By Tom Winnifrith | Monday 15 May 2017
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.
In August 2015 AIM Casino listed fraud Eden Research (EDEN) announced that it had sold a license to its long time associated company Terpenetech for £600,000. On the same day it announced that it had bought a 29% stake in (worthless) Terpenetech for £920,000 in shares. I quizzed Eden's PR man Paul "Queenie" McManus of Walbrook PR about this deal which was clearly a panama pump fraud. And Queenie lied to me.
The disgraced PR man stated clearly that the shares had not been sold at that point ( the day the deal was announced) but that Terpenetech had paid for the license in full. That was unlikely as Terpenetech ended July 2016 with £8,106 cash at hand and had still not paid Eden 100,000 Euro for a sale of another license that Eden had booked as revenue in 2011.
But Queenie insisted that Terpenetech had paid in full. Accounts for the year to July 31 2016 show that Terpenetech dumped all its Eden shares ( at a steep loss), paid Eden both the £600,000 and the 100,000 Euro and ended the year with no cash. So I put it to you that unless Terpenetech forward sold the Eden shares (which would be insider dealing and thus illegal) , it had not, in fact, paid Eden the £600,000 when Queenie told me that it had.
This opens up two possibilities.
1. Queenie lied to me only because his client Eden had lied to him. If Eden has lied to its PR man and thus made him look like a prize shyster, Queenie should be insisting that Walbrook quit this account at once.
2. Queenie is happy lying to journalists off his own bat. In which case any PLC using Walbrook should be aware that they are dealing with a morally bankrupt firm. Other clients of Walbrook might like to consider the implications of this.
For what it is worth, Queenie is not morally bankrupt although he is happy to smear journalists (well me) when chatting to Bulletin Board morons. So I reckon it is option 1. And as such Queenie should be insisting that Walbrook quit this account at once. If it does not then I am afraid it is shown for being morally bankrupt and prepared to do anything for money.
I offered Queenie the chance to comment but for once the luvvie dodged the drama and declined my invitation.
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