Thanks to the good works of Gabriel Grego, Akazoo (InternetQ as was) has now been thrown off Nasdaq and the SEC are crawling all over it, its main backer and author of its corporate deals, Martin Hughes’ Tosca Fund and various advisors. One firm that has narrowly avoided a massive bullet, as I can reveal today, is auditor BDO Global.
Those who read my From Athens with Love dossier on InternetQ (INTQ) in 2015 when it was AIM listed will have been in no doubt that its users and sales were pure fiction. Today there is final vindication for me, this is yet another massive fraud from Greece.
Back in 2015 I demonstrated, without any doubt, that AIM listed InternetQ (INTQ) was a fraud. I doorstepped it in Athens. I crawled all over its bogus websites in Greece. The Greek management and fund manager Martin Hughes of Tosca - a shareholder PA as well as via his fund - responded by taking it private. They then rebranded it as Akazoo and listed it on Nasdaq, Earlier this week Gabriel Grego again exposed it as a fraud. On Friday, the shares were suspended, the CEO fired and investors warned that ALL historic financials may be fiction. The SEC filing below is damning.
I start with Gabriel Grego's latest bombshell dossier and the back history involving our exposes on InternetQ (INTQ). - surely the FCA must be having words with Martin Hughes and Tosca Fund. I end with Branson's bailout begging. Surely the UK must say no. In between I look at Catennae (CTEA), Feedback (FDBK), Bluebird Merchant Ventures (BMV), Midatech Pharma (MTPH) and Bidstack (BIDS). Finally, Darren has done his propogating and the ShareProphets Shares Conferenc e website is now 100% secure to take bookings for May 9. Please buy your tickets now HERE.
The latest dossier from Gabriel Grego is damning. I believe he has spotted a nailed down fraud that will go to zero. Grego is presenting in New York this afternoon - and of course at the ShareProphets show on May 9 - but the dossier is below. We are mentioned at the front of Grego's dossier for exposing this as a fraud four years ago when it was known as InternetQ (INTQ) - as you can see HERE - . Our work saw the company delisted from AIM with management and Martin Hughes of Tosca Fund taking it private. They then renamed it Akazoo and relisted it in the US. Gabriel shows the company is still a total fraud. Enjoy.
In December 2015 from my winter base in Greece I ran a series of articles, starting from Athens with Love, which, I believed, quite clearly showed that the Greek, AIM listed company InternetQ (INTQ) was a fraud. Specifically I demonstrated that its music streaming business Akazoo was a sham. The company denied this and in the end its boss Panagiotis Dimitropoulos and fund manager Tosca paid c£20 million to buy out minority shareholders and take InternetQ private. It is now called Akazoo Ltd. The Sheriff is still on the case
I am off to London shortly where I am giving a talk this afternoon at the Offshore Alert fraud conference. The title is that of this bearcast and I offer up some of the highlights and themes for later. I shall be covering a number of companies including Quindell (QPP), InternetQ (INTQ), Cloudtag (CTAG), Strat Aero (AERO) and the list goes on and on... this is AIM after all.
It would have been an added bonus if Goldenport (GPRT) - heading to zero as Nigel explains here - was to had its headquarters in the same Athens neighbourhood as InternetQ (INTQ) and Globo (GBO) because, as it happens, I am in the mighty Hellenic Republic on the date of its EGM on March 31st. However I have just checked out its HQ on Google maps as you can see below...
One of the benefits of being a short seller is the joy and happiness that one engenders in others when being sandbagged by a short call that goes wrong. I have closed out my position in InternetQ (INTQ) at a substantial loss,
Toscafund has surprised us all with an announcement yesterday that it is indeed backing a buyout of InternetQ (INTQ) at 180p per share in cash. I see that it was paying 180p in the market last fall so it had no choice - that was the lowest that its new SPV could offer. This is madness. It strikes me that an embarasment is being swept under the carpet.
I have sent this letter. I don't expect a response on the matter of InternetQ (INTQ).
On Dec 14th last year I pointed out that if Toscafund and its partner Penta Capital were still happy with their madcap €104 million valuation for Akazoo, the music streaming business they bought in to last year, they could buy out the whole of InternetQ (INTQ), their majority partners, for less than half of that amount and still have the rest of its business thrown in for free.
InternetQ (INTQ) the dodgy Greek outfit exposed repeatedly HERE for all sorts of nonsense has published a totally meaningless trading statement. It hides behind the fact that the Chief Bubble is considering an MBO if he can persuade fund manager Tosca to back him.
I am in no doubt whatsoever that InternetQ (INTQ) is a worthless enterprise which smells all wrong and cannot generate cash - something I believe is demonstrated HERE. And that is why its shares have slumped from 350p last spring. But they have been rallying in recent days and now we know why, the CEO is mulling a bid. The shares soared on that news to close at 139p. So what next?
I have won £5 from Shipston's Buffett for tracking down a long lost cousin to whom he has not spoken in 50 years. That is my main achievment today. I shall comment on InternetQ (INTQ) and MX Oil (MXO) elsewhere. I start with a look at BP (BP.) and explain why we have bought the shares today. Then I look at Corero (CNS) in detail and at Condor Gold (CNR), Nighthawk (HAWK), Petroceltic (PCI), Mosman (MSMN) and Aureus (AUE) before a detailed look at the dog Blur (BLUR).
In the end it all comes down to cash. Good companies generate it. Bad companies run out and in the end go bust. The shares go to 0p. And that brings me to Greece based InternetQ (INTQ) which - as a sell - is my first share tip of the year.
I delay breakfast at Tom's Diner in Brooklyn for you dear listeners. I explain the sacrifice I am making. Then the theme is one of denial as I examine Zincox (ZOX), Sefton Resources (SER) & flip flop Ben Turney and finally 88 Energy (88E). I move onto how one reacts to fair questions and the scumbags at China New Energy (CNEL) and Afriag (AFRI). I look at Asian Citrus (ACH), InternetQ (INTQ) and Mosman (MSMN) - both zeros and eServGlobal (ESG) which is also heading for 0p. There is a final swipe at Rare Earth Minerals (REM) and Jabba The Hutt, Mr David Lenigas.
Featuring shares in Independent Oil & Gas (IOG), InternetQ (INTQ), Iofina (IOF), Independent Resources (IRG), Proxama (PROX) and Sacoil (SAC) with share oprice targets set for all six stocks.
Heck if you are a shareholder in a Jabba The Hutt company they might even work for you. I am on new prescription pills and flying. In today's podcast I cover LGO Energy (LGO), tiouch on Afriag (AFRI) and then InternetQ (INTQ) more on that tomorrow, target price 0p. There is a detailed look at Audioboom (BOOM) and a look at Circle Oil (COP) and Tribal (TRB) which have a lot in common with 3 big name zeros I call out in the latest UK Investor Show magazine out today HERE . Finally a look at Tertiary Minerals (TYM) and Concha (CHA)
On Saturday, in Athens, I took the short walk (no more than 800 yards) from the former HQ of the now defunct fraud Globo (GBO) to the headquarters of AIM listed InternetQ (INTQ). Join the dots...
I start with a hint to the oppo, that is InternetQ (INTQ), fire the lazy upper class fuckwits at FTI Consulting who you employ to do PR, they are useless as I explain in this podcast. It is then onto Condor Gold (CNR), Optibiotix (OPTI), Wildes and his trading strategy in LGO Energy (LGO) and elsewhere - the road to ruin. And finally where is Malcolm Stacey's Santa rally? It seems to be er..late.
In April 2014 I visited the Athens headquarters of Globo (GBO) to shoot some photos and record a uber-sceptical video as you can see HERE. At the time most Bulletin Board Morons were big Globo fans and I was derided as a mad stalker. Then a few weeks ago we exposed Globo as a fraud HERE whiler the rest of the gutless British press - notably snot-gobbler Dan McCrum at the FT - sat silent until the shares were suspended. Today I thought I'd pop along to see what was left. The answer, as you can see from the photos below, is nothing. Compare these photos with my last lot HERE. Globo's headquarters are walking distance from those of InternetQ (INTQ) and so I recorded a Globo special video which is is also below.
If a company tells a demonstrable lie in an RNS that tells you everything you need to know. I turn now to the Greek operations of InternetQ's (INTQ) Akazoo unit. I spent an hour last night with a friend of mine in Kalamata, George the architect. He is Greek and what we discovered demonstrates that InternetQ has lied to investors.
So Mr Richard Penny of Legal & General, as well as the toscas from Tosser Fund, you still believe in InternetQ (INTQ) - as Mr Penny believed in Globo (GBO) - even after the first three exposes I have run on its dodgy dossier, its weedy rebutal to From Athens With Love. Well try this, with assistance from the Global Shorting Conspiracy (GSC) man on the ground in Poland.
I seem to be struggling to do business with my olives here in Kambos, Greece. I appear to have sold the oil - all bar 16 litres which I am taking back to the UK. But so far I have paid the press 16 Euro for the transaction which now sees it owning 200 litres of MY oil. Surely this is not right? Perhaps InternetQ (INTQ) runs the olive press? In this podcast I also cover LGO Energy (LGO) just to keep Wildes happy - Jabba the Hutt fave Rare Earth Minerals (REM) and European Metals (EMH), Concha (CHA), Tern (TERN), Imaginatik (IMTK), Peer TV (PTV) and the looming debacle at Chris Oil fave Mkango Resources.
My series rebutting the weedy rebuttal provided by InternetQ (INTQ) to my From Athens with Love article HERE, continues. You can read Part 1 HERE, Part 2 HERE and now we move on. Do you still believe what InternetQ tells you?
Yes, it is indeed InternetQ (INTQ) which joined the AIM Casino exactly five years ago today claiming to be a "profitable and cash generative company" as it raised £6.8 million at 120p giving it a market capitalisation of £31 million with 25,697,435 shares in issue . Hmmmmmm.
The pain killers are really starting to kick in and so I must warn you that this podcast contaions some bad language. Well quite a lot of bad language actually. On the agenda are the delusional fantasists who are running both Rose Petroleum (ROSE) and Condor Gold (CNR) into the ground. There is an apology on LGO Energy (LGO) but its shares, down again today, are still toast - I discuss what a strategic review means and why Bulletin Board morons are just so blinkered...they are in love you see. Then it is onto Iofina (IOF), Quoram (QRM), InternetQ (INTQ) and the dog Fitbug (FITB)
Yesterday saw part one of my demolition of InternetQ's (INTQ) weedy rebuttal of my article, from Athens with love, of last week. Before I move onto more juicy points, the accounting policies do deserve two more mentions.
In today's podcast I update you all on the olive harvest - I managed four hours in the fields today despite still being in real pain. But not as much as LGO Energy (LGO) - its RNS today smells of desperation. For strategic review read "the game is up" and that also applies to Kolar Gold (KGLD). I comment on Avanti Communications (AVN) where the share price crumble is accelerating - remember debt is crack cocaine for management but for shareholders it is bad for your wealth. I comment on Silver Falcon (SILF) and tick off the grossly irresponsible, Justin the Clown of ADVFN and also on Defenx (DFX), rapidly becoming an IPO omnishambles. Then onto InternetQ (INTQ) where it is now "game on" but I end with Antrim Energy (AEY) where a concert party of Brokerman Dan, market abuser Chris OIl and ADVFN (AFN) head honcho Clem Chambers have just taken a 3% stake.
Full marks to InternetQ (INTQ) for effort. The company has published a lengthy response to the points I raised. here when our initial target price (for the whole company) was one drachma. My response will come in several parts, each begging yet more questions. Part 1.
I refer not to InternetQ (INTQ) of which a lot more later but to an accident I suffered when picking olives this morning. I am in real pain. I know how it feels to be a shareholder in LGO Energy (LGO) which I discuss. In today's podcast I also cover Northern Petroleum (NOP), Hardide (HDD) - in grisly detail - Hunter Resources (HUN) and take Nigel's excellent weekend piece on China New Energy (CNEL) further - this just stinks. Talking of China and Norfolk, I also note the news today from JQW (JQW). Finally I question the RNS from Forbidden Technology (FBT)
In today's podcast I refer you to the earlier piece on Defenx (DFX) - here - and the critical importance of reading original documents. Then it is the fraud playbook - how companies and investors react when they are caught with their trousers down or attacked just for being overvalued. Companies mentioned include Globo (GBO), Quindell (QPP), Rare Earth Minerals (REM) and Internet Q (INTQ)
Up until it quit as joint broker to the Fareham fraud, Canaccord had its tech analysts urging clients to buy shares in the POS Quindell (QPP). Four days before the Globo (GBO) fraud saw its shares suspended the same monkeys published a buy note on that stock. And now for the hat-trick.
Featuring shares in Audioboom (BOOM), Arria NLG (NLG), Falcon Oil & Gas (FOG), InternetQ (INTQ) and Westminster Group (WSG) with share price targets for all five stocks
No Albanians, no work on the olive harvest yet. And now Vrechi, that is what I fear. I have yet to discuss my entanglements with Globo (GBO) and InternetQ (INTQ) with my neighbours but I am sure they will understand. I start the podcast on InternetQ and the weedy rally today. Then it is onto LGO Energy (LGO), another David Lenigas triumph. But what does Jabba The Hutt care? He sold his shares. En passant I mention UK Oil & Gas (UKOG), Motive TV (MTV) and Papua Minerals (PML) before taking a detailed look at Escher (ESCH).
At the Gold & Bears show some speakers insisted that institutional investors were so much smarter than retail investors. I am not so convinced. Just to show you that some mug punters wear expensive suits, meet Richard Penny, a high flying fund manager at Legal & General. After the Globo (GBO)scandal broke Mr Penny stated that the accusations levelled at the app developer were 'the worst I have seen in 10 years'.
Just think about the late Richard Nixon. It is sometimes not the act but the cover-up that nails you. Having described my bombshell article yesterday as "innacurate", InternetQ (INTQ) has spent the past 24 hours attempting to hide the evidence that allowed me to ask such grave question. Presumably Non Executive Chairman Tim Weller and advisers RBC capital Markets and Canaccord are happy about this?
How odd that two Greek companies represented by the same Nomad and Broker team of RBC and Canaccord should both make the same howling error in responding to allegations made by my good self and this website.
Naturally I start the podcast with InternetQ (INTQ) after my bombshell report earlier HERE and the company's pathetic response which I counter HERE. Then it is onto DiamondCorp (DCP), Iofina (IOF), Mosman Oil & Gas (MSMN) and finally Rosslyn Data (RDT) - whose CEO just can't remember his career in adult films - but that is the least of his problems.
Today's From Athens with Love report from ShareProphets sent shares in Greece based AIM listed InternetQ (INTQ) tumbling by more than 50% at one point. Finally we get a weedy but all to predictable response and on the back of it I have cut my target price (for the whole company) from 1 drachma to half a drachma.
The Nomad and broker team that brought us the Globo (GBO) fraud from Greece was RBC Capital Markets and Canaccord. This dynamic duo act for another Greek Company InternetQ (INTQ). And here I am - with a hat tip from a good reader - reporting on the spot in the Hellenic Republic with some very hard questions for InternetQ. The GlobalShortingConspiracy also has agents on the ground in Moscow and Poland as well as myself in Greece. This is, as they say, developing...
If you want me to analyse a stock for you just drop me a line at firstname.lastname@example.org - Today I look at shares in Ideagen, InternetQ and Trackm8 setting share price targets for all three stocks,
Another podcast recorded at 6.30 AM in the apartment of my daighter's 80 year old Godparents in Brooklyn. So no shouting and no swearing. The lack of swearing seems to upset more folks than it pleases and so I shall be back to normal, God willing, tomorrow. In this bearcast I cover the joke at Golden Saint Resources (GSR), how to make money on AIM wth a Peter Lynch tale, InternetQ (INTQ), Creston (CRE), Tangent (TNG), Iofina (IOF) and Chamberlin (CMH)
With its shares falling sharply in the Globo plc fallout having closed the prior week at 218.25p, Greece-originated technology company InternetQ (INTQ) sought to reassure on its credentials – though I highlighted balance sheet and cash flow concerns (see HERE and HERE). The company has now announced a self-declared “positive trading update” to 30th September…
Shares in Greece-originated technology company InternetQ (INTQ) have fallen sharply having closed last week at 218.25p. This has prompted a statement from the company including that “the board would like to advise the market that it is not aware of any undisclosed reason for this decline”. Hmmm…
A busy day with my daughter beckons. In the evening it is the new James Bond film. But first a lunchtime bootcamp with Uncle Chris (Booker) to put her straight on the Evil Empire, the EU. In the podcast I ask if InternetQ (INTQ) is the new Globo (GBO)? Then I look at Chemring (CHG), Dialight (DIA) - another win for the bears - Afren (AFR) gets a mention as does LGO Energy (LGO), BP (BP.), Union Jack Oil & Gas (UJO) and - just to niggle Wildes - Premaitha (NIPT) whose shares are moving ahead nicely - more to go there!
My attention was brought to InternetQ by one of the more reliable and friendly trader Twitterati, and actually at a price rather lower than where the stock is now.