Member Info for Timmit

I wonder if AV ever said NO to any offers out before him! Football club, Naples zoo, ORA Hotels etc - payday loan Sir? Ooh, suits you Sir! At least RKB he was never to my knowledge accused of being boring! At the time it seemed like RNS were dropping like confetti (oh the irony) and you were never quite sure what the direction of travel was despite the mission statement! I think the only real time FG has blindsided us was with the Crypto departure last December but that seems to have been something of its time that needed to be done quickly. Everything else seems to have been consistent with stated aims of recovery, enhancement and disposal of assets. CLP will end up being more interesting under FG because it’s doing the boring stuff in the background (chasing debts, dealing with court cases, bringing fraudsters to account etc).

Found this nugget in the mining section on the Blockchain K2 website - “We colocate in data centers in multiple countries to not be too heavily affected by the future regulatory actions of any single jurisdiction, and to offer a home for miners who are kicked out of their own jurisdictions.”

Just out of interest I make it that we have had 8 days in the last 3 months where the volume has been between 25M and 40M. That kind of volume over a few days can be rocket fuel with so many shares tightly held even with the extra shares issued in last week.

About 3M

That should leave just under 119 million shares not in these investors/FG's hands. Just under 25% if I've worked it out right.

The reason it was mentioned in the RNS is due to the delay in the Italian legal system. You may recall last time that the Italian court didn’t even inform the company officially and they were left to play catch up when it was released by the court to the press. The RNS basically means “as soon as we know we’ll let you know”

Fair point crazy88!

On a similar track to your suggestion RKB I wonder if LJ might act as an expert witness in the So Sushi claim...

Certainly he must be happier with his investment and its potential now than last year! The future is a lot brighter. It will be interesting how this pans out over the next few months / couple of years. I think we’re all trying to join the dots up and there’s bound to be a couple of dots we’ve missed!

Hi RKB you may be right. Not sure why he didn’t exit. Maybe he foresaw value many years hence once all the legal wrangles and property issues had been resolved and thought he would leave his investment in there. He’s also mentioned his disastrous investment in Borders book stores where he lost all his investment so it may be that he doesn’t take his money out (lock in agreements may preclude that for a time anyway). It just surprised me that he still mentions his investment in CLP negatively in passing (twice in last 6 months) if he is certain it would come good. I think his original interest was the Sushi chain (he had invested in Feng Sushi in 2010) and the property angle (having European diversification even if it was Italy!).

Hi RKB, LJ still refers to this investment in interviews but in negative terms. I don’t know if he’s just being coy and playing a long game but, on the face of it, he wishes he hadn’t invested at that time.

Yes RKB, hoping to be there on Thursday. Have requested my proof of shareholdings so hopefully will get that any day now.

Hi RKB - the RNS of 15/01/2009 states that "Following this second sale, Brainspark holds no shares in the company; however, under certain circumstances, Brainspark may also have the right to share in the gain from future growth in the value of Fortune Cookie over the next seven years." It get's a bit murkier following the acquisition of Fortune Cookie by WPP Plc on 02/08/2012. The business is absorbed into another WPP business (Possible Worldwide Limited - reg no 04045180) so I'm sure the claim is related to the share of future growth that Brainspark was supposed to benefit from.

Ah humour, we used to have that on this board....

Sure you're on the right thread olidav8? A �433 million company? Really? Get a grip mate...this doesn't need ramping...

RKB hasn't put a valuation of �78 Million on CLP which is what a share price of 18p would imply before further share issues. KnigelK's comments are sound - some are getting a bit ahead of the game...

This relates to Fortune Cookie acquired by WPP in 2012. Interestingly Brainspark didn’t own any shares in them after 2009 but the RNS from 2009 announcing the disposal of the FC shares said :”FORTUNE COOKIE Following the announcement made in November 2008 Brainspark has received from Fortune Cookie £300,000, being the consideration for the remaining 14.52% shareholding held in that company by way of a purchase of own shares. This is in addition to the £300,000 which Brainspark had previously received on 31 December 2007, for the sale of an initial 14.52% shareholding. Following this second sale, Brainspark holds no shares in the company; however, under certain circumstances, Brainspark may also have the right to share in the gain from future growth in the value of Fortune Cookie over the next seven years. So, the claim must relate to the growth in FC from 2009 to 2016

Assuming no significant fresh claims then, with the 2.8m euro claim from Italian Ministry of the Economy being recognised, that still leaves CLP as 71% of unsecured creditors in addition to the first charge of 2.7m euro already recognised. The 1.4m euro cash (on account with Unicredit) and proceeds from selling the villas which don’t appear to have any debt now secured on them should be worthwhile at 71% and in cash. That’s not taking into account the land...I think the maths is right...

Wonder if a few other companies considering raising money by CLNs might be either put off altogether or start inserting some kind of anti abuse clause perhaps insisting that the lender (and any other parties deemed related to him) doesn’t engage in any trades for a set amount of time. That would cover against the shorting but also benefiting from any inside info. I’m surprised I’ve never come across this arrangement being abused in this way before. It must have happened just not with stocks I’ve followed since the shorting register was started...

Nurse, Sapphire-Steel is out of bed again...