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…
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…
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…
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.…
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…
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…
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…
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…
A competent adviser remarks to me: “As at September 30th 2014, SBAC (SBAC on Nasdaq) had long-term debt of $6.8 billion and net current liabilities of $0.7 billion. Net PPE was $2.7 billion and so they were balance-sheet insolvent. You can add their intangibles and they still have a balance sheet deficit. This is a…
Evil discusses Quindell, Afren, Kenneth Grundlach and Birdman… I really do not know what to make of Quindell (QPP). Today’s RNS is a little coy remarking that a material premium is to be expected above Friday’s closing price. Certainly, the price had been suspiciously buoyant in recent days. Where does this go now? I do…
