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By Tom Winnifrith, The Sheriff of AIM | Sunday 13 August 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.
Investors who have lost £900,000 on the Paragon Diamonds (PRG) fraud and bust are now lined up to sue the hapless Nomad ( Northland with QEs Gerry Beaney and David Hignell overseeing the shambles) as an update from class action litigation arranger Peter Petyt sent this morning, makes clear. However we need more folks who were conned to join the party URGENTLY and for two reasons:
1. If we can get the value of claims over £1 million that makes the economics of such a case that bit more attractive as a stand alone.
2. If Petyt can get Paragon running it will mean a sharing of certain duplicated costs with the case being brought against Cantor Fitzgerald, erstwhile Nomad to the African Potash fraud so making that vase more economically attractive too.
So if you lost money on Paragon and want a chance of getting some of it back email [email protected] ASAP. Petyt's email today follows.
I held an initial conference call with Capital Law last week, having submitted an exploratory memorandum to them which I put together with the help of a few of the investors (for which, many thanks!). Capital Law are the proposed law firm for this case and they have a bespoke fund which allows them to enter into success fee arrangements for cases such as this.
As you may be aware, we are also acting on a similar case for investors in a company called African Potash and the methodology we are using for your case has been developed (and is still developing) during our work on the African Potash case. If we are to pursue a case against the Paragon Nomad, the key is to show a strong link between your investment and the RNSs which were issued and signed off by them. It is therefore absolutely key that I have details from all of you of the dates, amounts and prices of ALL of your Paragon share purchases and sales. PLEASE CAN YOU PROVIDE ME WITH THIS INFORMATION IF YOU HAVE NOT ALREADY DONE SO.
We are arranging a conference call this coming week with one investor who has carried out significant research on Paragon so that we can further validate the merits of this claim. We believe that his insights will prove extremely useful and allow us to move this case forward to the next stage.
We are now representing over £900k investment from all of you but ideally I would like to increase this figure to over £1 million, so please do spread the word to other Paragon investors.
We may also have the possibility of running this claim in parallel with the African Potash case so that we can "bundle" the two claims together to take advantage of costs savings, which will improve overall economics and recoveries.
The Sheriff of AIM and all at ShareProphets say: Bring it On! We really do want to see these Bitchez at Northland in Court
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