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As you know Sefton Resources (LSE:SER) is suing me for libel. What is amazing is that as every day goes by more folks come out of the woodwork offering up information which makes my case ever more watertight. This is getting more and more enjoyable by the minute. Just to keep you all amused and to allow uber expensive City lawyers Pinsent Masons to rack up more billable hours for Sefton to fund I share a couple of little gems with you. Pinsent Masons really is expensive but I do not wish to deter Sefton from pissing all its cash away as the mother of my daughter Olivia is a partner there and its Olivia’s Birthday in a few months, school fees are very expensive as are piano and hockey lessons and I am delighted that all this business is heading the way of PM. And Olivia’s mother likes expensive holidays and so if Sefton’s shareholders can pony up some more and allow her a really smashing break this summer I’d be delighted for her.
Firstly I alleged that Fox Davies Capital quit as Sefton’s Nomad because it felt that Sefton was misleading the market. That is one point on which Sefton is suing me. I had one very high placed source for that. I now – as of yesterday – have a second. Both will be called if this ever gets to Court. And I now know that there is a full email trail which backs up my claim. Naturally if this does go to court then as part of the disclosure process I shall be requesting all emails between Fox Davies and Sefton and also internal emails relating to this matter. On a key plank of the Sefton libel claim there is hard documentary evidence which shows that what I wrote was 100% true. And Sefton knows this yet is still spending shareholders cash pursuing a libel claim against me. Can anyone say why this is in the interests of the company?
And it gets even better. I have now been pointed to an individual at another Nomad which quit on Sefton who has apparently explained publically why that Nomad quit. Just to show a pattern here my witness list gets one longer.
I showed quite explicitly and without a shadow of doubt here yesterday how Sefton deliberately misled investors with regard to output levels with its RNS statements of July 11 and September 11. Those who believed the RNS releases on those two days thought output was 170 bopd and rising when in fact it was tanking down to 100 bopd. That has prompted yet another CEO of an AIM listed oil company to volunteer his services as an expert witness to testify how and why this was so deliberately misleading. That is the other key charge Sefton brings against me. Sefton shareholders should be aware that the emails that show why Fox Davies – honourably – quit as Nomad will also 100% back up my claim that Sefton was issuing misleading production numbers as it prepared to issue shares to investors.
This information is now all with the FSA and the AIM team which are both now investigating Sefton Resources. I do not know whether I hope they act quickly and put this sorry tale to bed or whether I want the regulators to drag their heels and allow me my day of glory in Court. I am in two minds.
If you are a Sefton shareholder you however should be asking yourself why your company is racking up huge legal bills taking action against me for writing claims which will be backed up in Court by hard, solid and incontrovertible evidence?
For what it is worth this is not the end of it. I have a couple of telephone calls to make to the USA this afternoon. I am now looking at the issue of the “cash advance” of several hundred thousand dollars Sefton made to chairman Jim Ellerton a couple of years ago. As far as I can see this is either a director’s loan in which case it should have been declared as such or it should be treated as income. I am not an expert and so I shall be calling the IRS (the US taxman) to see what it thinks. I am sure that Jim Ellerton’s tax affairs are all above board and he won’t mind me making a detailed enquiry.
For a full history of those AIM companies that have announced they are taking legal proceedings against Tom Winnifrith click here
Have a good weekend Jim Ellerton and your fellow Sefton Directors. See you all in Court bitchez.
Tom Winnifrith writes for 10 US and UK websites. You can get links to all of his articles at www.TomWinnifrith.com and you can follow him on twitter @tomwinnifrith
Dan says:
March 8, 2013 at 10:12
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Approved.
Dan, do you have anything at all to say about Sefton or are you just going to engage in puerile ad hominen attacks?
We’ve heard enough about Sefton to last us all a lifetime, wish the lad would just get on with defending himself without the public rants. As regards ‘engage in puerile ad hominen attacks’ – Tom Winnifrith does this to anyone & everything day in, day out.
Keep it up Dan – Lovely to hear from you.
Bitchez, if you don’t like ‘hearing’ about Sefton, then why are you frequenting the blog of someone who is in a legal dispute with Sefton and, as such, fairly obviously going to be writing a lot about them?
Would it perhaps be because you are a hypocrite?
lol – Don’t be such an arrogant idiot. The only hypocrite here is Winnifrith. I was posting in favour of Dave, who spoke some homes truths. You – are just acting like a childish bully.