Langbar International

With regard to the debate on SP. I'm finding it difficult to get my head round the number of slip ups, related party transactions and the degree to which this whole thing was bullishly promoted.


Baker Tilley (SPs former partners) wont be the auditors (RED FLAG)
Small spanish firm as auditors. (RED FLAG)
Purchase of SPs company for 2m shares (RELATED PARTY)
Attempted purchase of RAF (RELATED PARTY)
Investment in Zander (RELATED PARTY)
JV with MOS (RELATED PARTY)
Emails to PIs stating clearly the NAV value and promoting the shares (BULLISH PROMOTION OF COMPANY)
Lack of any public information about 59% shareholder LFI, major debtor and funder (RED FLAG)
SP involved in previous failed companies (RED FLAG)
Rybak involved in previous failed companies (RED FLAG)
Round numbers in Proforma balance sheet (SLOPPY)
Incorrect profit figures in results (SLOPPY)
Apparent window dressing transaction to keep CDs off balance sheet on audit (RED FLAG)
Auditors value PN debtor at full value (SLOPPY at best)
SP apparently not speaking to senior BdB officials (SLOPPY)
SP apparently meeting lawyer in Brazil not actual banker (SLOPPY)
Nabarro checking cash in Argentina apparently not calling bank (SLOPPY)
Company lawyers in Brazil not picking up any issues (SLOPPY)
AGM in Monacco not UK or Germany (RED FLAG)

RNS re cash transfers made to look like actual cash transferred. (BULLISH PROMOTION) I HATE THIS ONE!!!!!!!!!!!

Repurchase of apparently worthless CDs on 6 June 2005 for £35m+ shares (SLOPPY)
SP appointed on 7 June but signed off accounts on 6 June. (SLOPPY)
Talk to shareholders by SP of DD on Potuguese assets and £5/ share NAV (BULLISH)
Web site content (completely misleading)(RED FLAG)
Hire mate (Wood) as non exec. (RELATED PARTY)

I suppose there are many more and indeed some of much of the above are reasons why I shouldn't have invested but SP must bear responsibility. I hope there are some very good explanations when they come out and I can only hope that DB keeping SP on is a sign that there are some.

I'm with Wiganer. He should stay but on no pay for the time being but only because there will be many witness statements required which will be much easier to obtain if he's about.