Member Info for Toffers

The lawyers for the Queeld case will be costing a fortune, where's the money coming from for that, as they never itemise it in the accounts? it's a High Court trial, been running since December 2018, with KCs involved, where's the money coming from to pay for that, and they won't work without money upfront, and especially now!

Bfd, they have no assets in the UK, no office, no office furniture, virtually nothing from all accounts in any UK bank accounts, they were down to less than 4 million cash what, some 6-9 months ago, and still paying directors salaries, they have concentrate that they can't sell but that's not within the jurisdiction here, so prey tell, what are the liquid assets here in the UK? what am I missing?

BFL, they are from the TG group. Those still holding from there must be really panicking by now and so they should be! Sandwell, you're out of your depth.

Just to add, as the post missed it off, the Kaput posts are, of course, all my views and my opinions.

Ps no wonder the previous Nomad walked out!

I haven't gone through all the postings of today, just looked in and read a few from the top.

Firstly, officecat is out of his depth well and truly.

Secondly, the company's auditors are, as far as I am aware, under scrutiny by the FRC, and have been so for some months. I hope in light of the latest disastrous revelation yesterday, the FRC throw the book at someone for signing off accounts, when clearly the company is in a financial mess, bearing in mind all the litigation that has and is still coming to light and which the company can't be bothered to inform its shareholders about until litigation is unearthed by others. Somehow, the company will have had to pay off Logik, and yet they are refusing to pay the lawyers either the whole or a part of their fees for them having brokered that deal and getting the company off the hook on that litigation. Beggars belief that the lawyers have had no option but to issue a winding up petition. I hope the FRC encourage the other relevant authorities including the FCA to seriously look in to what has been going on here during the past 3 years or so. The actions of the Nomad are also questionable in my view.

Thirdly, what the hell is going to happen about this then, bearing in mind what came to light yesterday, how are they going to pay it?

"At the time of the award of the Monchetundra mining license a royalty payment was calculated by the Russian Federal Reserves Commission. 20% of this payment was paid in December of 2018 and the remaining 80%, or RUB 16.68 million (approximately £262,000) to be paid by November 2023."

The end has to be nigh here, the Russian State own the unexcavated minerals, so they will remain their property, it's highly likely imo the mining licences will be revoked and especially so if that payment is not met, in my view. It almost feels contrived, like the get out of jail card in monopoly, in that lets not pay the lawyers, drag that out, let them issue the winding up petition, and let the order be made so that Queeld and Mispare are thwarted, there's no assets in the UK to be recovered so they can't recover anything, the rest of the shareholders can squirm, the company is de-listed and wound up by the OR, and the top brass sail away to collect their brown envelopes for ex gratia payments from the State for job done in screwing the Brits, and the State lets Rosgeo take over operations, then handing the mines back to NN, and the monies that weren't used for the purposes they were meant to be used for and raised for, lie offshore where they are untouchable by the OR, but very easily obtainable for those registered to those offshore accounts!

As for any sale, in your dreams, no one will touch this at the very least whilst the company is in severe danger of being wound up, and no one is likely to lend to them either. What an absolute farce. Those of you left in should be calling an EGM as priority and at the very least get CS removed, but its likely too late in reality! Al

Both spikey :)

Mr evans, nice try sticking up for your mates in the professional world, keep peddling more grit!

Debtors

Jarv, it's not a simple debors case, it's one step away from wind up, loss of control, Official Receiver in and exactly as it says on the tin, winding up! You should know better but your lords and masters from TG are telling you to advocate otherwise no doubt!

Mac, there's money offshore somewhere! and as DS has associations with offshore territories ie the Bahamas, I don't think he'll be losing much sleep nor losing much dosh, but I doubt he'll be bailing anyone out, would you, given the circumstances all told? I wouldn't. Ciao.

Funny how 21 days from 25 October just about falls on the week of the big court case isn't it! The Judge will view it as a pantomime for sure!

There is one solution to it however, and a quick one, why don't those still in have a whip round and raise the 108k? come on, you can do it, as some of you believe the sun still shines out from this company's bowels, why not have a concerted whip round, do a gofundme page, and help out? No? Thought not.

I still have an uncomfortable feeling that this has been contrived. To not pay the legal costs was a get out clause to legitimately halt the Queeld/Mispare proceedings which will probably now never take place. Why Queeld and Mispare didn't apply for an interim injunction to freeze any cash/payment of directors salaries/directors shares, who knows! I did mention it a month or two back. But hey, what do I know, not alot according to some on here! but just my views. Over to you FRC, throw the book at them imo. :)

It begs the question yet again, what has the Nomad been doing in leaving this to chance yet again, and not sitting on the company to act with propriety, and the auditors, what an absolute disgrace, they should have made many enquiries before signing of the accounts etc imo. Absolute disgrace and these professionals have also cost investors a lot of money in huge losses as a result of what I see as total incompetence all round. my views.

Jarv that's not a correct analogy, this has gone much further than that, you are using simplistic terms, you need to understand the brevity of a winding up application and if the Judge agrees to make the order. You have to bear in mind the court will also see there are other proceedings against the company no less (what goes on behind Judges closed doors and all that, if you've been in a barristers robing room, you'll get my gist!).

Jarv55, you don't get it, this is not your ordinary court debt matter, it's a winding up matter which effectively, if successful, puts the company in to the hands of the official receiver and it's gone, bankrupted, kaput. You need to get a grip.

TC, there are no assets, not in the UK, never were, and that's why the company have played this all along because there's nothing shareholders can recover!

Jamrock, there is no leak, it's FACT, it is there in black and white on the caseboard site!

Should say AS IT IS FACT!