By Tom Winnifrith, The Sheriff of AIM | Friday 29 July 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.
Part of the Knob Park Group of ponzis run by Quindell (QPP) fraudster Rob Terry, before he is put on trial and sent to prison, Quob Park Solutions has recently published what are the most bonkers set of accounts in Christendom.
As you can see HERE, in the nine months to December 31 2015 QPS saw its losses go up from £2,262 in the prior 12 minths to £6,892,545 but as the notes show the directors plan a major restructuring. I should hope so. Net assets went from MINUS £4,980 to MINUS £113,052. But then it gets really whacky.
Stocks moved up in the nine months from zero to £1,138626, and debtors from £25,731 to £3,224,964, investments from £0 to £5390,525 and cash from £0 to £108,632. But uh oh... creditorts soared from £33,711 to £4,699,186 mostly due by June 30th. As is always the case with Terry there is sod all real trade going on but suddenly telephone numbers appear all over the balance sheet.
Well over a million quid of the sums due were to Watchstone Group ( WTG) and it confirsm that it was paid as QPS persuaded its shareholoders ( i.e. Knob Park the parent) to back a placing at £174.13 a share. Whatever. Most of the remaining debtors and creditors are now other Knob Park companies. It is all the usual smoke and mirrors.
You will note in the notes that Watchstone (WTG) is suing QPS. Knob says that the case is without merit and given its poor financial state Watchstone won't bother so its made no provision. I would not be so sure. Watchstone told me today that it has filed its papers in the Courts and one senses that it would be happy to get one over on the fraudster Terry and given him another legal case to fret about.
Watchstone, may the force be with you.
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