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My own defence against the spurious libel claims made against me by joke oil company Sefton Resources (LSE:SER) went in weeks ago. But today I have the good news that Brokerman Dan has filed his defence. It forms only part of his argument but already runs to 1200 pages of documents which poses an interesting question for Sefton, as Dan promises me that he has far more to come.
Uber-expensive City lawyers Pinsent Masons will now have to read every single page of Daniel’s submission. And its charge out rates are, I believe £500-750 an hour. Having read it all in detail missing nothing out it then has to submit its own response. How much do you think this is going to cost Sefton?
I remind you that at historic cashburn rates Sefton has only about three month’s cash left. But those legal bills must be mounting. Tick. Tock. Tick. Tock.
PS. Sefton has yet to respond to me after two weeks to say how many, if any, flights it has paid for to and from Hawaii where its chairman Jim Ellerton lives in a multi million dollar mansion. Come on chaps, surely you are not embarrassed by the answer are you?
Tom Winnifrith writes for 10 US & UK websites. You can follow his opinionated thoughts on twitter @tomwinnifrith or by links on his main website www.TomWinnifrith.com
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My estimate is that Sefton would pay $25,000 to Pinsent Masons lawyers just to read through 1200 pages. Sefton recently did a placing to the value of $1m, however it is clear half of that will be wasted on the court case. Taking the terrible two to court is just plain ridiculous and an insult to Sefton shareholders.