Evil Diaries

The Evil Diaries: Singaporean Shenanigans

The Evil Diaries: Singaporean Shenanigans

0 mins. to read

I have just had a Singapore-based contact telephone me on Noble Group. This appears to be a massive accounting fraud which, for some reason, Ernst and Young, seem prepared to accept. I decline to claim that E and Y are negligent but they seem to have been extraordinarily tolerant. The accounting misrepresentation revolves around what…

The Evil Diaries: The Others Won’t Even Get a Look In

The Evil Diaries: The Others Won’t Even Get a Look In

2 mins. to read

Evil discusses Phosphorus Holdco PIK Toggle bonds and the Cheltenham races… As some readers may recall I purchased Phosphorus Holdco PIK Toggle bonds at 3.8p or 3.8% of face value. And, being proactive, I set out to enquire as to who are my fellow claimants in respect of the theory that BC Partners unreasonably scooped…

The Evil Diaries: Pigging and Porking

The Evil Diaries: Pigging and Porking

1 mins. to read

Evil discusses Mar City… Since the rewards of pigging and porking (see comments passim) are so high it is easily understood why stock promoters engage in the practice. The most recent instance of which I am aware is going on at Mar City (MAR) where the controlling shareholders, Tony and Maggie Ryan – they hold…

Interim Diary: The Hacking Cases Are Gathering Pace

Interim Diary: The Hacking Cases Are Gathering Pace

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I have just spent some time this morning chatting to a lawyer and it is quite clear that the Trinity Mirror (TNI) hacking cases are gathering pace. There may be as many as one thousand cases. Bearing in mind that each case will cost Trinity Mirror well upwards of £100,000, this does not look good.…

The Evil Diaries: It Can’t Just Be Transient Luck at Work

The Evil Diaries: It Can’t Just Be Transient Luck at Work

1 mins. to read

Evil discusses Tyratech and Ithaca Energy… Tyratech have today announced a further impressive extension to the buyers who list Vamousse for their stores. It can’t just be transient luck at work. Tyratech (TYR and TYRU) could be cheap. This Ithaca (IAE) note is from Finncap and dated 2nd March: “Stella development update – a BUY…

The Evil Diaries: The Net Is Closing In

The Evil Diaries: The Net Is Closing In

2 mins. to read

Evil discusses Afren, Ithaca Energy, Mitie, Trinity Mirror and rip-off fund managers… Afren (AFR) have managed to persuade the bondholders to defer putting the boot in until end March. It doesn’t make any difference. Stay short. In the interests of fair play, I also offer a counter opinion for Ithaca Energy Inc (IAE). This is…

The Evil Diaries: Quindell Continues to Muddle Me

The Evil Diaries: Quindell Continues to Muddle Me

2 mins. to read

Evil discusses Ithaca Energy, Afren and Quindell… My correspondent in the matter of Ithaca (IAE) opines: ”- Ithaca’s $300m 2019 note was given a Caa1 rating by Moody’s in December (i.e. very high credit risk), and this used a base case of an initial production date for Ithaca’s Greater Stella Area in Q3 2015, which…

The Evil Diaries: Lousey conditions

The Evil Diaries: Lousey conditions

1 mins. to read

Evil discusses new highs, GLI Finance, Private & Commercial Tyratech, AO World and Sir Malcolm Rifkind… New High: if one adjusts the previous FTSE high of c. 7,000, attained in 1999/2000, with an uplift for inflation of, say, 40%, the high to attain is closer to 10,000. This statement of the bleeding obvious is slightly…