I wouldn't give the man that much credit. Besides, who would buy all this junk, at any price? Arguably, Islandmagee has a value, Riverstone accepted it as collateral, after all, although the more time that passes, the riskier that "asset" becomes. Funny how they didn't take the yards in hock...I think it more the case that he saw an opportunity to leverage up the company, in order to overpay himself and chums, in the hope that public money would come in and keep the plates spinning long enough for him to make his fortune. Ironically, in over-stuffing himself at the trough, he cut off any potential for the granting of public funds.
More likely the auditors simply won't sign the accounts as presented by HARL. We have already had a 4 week delay from April, yesterday we had the release (after almost 4 weeks) of unaudited accounts, with the promise of the finished article in June. As a retired accountant, you will know that the audit for a company of this size does not incur delays extending into months; given the flak received by auditors in recent years, following the well-publicised failings of companies that had been given a clean bill of health following audit, it is no surprise that no-one wants to put their name to these sham numbers.
Finally the penny starts to drop with even the most deluded on here (bar one). I resolved to sell out today, at an 80% loss, having held in the (vain) hope that Islandmagee would come good and give the share price a bump. As of now, I still haven't pushed the "Sell" button.
Indeed. I note that the CEO of Babtodger (let's see if that gets past the swear-filter) draws a basic salary of £800k (with genuine performance-based bonuses available). This to oversee a company with 30,000+ employees and revenue of several billion.
Why unbelievable? The company can't even get the accounts out, so it is hardly a surprise that the share price continues to drift down. We all await news, but be careful what you wish for, it might well be terrible.