Galileo Inn. Share Discussion Threads

[simonevans] 01/5/2004 09:42

Is anyone going to the EGM in Manchester on 24th May?

If so, given the lack of any detail in the letter, could someone please ask the questions - I, for one, would be interested in the responses:

1. Where actually did our cash go?

2. Why, if there is cash remaining couldn't they have used the listing as a reverse takeover candidate - particularly, when the last year has been the best year for shell companies in history?

3. Why have no accounts been produced if funds remain?

[swiftnick] 28/4/2004 21:50

Once again the appalling standard of communication to shareholders continues, with the directors unable to describe in any helpful or meaningful way the chapter of incompetence that led to this sorry state of affairs.

My favourite bit:

"Those potential investors who had registered their keen interest in investing had literally gone to ground on account of the economic circumstances which prevailed in the first quarter of 2003."

Not just gone to ground you understand, but literally gone to ground! How does anybody literally go to ground? Does this mean they were buried alive under a heap of earth?

[jubjee] 28/4/2004 08:22

Simon, havent received letter, any chance you could post the keyparts here?

[simonevans] 28/4/2004 07:36

Anyone else received a letter from the board of Galileo - members voluntary liquidation to follow the EGM. Monday 24th May is your opportunity to meet this very successful bunch of directors!! Nothing really new in the letter and it doesn't explain how they lost the cash + still no accounts. Amazingly, the letter talks about a "very modest return" to shareholders.

[hugepants] 24/4/2004 17:03

Truly awful

[grebo] 08/4/2004 10:24

Oh my heart bleeds for him.

Anyone had any news whatsoever on the winding up of GAI? Surely they must be required to do something at some stage.

[cappagh] 29/3/2004 20:03

Funny handshake?

[lucyx] 27/3/2004 11:38

Judge finds the Plumber in contempt over breach
By Rosie Murray-West, City Correspondent (Filed: 27/03/2004)


Paul Davidson, the trader known as the Plumber, escaped a jail sentence yesterday despite a judge deciding that he was in contempt of court for breaking an order freezing his assets.



Mr Davidson will have to pay the costs of the hearing, which has exposed his troubled financial status. He must also submit a full explanation of the transactions which took place after the freezing order was obtained by , his former company.

Oystertec obtained the order after deciding to launch an appeal when it lost a case involving a key radiator patent. The company said it was concerned that Mr Davidson would dissipate his assets before there was any judgment on a case they had brought against him over the same patent. Under the terms of the order, Mr Davidson can spend only £1,000 a week and had to make a full list of his assets.

Mr Justice Patten said yesterday: "Breaches of the freezing order are proven and there has been a knowing failure to comply."

The judge said Mr Davidson had failed to disclose all of his assets, and had also sold 1m shares in Oystertec. "I believe that he gave priority to his own interests over those of Oystertec," he said. "These are therefore serious breaches, but he has apologised for them and I am satisfied that he now realises the gravity of what he has done.

"I have decided, in this particular case, that it would not be appropriate to make an immediate order of imprisonment. Nor do I think there is any real benefit in imposing a custodial sentence and suspending it on terms that the order for disclosure which I am about to make should be complied with.

"Mr Davidson can be in no doubt that if there are any further breaches of these orders an immediate sentence of imprisonment will be inevitable."

Mr Davidson said yesterday that he was glad he was not going to prison, but added that he could do nothing because of the freezing order. "I'm frozen out from being a property developer," he said. "I've gone back to inventing."

[janegray] 26/3/2004 16:20

Found this on www.findoutinfo.com

FACILITIES CORPORATE MANAGEMENT LIMITED
100 BARBIROLLI SQUARE
MANCHESTER
LANCASHIRE M2 3AB
M2 3AB


Trading Address
No data available

Incorporation Date: 15/01/2002
Last Return: 15/01/2003
Last Accounts:
Dissolved: 10/02/2004

[eurofox] 24/3/2004 22:08

take it up with Inland Revenue - could produce some more plumbing pain

[lucyx] 24/3/2004 21:15

still not recorded as in liquidation at companies house

Name & Registered Office :
GALILEO INNOVATION PUBLIC LIMITED COMPANY
C/O ERNST & YOUNG
100 BARBIROLLI SQUARE
MANCHESTER M2 3EY
Status :Active
Company No. :04287996
Date of Incorporation : 14/09/2001

Country of Origin : United Kingdom



Company Type: Public Limited Company
Nature Of Business (SIC(92)):
7414 - Business & management consultancy
6523 - Other financial intermediation
6512 - Other monetary intermediation


Accounting Reference Date : 30/09
Last Accounts Made Up To :
Next Accounts Due : 14/04/2003 OVERDUE
Last Return Made Up To : 14/09/2002
Next Return Due : 12/10/2003 OVERDUE


Last Members List : 14/09/2002

[simonevans] 17/3/2004 20:28

Yes, I've noticed that on the 3 investments that I have had that have gone bust over the years, not one has ever gone on the negligible value list - there does seem to be a major problem with AIM companies ever going on this list; in fact I don't think that they ever do as they are technically "unlisted". I think you can make a claim when wound-up, but this hasn't happened yet. All a bit unfair really, as we all know that we have lost all our money in this one.

[jubjee] 17/3/2004 08:20

spoke with the Inland Revenue last week as GAI is not listed as a share of neglegable value, so previous posters who claimed that their losses could be written of against tax are to date incorrect.

can't believe they got away with it, what a well planned scam!

The BBC are asking people to write in with ideas about con tricks for their 'Hustle' programme on BBC1 on Tuesday night's, maybe PD can earn some cash by explaining how they pulled this one off.

[nav_mike] 16/3/2004 19:44

Still unbelievable that they havent wound GAI up and not one regulatory body is bothered about it

[simonevans] 16/3/2004 19:33

Very amusing.....it's good to see a bit of justice.

[eurofox] 13/3/2004 18:43

any one know a mate that could visit him?

[simonevans] 13/3/2004 17:59

Very interesting. Looks like Mr Davidson may end up doing some time after all.

[jubjee] 10/3/2004 08:22

High Court freezes the Plumber's assets
By Rosie Murray-West, City Correspondent (Filed: 03/03/2004)


Paul Davidson, the trader known as the Plumber, has had his assets frozen and could go to jail if he is found to have breached the freezing injunction, a court heard yesterday.

The colourful pipefitter, who made millions of pounds from a revolutionary radiator device and was later fined £750,000 by the Financial Services Authority after making a spread bet on a company he was floating, has had his passport and driving licence seized.


Paul Davidson says he plans to appeal against the £750,000 fine
He is also only allowed to spend £1,000 a week. "It doesn't go anywhere," he said yesterday outside court. "I've had to close down two companies."

He was called to the High Court in London after Oystertec, the Aim-listed pipefitting company he founded, issued an "application to commit" Mr Davidson to prison, alleging that he breached the terms of the freezing order by selling 1m Oystertec shares and putting the proceeds into his own bank account.

Mr Davidson's lawyers claim that he was selling the shares for a business associate, George Rice, who wanted the money to refurbish his kitchen. The sale is understood to have netted around £155,000.

Judge Patterson said yesterday that he would delay hearing the application to commit until the week beginning March 15. However, he did rule on a separate issue - allowing a receiver to be appointed over Mr Davidson's shareholdings, to prevent any similar sales until the case is heard.

"I do not do so on the basis that there has been a breach of the order," the judge said. "It is appropriate for me to grant an order for the appointment of a receiver simply as a way of avoiding any further dispute."

The shares concerned include 2m Oystertec shares as well as holdings in Cyprotex, which is also a UK-listed company.

Yesterday's hearing follows the asset-freezing injunction that was issued to Mr Davidson by Oystertec on January 29. It forbade him to remove any assets from England and Wales "unless he first establishes to the satisfaction of the applicant's solicitors or the court that there remains and will remain in England and Wales an asset or assets of a value of at least £1.5m."

The injunction was to ensure that Mr Davidson can pay damages after a summary judgment last November that he breached his fiduciary duties to a company that held the patent on a pipefitting device that he sold to Oystertec.

Mr Davidson has not paid any of the money that he has so far been asked for following the judgment, which is why his assets have been frozen.

Yesterday, Mr Davidson's lawyers admitted that he did not have £1.5m in liquid cash to unfreeze his assets but that he had offered a portfolio of properties worth £4.89m as security. The equity in the properties, in Cheshire, is worth £2.55m, they added.

However, Oystertec's lawyers said that they did not accept the valuation and wanted to do their own. They also pointed out that all the properties were let to members of Mr Davidson's family at rents of around £5 a month.

Mr Davidson's lawyers branded Oystertec's actions "high handed", saying that the freezing order had been obtained on the sole basis that they had told the court that he lived in a property he owned in Spain.

They said this was not the case and that a director of Oystertec lived "round the corner" from Mr Davidson in Cheshire and should have known that he lived there.

Mr Davidson has not yet paid the £750,000 fine issued to him by the FSA over the spread bet he made on Cyprotex. He has said that he will appeal.

[cappagh] 10/3/2004 07:50

All I want to know is, where has the money gone?
For all we know, they have done a runner, with it.
And we cann't do thing about it!