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Lenigas Cuba new joint venture aka the Rushmans bailout

By Tom Winnifrith | Tuesday 26 April 2016


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Earlier today fat Aussie share ramper Big Dave Lenigas was pleased to publish news of his latest Lenigas Cuba (CUBA) business venture with Rushmans.

So how financially successfully is the Rushmans business that Big Dave is forming a joint venture with by paying £100,000 to Rushmans and then lending a further £40,000 to the joint venture to be repaid from future joint venture profits? 

Based on the last financial statements filed at Companies House on 7 December 2015 it didn't create much value in its last financial year.  It had a shareholders deficit or net liabilities of £651,820 as at 28 February 2015, up from deficit of £156,121 at the prior year end and according to the notes to its accounts it was reliant upon the support of its directors, creditors and bankers to remain a going concern.

No doubt the magic business touch of Jabba The Hutt will help it improve its financial performance.


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More on CUBA


Comments

6 comments

  1. Seems you used the wrong Rushmans’ in your report. Pretty shoddy reporting. Sad.

  2. Are you sure about your figures or just making some up to continue the vendetta?

    TW. Yes and as ever you actually mean factually based reporting


  3. Duck and Dive

    Looks like Barclays has first claim on that £100k — and any future JV profits…

    Mr Rushman is another Monaco resident of course.

  4. Leni Morons you are talking cock but feel free to FYB and lose thje lot. Rushmans details showing firm set up in 1993 are at

    https://beta.companieshouse.gov.uk/company/02873208/filing-history

    Find me another Rushmans with 25 years (give or take) experience run by Nigel R

    now apologise to me poltroons

    t


  5. Drunken Sailor

    Tom,

    You should be more charitable. It must be very hard to believe that the company that has this glitzy website:

    http://rushmans.com/

    could possibly be the same company that files total exemption unaudited accounts each year.

    Of course you are right and it is the same company. My favourite bit from the website is:

    “I would once again like to thank you all for giving your time to Qatar and The Bid during the three day visit. Your input and feedback was invaluable, your criticisms constructive and justifiable and your conduct throughout the rehearsal first class…

    …My biggest thank you is for the loud voice of support received from you all during the debrief session, as confident as we are this feedback is always welcome and confirms that we are what we express ourselves to be, hospitable, ambitious achievers.”

    - Hassan Al-Thawadi CEO Qatar 2022 World Cup Bid Committee

    We all know what sort of fraud went on there, but I doubt Rushmans were responsible for any brown envelopes as they have not got the cash to put in them. The website does ramp the Cuba JV, but I can find no other reference to any experience in Cuba on their glitzy website though Nigel does have another company with the same correspondence address called Cubavest:

    https://beta.companieshouse.gov.uk/company/05025677/filing-history

    which is completely dormant.

    Thanks for don’t be a BBM, I got 3 separate e-mails with links to download – London bus syndrome. Perhaps if you do an update you should add a bit about not getting sucked in by glitzy websites – check the real situation out with Companies House. The other BBM trait that was missing is believing because some institution has taken part in a placing they must have done full DD and therefore everything must be alright.


  6. Duck and Dive

    Friday 29 April: More fun and games today as Dodgy Dave announces a (meaningless) letter of intent between ISDX failure, Leni Gas Cuba, and TSX shell/failure, Knowlton Capital, the proposal being that CUBA execute an all-paper reverse takeover of KWC.H.

    The point of this nonsense appears to be that CUBA will thereby gain a listing on the TSX which Dodgy Dave claims to be much more interested in Cuba than ISDX has shown itself to be.

    Notionally, this seems to value CUBA shares at 1.5p based on the stagnant/friendless 0.1CAD price of KWC.H; but that is clearly wishful thinking. CUBA shares haven’t reacted at all to this sketchy news of course with a total of zero trades today (as usual). Nor, indeed, has anyone bought a KWC.H share today (as usual).

    And Knowlton Capital has form, having previously announced at least one other RTO LOI (with Mogul Ventures) which, despite having progressed to “binding agreement” stage by August 2014, seems to have been not at all binding since it didn’t happen…

    http://www.newswire.ca/news-releases/knowlton-capital-inc-announces-proposed-reverse-takeover-for-mogul-ventures-inc-514358181.html
    http://www.newswire.ca/news-releases/knowlton-capital-inc-signs-definitive-agreement-with-mogul-ventures-corp-515371361.html

    So, there is every chance that this new LOI won’t be worth the paper it is written on either — which would doubtless be a great relief to CUBA’s long-suffering shareholders.


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