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By Tom Winnifrith | Tuesday 2 June 2015
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.
Having spent a morning dumping gallons of poison at the Greek Hovel on the accursed frigana plants, a pestilent species that serves no purpose in life and just annoys everyone I turn naturally to Conrad Windham, as I take a brief lunch break. The serial crony capitalist of the ISDX markets has walked the plank with immediate effect at All Star Minerals (ASMO).
Conman set up All Star nine years ago. Nine years later Conrad walks on a day when it says it is not going ahead with a project termed "The Big One" and that is Aussie partner may sue it for A$140,000. Oh dear.
As at December 31 2014 All Star had cash and trade receivables of £53,000 and trade payables of £591,000. It has since raised £43,000 at 0.1p per share but given that it lost £430,000 in calendar 2014 this company is surely trading while insolvent, bust, brown bread even without the Aussie claim. Admin expenses in 2014 were a whopping £400,000.
During Conman's nine years at the helm accumulated losses, investors cash sent to money heaven were a stonking £3 million.
Perhaps Conman's finest comedy moment was when All Star (board Conman and Tomas Nugent) admitted that U308 - a company set up by Conman and whose directors were Conman and Tomas Nugent - was in default on a loan given to it by U308. Conman said All Star's directors were in earnest talks with the directors of U308 - sheer comedy detailed in a two part special HERE & HERE.
U308 delisted from Plus and then - out of the spotlight - went bust so that loan was written off. But I guess it funded a few "admin expenses" at U308.
But the crony capitalist is not finished yet. The comedy show continues ( unless you have invested in any of Conman's companies in which case it is a tragedy for you). There is still Nodding Donkey PLC, shortly to be renamed Dead Donkey.
As at 31 October 2015 it had cash at hand of £41,000 and creditors matched debtors. In the six months to 31 October admin expenses totalled £55,000. Conman has since then twice anounced placings. On both occassions those wishing to commit financial hari-kiri ponied up £20,000. Do your maths: cash right now will be c£16,000.
The great crony capitalist of ISDX blathers on about how his company has been awarded to coal bed methane exploration licenses in Botswana but with only enough cash to keep the PLC lights on until the end of July, just how is Conman going to pay for any exploration? Perhaps he could ask All Star for a loan? Except it has no cash either.
The Conrad Windham crony capitalist comedy show continues
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