Member Info for bunco

Same here on the social media front, don't use it, tried to set up facebook to join the page but closed the account again as Facebook ain't for me. You can put me down for £57k... All based on false rns and a web of lies... And the assumption that AIM was some kind of credible market which offered some protection from straight up fraud. Like everyone else... gutted

I would think that we should be pursuing the nomad, as most of all we are seeking our money back, the nomad are in a much better position to pay than Eric and his cronies. Firstly what they made off with is nowhere near the total loss, including the mypay scam they may have made off with a £3-5m (what you guys think?). But our combined losses including for atlas and the other fund who are invested would run into 10m+ I would think. Again probably unlikely we would be fully compensated, but the nomad are better placed to pay. Eric etc. Can hide their cash more easily too and have probably already done so. Would love to see Eric punished, but maybe that's for the nomad to do and not us, cashback is our priority.

Which mislead us all into investing in a company which wasn't in the position, or ever likely to be in a position the rns suggested (break-even, tremendous shareholder value, numerous pointless MoUs with third parties), the purchase of mypay in my opinion is where the really damage and fraud took place. It's clear that mysquar cash (our invested money) was used to buy a nonentity, which we were told would be a great purchase and open doors to a great return. Given the related nature of this acquisition is this not the critical point of failure by the nomad? This acquisition was the killer blow really and the nomad failed to protect us and the company.

Hi findahappyplace,

I ain't on Facebook, but I'll join today for the sole purpose of uniting against this fraud.

But what does it mean? Means we won't be taken off of AIM till 7am Wednesday 12th Dec?

Is it just a formal notice, or is there more to the fact there are another 2 days beyond what we thought?

When looking at the new office address, I saw it mentioned it was close to the stock exchange building... Which made me think, is it likely that we could move to another exchange? Someone mentioned issues with Asian companies getting listed on London exchange, would be much easier for a company like mysquar to list on an Asian exchange? Could we switch?

Back publishing stories on the Facebook site... Sure is odd behaviour wonder if there has been a last minute deal? Who knows?

As a games company we've always been reasonably successful it's the ambitions beyond gaming that haved drained the cash... Oh and the fraud! But I'm sure we could be reasonably profitable if we cut the resources to only those required for gaming. On top of that, get some better games, think the ones we have are ok, but there are a whole new generation of addictive mobile games out there.

Rising dragon are the clowns... Are red dragon part of the same group?

Bizarrely, the good bye post seems to be gone from the mingalarbar Facebook. My feeling is just a lack of coordination, they be scrambling together an end just now to say "we tried".

Joke... count me in on the hunt for justice!

Not to throw a **** on the BBQ, but I was checking the mysq website earlier just in case there were any updates, I looked at the section about the remittance and then wanted to check if the number of Uber remit downloads has increased any, appear that the Uber remit app is no longer available on the Google Play.

Not sure if this is an indication that Uber remit were part of this whole mess or have they gone down by coincidence?

Would love to be optimistic, but all arrows point to the fact we were straight up lied to and there is very little of any value.

Not looking to be shot down, just passing on info from a quick check on what are supposed to be live elements of the organisation.

Sounds like a horrific experience mcsquares, you're obviously made of very tough stuff, glad to hear you're doing well.

Who knows really. Gutted by what has happened here as it has cost me a huge sum of money. The truth is we have no idea really what the company might be worth as we don't know what is true and what isn't.

Is there any worth in the payments platform or was this just a way of raising the cash to then pay off Eric and his mates? The inbound remittance can proceed without the licence, if someone took us over I'm sure they could secure a licence no worries to allow the payment wallet to be developed, but it certainly looks like the cash which was meant to be set aside for the licence isn't there now, which is a bit of a blow to our value.

Guess in simple terms though any value will be determined by the demand. So if there are multiple parties interested then we could get a decent value,if there aren't then we're probably gone.

Maybe there is some comfort in the fact we can see they are still working on the mingalarbar and updating the facebooks of the games, also when I look at the games on Google play I can see that the number of reviews per game is still going strong and is unaffected by the news. Obviously the number of people doing a review on Google play is a small proportion of the overall download,but still shows the interest remains consistent.

In summary, I have no new insight, we just need to wait and see and keep our fingers crossed.

https://mingalarbarmorning.com/news

Link to the website as you can see plenty of recent stories added.

Probably agree, could get there with more thank one party looking at us, but lucky to get half otherwise. 1p would be 9m+ and that is without dealing with the Atlas bonds, even just giving them what they are owed (which would be a better deal than most of us would be getting at 1p) would leave us pretty much at an 11m price tag... is that realistic? Guess it would depend on things like the payments licence, assuming that is not that likely though, not exactly shown the central back we are trustworthy.

I think we're both coming from the same place Jez. My concern is that if we find out that Atlas have given us somewhere betweeen $500k - $1m to keep the ship afloat and try and develop what we have, then I can't see the share price reacting positively when it comes out of suspension. The bit i probably didn't clearly explain in my earlier post is that without more than one interested party i cannot see that the price per share for a takeover would be that great, mainly as we would have no bargaining power. Even if we had someone offering to fund us, then we would have another option allowing us to try and push up the price, but if it's take the deal or go bust then the price will likley be low. It's on this basis that i think a JV with the right organisation could restore some belief and positive sentiment in the share, seeing it rise when it comes out of suspension.

Don't get me wrong, i would much rather a sell at a decent price, as it would allow me to walk away from this and not have it on my mind anymore, but can't see that happening.

Really depends how deep the lies go... We're assuming there is some true to the revenue figures and that they are sustainable in some way, not sure we can trust anything that Eric said. Also, Chong's 5-6m unique users sounds much more realistic, but how many are active users.

Eric appears to have robbed the company from a number of different angles (shares from initial loan facility, the acquisition of mypay, a years salary on his departure, a number of unauthorised payments to third-parties and previous directors) and then he tried to force it under to prevent the fraud from being fully exposed. I'm sure that was the purpose in dumping the Mypay shares all at once and then refusing to honour the loan facility (which was never actually available) trying to sink the ship before the fraud could be exposed.

I think if we are to actually turn this right around we need a JV with a company bringing something more than just some cash to keep us going, whether that be better games we can adapt for Myanmar or someone who can help us develop our Payments platform or media and advertising.

I hope mysquar is saved firstly to allow us to recoup some of our losses, but as a close second to ensure that the company can pursue this clown and we can all see justice.

To be honest it was right there in front of us all along... Nobody would wear a beard that stupid looking unless it was a disguise!!

They may have been behind the appointment of stone cold! With the man with the painted on face and pie man, leaving as they new Atlas were on to them!

Agree starRage, 4.5p would value us about £40m+ even without addressing the Atlas bond issue (being that if they converted at current price they would end up with around 40% of the company) , so that ain't happening. 2-2.5p is putting us at £20m+, and again without addressing the Atlas bond issues, so again unless a crazy bidding war erupts that ain't happening ether. Personally I think 1p is as far as I can let myself dream of, but realistically anywhere between 0.29p and and 0.7p, is realistic. And all this is if we are fortunate enough to find a buyer! We really don't know what position the company is in, what was true and what was lies.

If we get funding we'll get a nomad, no funding no need for a nomad.

I don't get how 900k has left us in this position. Where is the 2.2m needed for the licence? Why can't we tap into that and wrap the licence, focus on the existing business and new wechat advertising agreement, also we could still continue with current remittance setup without licence. So we never had the 2.2m aside for the licence? Or is it part of Atlas agreement that this cannot be used for working capital as it will be used to reimburse them if things were to go wrong? If as we were told there was money aside from last year to pay a chunk of mypay fee, then their is a lot more than 900k disappeared through these fund raises. Total bag of..