current negotiations it ill be a joint venture of some sort to develop the QBT tech (rather than a contract to roll it out commercially in its current form) looks increasingly likely to be right. Peeps should look dispassionately at the facts and allow logic to inform their conclusions.

Who knows? If a joint venture with a credible partner with deep pockets and real technical expertise is concluded, that may lead me to buy QBT shares.

Scot DYOR. The details are in the accounts.

Does the date of the deal make any difference anyway?

Whatever the date of the deal, what does QBT get out of a deal whereby it gives up 10% of any recovery in return for a 0% contribution to the costs of the litigation?

You tell me, I am all ears.

Dracula, there are many here who believe that Gardin's deal with QBT for 10% of any recovery in return for 0% contribution to the costs is a great deal for QBT, though I am still waiting for an explanation of what QBT gets out of it.

Never mind. I am sure they must be right.

If anyone has a legal claim on foot, do get in touch with me. I will give very serious consideration to a deal with them under which I receive 10% of the recovery in return for a 0% financial contribution.

Come on lads and lasses, but your money where your mouth is. I have made 2 cracking proposals to you today. Not a single poster has pointed out any factual or arithmetic error, or the least commercial flaw in either of them.

Scot, I understand your scepticism. A 50% reduction in R&D spend for the same results sounds too good to be true at first blush, but I am confident I can achieve it. Do the maths yourself. Take the bottom line return on the past 4 years R&D (£0), and the amount paid, including performance bonuses, for Gardin's services running QBT's R&D as a consultant (say £1.2m) and halve that = £600K improvement in QBT's balance sheet if I had been in post rather than Gardin.

True, I hold no shares, but I would be willing to accept share options in addition to my consultancy fee. I would also be willing to match the average of the director open market share purchases during the period of my consultancy. Remember too that I would not risk my reputation unless I was confident hat I can deliver the reduction in cash burn without detriment to revenue receipts.

As to Sipiem, the defendants have lodged a further appeal. Don't hold your breath there. QBT will of course fight on, spending yet more money on legal fees. Gardin gets 10% of any recoveries for 0% contribution to QBT's legal costs, so for him it is a case of 'heads I win, tails I don't lose'. What Italian law expertise does Gardin provide to justify his 10% rake off? Isn't oversight of the claim part of his duties as CEO, for which he is already paid (in addition to his consultancy fees)?

The above is all factual, based on information and figures from QBT's accounts. If I have made an error in my reading of those facts and numbers, correct it. Abusing me won't change the facts and figures, so that is just a waste of your time.

Think about it, and get behind my bid to take over the Gardin R&D consultancy.

It is time for the shareholders to stand up and be counted. The time for shareholder activism is now!

I have some time on my hands and quite fancy some all expenses paid jollies. I have made an offer to QBT to take over the consultancy to run QBT's R&D, in place of Gardin. I can prove (no NDA required) that my methods would produce at least as good results as Gardin has achieved over the past 4 years and I will charge 50% less., with a consequent substantial improvement in the QBT bottom line.

I need the long term holders here to requisition a special meeting of the company and back my bid, as the BoD (all Gardin's creatures) are not responding to my offer. I am sure that collectively you have enough shares to do it.

It is in your interests to do so. The cash burn will be substantially reduced, with a corresponding reduction in the the frequency and size of capital raises going forward, reducing the rate of dilution of your holdings.

This how PIs, acting collectively and making use of this BB can make use of the shareholder rights and improve their returns. But they do need to be pro-active, shake off their inertia and act. I hope I shall not end up lamenting that you are all mouth and no trousers here.

Does the fact that it has not been taken despite the fall in price wave any flags to you, Elon-Boom?

What colour?

It s not all bad though. The SP hardly fell at all today.

In the days of sailing ships, the master shipright would assure the owner of a new vessel that the had placed a gold sovereign under the heel of the mainmast before he stepped it, which would ensure favourable winds and prosperous voyages. The shipright said ithe sovereign was there and that its powers were proven, trust his word.

In the days of riveted iron ships, one rivet would be of pure gold, which would likewise ensure prosperous voyages and the safety of all who sailed in the ship. Or so old sea dogs would assure new cabin boys , with a generous offer to take them down to the very bottom of the ship to show it to them, if they promised to keep the secret until, when they grew to be old sea dogs ,they in turn showed the golden rivet to a deserving new cabin boy.

Masts and rivets are long gone, but ministers still tell altar boys of the gold chalice hidden in the darkest corner of the vestry, a treasure of beuty and joy beyond price, which the minister can show them only if they promise to tell no one about it..

And now we have QBT. Its tech is a money printing machine, so the story goes. No one has ever seen this tech in operation, no one can even be told how it works without first swearing to keep it secret and signing a n NDA. But some know. they feel it in their water that it exists and will make them rich beyond the dreams of avarice. They are generous souls. They do not wish to keep such riches to themselves. They post on BBs and tell everyone, from shipmasters through cabin boys to altar boys, that the riches will be theirs too if they buy QBT shares.

They had been given their cards and need jobs.

More to the point, why was Rios taken on to head up marketing 2 years ago, when QBT had nothing to sell? And if he has been pushing QBT's tech for 2 years without interesting anyone in the tech with the result that QBT had to go to the jolly in Las Vegas in order to meet anyone who would even agree to watch it being demonstrated, how good a job was he doing for QBT?

Shouldn't he have got a P45 rather than a directorship?

Gardin's most recent QBT share transaction was a sale of 2.5m, Scot.

That was a little while ago, about the time he contracted with himself as CEO to run QBT's R&D for £300,000 plus pa, as an independent consultant.

Since then he has had 7 figures and counting out of QBT.

He would have made a tad less as a shareholder.

Have any of the numerous posts speculating as to whether the SP would finish up or down today advanced the sum of human knowledge one whit?

All we know is that however low the SP falls, the directors see no profit in buying them themselves. Nothing has changed there for YEARS.

Mikey, do enlighten us as to what was false in my posts.

LSE is bemused too - LSE has not taken them down.

OSD, thanks for the invitation. I'll take you up on that invitation if I am ever in the area. I am a fan of Seagull engines. They can be maintained with very limited tools and spares, and start very reliably provided that you ignore the instruction to start them at full throttle and instead start them at just over half throttle. There is also a retrofit recoil start device, which saves taking your passengers' eyes out with the traditional starting cord. I have sometimes wondered whether he manufacturer's instruction is in the nature of an anti theft precaution!

my last post: just my best guess. feel free to disagree, but do include your reasoning.

one further thought. would gardin sign qbt up to a jv in which a heaver hitter partner took over commercialising the r&d? gardin is paid £300k plus pa as a 'consultant' (through his company) to run qbt's r&d (its entire business), negotiated with himself by him as ceo of qbt. a very nice little earner. if the development baton pased to a partner, gardin's lucrative consultancy would be surplus to requirements. would he sign, as ceo of qbt, sign what would in effect be his own p45? would the bod have the independence and force of character to force his hand? they are all gardin's creatures.

neither gardin nor any of the other directors of qbt hve been buying qbt shares. pretty odd if they know that qbt shares are about to go to the moon. entirely to be expected if they know they are not. gardin is in clover as long as his lucrative consultancy continues. is what is best for qbt and its shareholders even his overriding concern?

are the bulls on this board better placed to see the opportunity in qbt shares than gardin? or does gardin just hate th thought of making money a a shareholder of the company which is his baby?

as a prospective purchaser of qbt shares i am not going to put my hand in my pocket before the directors do. some may say i am being unduly modest, but i am prepared to concede they know better than i do whether to buy qbt shares.

nothing walter mitty (osd) and his acolytes have said or will now say is likely to change my confidence that the directors know better than we do what the future holds for qbt shares and that they will buy (or not) accordingly.. as an aside, i have now remembered who osd reminds me of : large chablis who used to ost on the arb board, claiming to own an it company, huge yachts etc and relentlessly attacked anyone who disagreed with him that arb shares would go to at least £10 and hat arb would become a crypto mining titan. i do not say that osd is lc (i don't know), but my experience of life is that anonymous posters on bbs who boast to other anonymous posters about their wealth and lavish lifestyle probably havn't got a pot to **** in, and that their shareholdings are very likely a fantasy too.

A very balanced analysis from Asterix.

It makes a change from all the hair pulling today!

I would only add that QBT has a track record for over promising and underdelivering. If you scroll back 12 months, the 'imminent news' posts were pretty much identical to those being posted now. Go back 24 months and there was optimism based on Gardin's assertion that commercial negotiations to roll out the tech were at an advanced stage, and the lawyers on both sides were finalising contract terms. That came to nothing with no explanation given, leaving a very strong suspicion that the original assertion was simply not true. If we never hear any more of the current negotiations, or are told 'it is proving more difficult and taking longer than expected' (a frequent Gardin refrain), that would be a disappointment, but not a surprise. Remember too that Gardin said of the present marketing initiative 'it is early days'. He has been much more cautious this year than he was last, when it was all 'on track for revenue by year end' (another assertion that came to nothing with no explanation given).

My guess (and it is only a guess) is that if anything comes of the current initiative it will be some sort of joint venture to move the tech from theory to practical application, with a partner with deep pockets and strong in house expertise shouldering much of the load going forward.

Given the very real risk that nothing will come of the present negotiations at all, I am happy to sit on the sidelines until we know the score. If the news is good, i shall be buying at a bit higher than today's price, but i will know what i am buying, and how much of the 'cake' QBT will have, with plenty of profit still in prospect when I buy. And if nothing comes of all the current negotiations my money will still be in my pocket, not in shares which would probably fall another 50%, or the company might well fold altogether.

This is a fast moving field: 4 years with nothing tangible to show for many millions of pounds of R&D is actually pretty unimpressive. Computing and chips have come a hell of a long way over that period. Has QBT's R&D even kept up? It was said to be ready to roll out a couple of years ago. If it didn't cut the mustard then, there is a real risk that it looks even less impressive to miners and rig-makers now. That is one reason why my guess is that if anything comes of the current negotiations it will be a JV to develop the tech, with an industry heavyweight which sees something (but not yet a product ready to put to work) in the R&D. I am reinforced in that view by the consideration that if it had been pretty much ready (subject to minor adaptions and tweaks) to plug in and go for a couple of years now the current exercise would have come to fruition with a contract, or at least an announcement, by now. With every day of continued silence that passes, it is more difficult to regard no news as good news.

Just one prospective investor's best gu

Not very gracious OSD.

It is instructive to see the true character of a person revealed after a few drinks.

osd i am deeply flattered that with calls and messages pouring in from all around the world mine are top of the list for reading and reply. 5 minutes from my posting to your reply is impressive.

now its time to put yourself and your guests first. switch off your phone, close down all your screens. crack open a few more bottles of the foaming stuff and light up a fat one..

time, once gone, is gone for ever. concentrate on making this birthday a great day for yourself and your guests.

have a great day. i mean it.;'no ****' as they say in ny.

So you are even posting during your birthday lunch. What are the rest of those at the festive table doing? Checking their emails and phone messages?

That is not all bad though. It beats a convivial prandial discussion about QBT's SP and prospects !!