Member Info for FoMo

... my message somehow got chopped.

it continued....

...top-slicing of

Good to hear from you. Crude debt collecting tactics surprise no-one.

My views on Insolvency Practitioners and their lawyers are well known, and demonstrably proven to be correct,, and it is ashame that the original good intents of the MANO concept have morphed into a scheme to protect against review of legal fees at all costs.

I still believe Creditors are nearly always worse off by using MANO where the interest is all about getting itself and the IPs paid after

Https://caseboard.io/cases/c8b513e5-d7af-4789-beb4-9381908c1afd

Do get in touch directly as The Insolvency Service and I are at war over similar and endless "fee gougiing" and I had similar problems that ended up in the European Court of Human Rights and I'm off there again as one of the MANO directors knows following a "decision" about him that he disclosed at the AGM.

I'm not a premium member so use the contact lnk on clcl.uk.

Well spotted Marcus. Law360 Bankruptcy Authority is the website.

Manolete Partners PLC v. MSR Partners LLP, case number BL-2024-000191, in the Business Property Courts of the High Court of England and Wales.

Claim is in relation to Audit of Lendy's Ltd by Moore Stephens now part of BDO.

Allegations are of inadequate auditing for 2016 and 2017 that led to continued FCA approval of Lendy's that in turn led to investor losses and unwarranted dividends.

This is not a simple case and will run for years and will cost hundreds of thosaands in legals.

There seems to be no reference to any deal with Manolete in Administrators returns upto 24 May 2024 for Lendy Ltd and the parent Lendy Group was struck off years ago.

Curioser and curioser.

Value in Mano's books? IMHO anything that exceeds monies spent is not warranted. We shall see.

Semaphoer

They haven't jumped through any hoops. Maersk pranged the test ship and gave up and then sold it to MSC who haven't yet meaningfully tested anything.

Timing whiskyman, all in the timing. Read the article and those ships are not going to use any substitute until absolutely compelled to do so ...unless perhaps you think MSAR will be at a Bunker terminal in Siberia.

Re BBC on Arctic use of HFO "........... the International Council on Clean Transportation estimating that about 74% of ships that use HFO will be able to continue to do so."

Not much help to QED

Delays like this would suggest possibly waiting for positive post balance sheet events that can be referred to.

Nothing until 2030

https://www.btg-bioliquids.com/news/project-development-agreement-quadrise-plc-euthenia-energy/

PrepH

You are mistaken. You refer to QED's management statement and not actual research. Just ask Jason about the test results from the 2 barrels of Orimulsion sent to the Oceanography Dept in Southhampton.

It sinks - just like my post that someone has had removed because QED fans don't want solid evidence.

I may still have acces to the study reports that show the heavy stuff sinks very quickly.

United

No other company has commerical dealings with its auditors (other than stationery etc suppliers).

The CEO is a Chartered Accountant and knows the Codes of Conduct inside out.

In such circumstances Auditors are removed at once.

We shall have to await the results to see hom much of the £15m has been booked as unrealised profit - the RNS of 18 April was silent on how much of the forecast profit is unrealised.

It seems that the £15m RSM claim was bought in February (pre yearend) but discussions about changing auditors only happened "around the yearend" and then it took until May to tell us. That is "unusual" to use a neutral phrase.

You ask "Why does it matter to shareholders who the Auditors are?"

In this company of all companies it is more important to have independence of review of case values.

Were the departing auditors influenced in the choice of MANO because they had an idea of how their claim might be valued?

Just saying ....... that is why independence must never be compromised particularly as Creditors are nearly always worse off choosing MANO than other funding routes.

The interplay between IPs, "double-dipping" solicitors, Judges who openly say - in public - "we always try to favour IPs" is already under regulatory scrutiny, so MANO has to be like Caeser's wife and should never have even considered taking this case

Today's RNS is a disgrace.

Regulatory rules prohibit Auditors entering into such contracts with clients.

Full stop..no ifs ... no buts.

www.icaew.com/-/media/corporate/files/technical/ethics/icaew-guidance-identifying-and-managing-conflicts.ashx?la=en

So where was MANO's due diligence? AWOL?

MANO should never have accepted the contract in the first place. MANO's own lawyers are bound by Solicitors Regulation Authority Rules but seem to have ignored them.

Are MANO bound to hand back the deal? Time will tell.

Https://www.mondaq.com/uk/directors-and-officers/1432262/directors-duties-uk-high-court-gives-further-guidance-on-creditor-duty-for-directors

Also worth a read.

Then look at the monies paid out to solicitors, barristers and liquidators in the May 2022 report - nb all lawyers uplifted by 100% with funders at 5 -6 times and liquidator at 2X hourly rates.

Case is against one director only.

Still nothing for creditors (nb it is mostly HMRC owed £35+m on a tax avoidance scheme - i.e the public). MANO not directly involved but a director is also a paid consultant to the solicitors.

An example of a "difficult" case to ask about at this year's AGM.

Worth following the paper trail to show the ever moving target (Russian shareholders etc) and the extended time it all takes.

On 29 Feb 2024 Mano issued a winding-up petition against Wessex Bristol Investments Ltd. [CR-2024-BRS-000023]

Companies House records show Mano made a settlement agreement way back in January 2021 against an individual and filed a charge at the Land Registry over a freehold property that was already mortgaged, Mano's interest is in the balance of proceeds after sale.

The 1st chargeholder appointed a Receiverwho resigned and was reappointed later.

No-one filed accounts so Companies House was about to strike-off the company.

Wonder how this fits on the aged case analysis, bad debts etc.?

Cargill don't own any ships. They charter only.

Crownos

You might want to take a look at the other uses for Lignin and the technology (incluing colloidal) behind it. All supported by the European Investment Bank. Better to "fix" the chemicals in the residue than burn it is something QED qill have to overcome.

hTTps://www.eib.org/en/stories/sustainable-solution-lignin and the link to the Austrian company.

Sorry

"Taylors Solicitors" not Partners.