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Dan “microscopic cojones” McCrum of the FT – That Globo fraud timeline in full…NOT

By Tom Winnifrith, The Sheriff of AIM | Tuesday 27 October 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.


Dan McCrum is a journalist on a very important paper, the FT. And so naturally he of the microscopic cojones is the heroic scribe who brought down the fraud Globo (GBO) all by himself. In between picking his nose and slapping himself on the pack micro cojones yesterday explained how the downfall was 100% down to him.  Welcome to the Dan McCrum Globo timeline. His comments are in ordinary font, my own are in bold.

For two years ShareProphets warns its readers about red flags at Globo. The Financial Times is not spoon fed anything so is unable to engage in such prescient journalism. Its coverage is minimal and not critical.

Morning of Tuesday 20 October McCrum is passed a draft copy of the Quintessential Capital Management bear raid document. He picks his nose and thinks how important the Financial Times is for 24 hours before doing anything. Sadly I am also aware of the report and break the story on the same day HERE

Morning of Wednesday 21 October: we talk to Costis Papadimitrakopoulos about Globo’s apparent lack of customers, and allegations the company has fabricated sales. The Globo CEO and founder denies any wrongdoing. He puts us in touch with longstanding business associate Thanos Giamas, founder and CEO of Metis SA, to vouch for Globo.

Following that conversation, according to Monday’s statement:

The Chief Executive Officer, Mr Konstantinos Papadimitrakopoulos advised the Company on 25 October 2015 that up to 22 October 2015 he has:

• sold 42,049,655 shares of Globo Plc; and

• pledged 10,000,000 shares of Globo Plc under a personal loan agreement with Lantau Holdings Limited. The loan will default at close of business today because of two consecutive days of the suspension of the Company’s shares from trading.

The number of shares (and voting rights) which Mr Papadimitrakopoulos now holds is 27,734,542 (including the pledged shares) representing 7.42% of the issued share capital. His previously notified holding was 69,784,147 shares (and voting rights) which represented 18.67% of the issued share capital.

Try again Dan – we track IP on this website and there were numerous logins to that bearcast from Globo on the Tuesday. The sell orders started then while you were still busy snot gobbling and thinking how important the FT is

Night of Thursday, 22 October: Quintessential Capital Management release (sic) a critical report on Globo’s accounting and sales.

Thursday night. Only one publication is brave enough to publish that report. Even QCM does not publish it on its website but ShareProphets does and we are inundated with traffic (including stacks with the Globo IP address). The FT which has now had a draft report for 60 hours still does nothing. Dan, “micro cojones” McCrum picks his nose and thinks how important the Financial Times is.

Morning of Friday, 23 October: the shares are suspended at Globo’s request. We publish our piece about the difficulty of finding customers.

AFTER the shares are suspended snot gobbler micro cojones McCrum is brave enough to publish a short piece. He does not use the fraud word but suggests that all is not well. The one media outlet that published the report in full and forced the suspension is rather braver.

Day of Saturday, 24 October: Globo holds an emergency board meeting at which “Costis Papadimitrakopoulos the CEO of the Group brought to the attention of the Board certain matters regarding the falsification of data and the misrepresentation of the Company’s financial situation, and offered his resignation, as did Dimitris Gryparis the CFO of the Group,” the company said.

Morning of Monday, 26 October: the company informs the market about the share sales, defaulted loan and resignations. Canaccord Genuity, Globo’s joint corporate broker, resigns with immediate effect.

Morning of Monday 28 October the Financial Times finally uses the fraud word. Dan McCrum gobbles a bit more snot and in the afternoon pens a piece to remind us all that the Financial Times is a very important paper and through its courageous investigative journalism single handedly brought down Globo.

And folks wonder why the mainstream press continues to lose readers. Not only are they cowards but they cover up their cowardice with self-important articles like the one above from snot gobbler micro cojones McCrum.

 

 

 

 


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Comments

7 comments


  1. Daniel Victor

    Sad – you used to be a fan of his.

  2. I had found 5 shares by the time I was 20 and then I made my biggest mistake. I started talking and dealing with a London stockbroker. Diversity is the key he said. So I took him at his word and took circa 36 stocks into the 73/74 crash and they got fucking hammered. As a small bit player, the prick dumped a shed load of trailer trash onto me.

    The only shares that carried any value through 73/74 were those 5 shares, they have lasted me a lifetime. I still have them and will never sell them, they will outlast me. Since then I have played a lone game and SP is the only market commentators I have found that I have any faith in, the rest of it including the ridiculous FT is a busted premise.

    The Globo report would never have been published without SP, that is the reality here.

  3. I agree ………. Share Prophets is way, way, ahead of the rest . To be fair Scotty has been on about this debarcle for some while , but in a more subtle way . He did not publish the report tho . Only SP was brave enough to do that . Its pioneering journalism , no doubt about it .

  4. The FT does not like to draw attention to fraud in the City of London. Doesn’t look good. The FT likes to protect the interests of those on the other side of the fence. The brokers, the auditors, the nomads, the bankers, the old boy networks, Eton bum boys .. you get the idea. All in my own personal opinion of course :)

  5. Tom

    Didn’t we witness similar behaviour from the so-called mainstream media ‘journalists’, during the Quindell saga?

    When it comes down to seeking and reading ground breaking stories or commentaries on the financial markets, ShareProphets are the leaders …….. the rest of the press nothing more than followers……. once again proven over this affair.

  6. Great summary Tom – keep reminding everyone just how completely gutless the old-world citywatchers are.

  7. I remember when the FT was a good paper. As a teenager I would trawl through the back pages looking at share price data. And the companies news section would have virtually every news item for smaller companies. Fast forward 20+ years and it’s a joke.

    Company news is limited to a small handful of blue chips and a crock of shite regurgitated from Investors Chronicle, whose tips (as everyone knows) always do the opposite of what they recommend.

    It’s a joke for the cover price – what? £3 now? And the weekend is full of worthless tat blabbering on about overpriced London house prices, some toff talking about gardens and Tyler Brule complaining how the first class of such-and-such airline is better or worse than a different airline. Or Somerset Webb moaning about pensions.

    Tom, keep up the great work. It’s down to the likes of you and Paul Scott to expose scams like Globo. Just wish you could get Sean Nutley put behind bars.


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