Paragon Diamond Share Discussion Threads

[beeks of arabia] 26/3/2017 13:59

Of course, clubby will follow this post up with "he wasn't going to do anything anyway" - well you'll likely never know now eh?

Clubbys money is gone, he's making damn sure no on else has a chance.

[beeks of arabia] 26/3/2017 13:58

...and with people posting up his family and address details, who can blame him.

Even if the LN holders had a chance, that has imo been scuppered by Club Sandwich and his threatening behaviour. I would disappear as well if under such pressures.

Any LN holders should thank CS for his commendable behaviour in losing you your only chance at getting anything back.

[superg1] 26/3/2017 13:12

He'll just stop communicating imo.

[club sandwich] 25/3/2017 18:48

But who could doubt his fiendishly cunning plan?

[lnholder] 25/3/2017 18:43

Communication channels changed. I can't say more right now as I need to remain in the loop. I'll continue to expose PM's cunning plans when anything major happens. Your link was seen by some in the LN group. PM is under pressure and can be quite erratic in his thinking.

[club sandwich] 25/3/2017 16:06

lnholder - if you have communication with any PDLN members, be sure and point them at that address I posted a link to a few days back (the post that made itsallillegal - aka Philip Falzon Sant Manduca - flounce off). Maybe they should doorstep Manduca and demand, in person, what has happened to their investment(s)...

[lnholder] 25/3/2017 15:29

super Those are quotes from posts by Mr Manduca himself on PDLN less than two weeks ago. His bright idea that any forthcoming funding go through his 'new clean company' and that 'all PDLN holders given pari-pasu equity in the new company'. Just trust his word on this. It's not like he has any history of stitching up shareholders or telling porkies is it?

The loan notes have zero value. IOUs from a company that has been killed off by its directors despite the company being saved by its shareholders at the request of those same directors. Share certificates collecting dust on 'gratuitous shareholders' shelves. Shareholders the scum of publicly listed companies in the glassy eyes of Mr Manduca it would seem. He does appear to have contempt for shareholders and loan note holders alike.

There is division in the LN group. The truth is dawning on some and they feel the heat rising up their necks to the top of their heads as reality finally reaches the brain on its journey from the gut. Most are not too bright so it's candy from a baby.

[club sandwich] 25/3/2017 14:36

"So he can't get money to back a potential lucrative diamond mine but he can if he gives the backers no business plan whatsoever."

yep, that's about the size of it.

yet some on the PDLN thread seem so utterly brainwashed they still openly declare their entire support for him. some very serious groupthink/mass delusion going on there - quite unbelievable...

[superg1] 25/3/2017 14:32

So he can't get money to back a potential lucrative diamond mine but he can if he gives the backers no business plan whatsoever.

pingggggggggg.... there goes another rib.

[club sandwich] 25/3/2017 13:51

super - I can't speak for anyone else, but what I have posted and stated as such are verbatim copy-and-pastes from the PDLN board.

[superg1] 25/3/2017 13:40

So keen investors looking to pump millions into a pot where they have not the slightest clue what they are backing.

Yep got to be genuine that.

Perhaps once they all commit he can ask them to agree to terminate any documentation in relation to providing the funds.

FFS please tell me that what's being posted is not true. Surely adults can not be this naive.

A question if the posts are true.

Did all rescind their notes and then it was revealed Titanium is going belly up too.

The timing is interesting.

[club sandwich] 25/3/2017 13:18

thank you diamond_manduca; incorporated into the letter.

I know I wrote it, but reading back over the letter it seems to me an utterly damning indictment. I hope that anyone at the SFO who reads it to the end finds it as compelling. As well as the obvious lies - the statements on 2nd October 2015 - the accumulation of small pieces of evidence is, IMO, completely convincing...

[club sandwich] 25/3/2017 12:11

...and now I have a name for the appropriate person to direct the letter to at the SFO. Should significantly boost the chances of it at least being read if it reaches the right person...

[diamond_manduca] 25/3/2017 12:10

Directors’ Duties, Liabilities and Indemnities in Guernsey

The duties “to avoid conflicts of interest and not to accept benefits from third parties”

These duties arose from the duty of loyalty which a director owes to a company: a person in a fiduciary capacity must not make a profit out of his trust. This principle followed on from the more general concept that a trustee must not place himself in a position where his duty and his interest may conflict. Here, Guernsey law departs from the UK Law quite substantially by focussing on disclosure of any interest on the part of a director.

Before the Companies Law came into force, it was a fiduciary principle that a director must avoid actual or potential conflicts arising between his duties to the company and his personal interests. The test was whether a reasonable man looking at the facts would think that there was a real, sensible possibility of a conflict of interest arising. A director could be in breach of the rule even though the company had suffered no loss. Traditionally, a director would have been advised that he should not act for two companies with potentially competing interests unless he does so with the informed consent of both parties. Similarly, a director was bound not to benefit from third parties, i.e. he could not exploit his position for personal benefit for example, through the receipt of gifts and hospitality.

The Companies Law has lessened the impact of these common law duties. Subject to the terms of a company’s memorandum and articles of incorporation, an interested director in respect of a Guernsey company may vote on a matter relating to the transaction, attend the relevant board meeting and count in the quorum, sign any transactional document on behalf of the company and do any other thing in his capacity as a director in relation to the transaction as if he were not so interested provided that his interest has been declared.

An “interest̶1; in a transaction is described in the Law as being where a director:

is party to or may derive a material benefit from a transaction;
has a material financial interest in another party to the transaction;
is a director, officer, employee or member of another party (other than a party which is an associated company) who may derive a material financial benefit from the transaction; or
is otherwise directly or indirectly materially interested in the transaction.

However, it is a criminal offence for a director to fail to disclose to the company the existence of the interest. Thus, the Companies Law is permissive in respect of a director having potential conflicts of interest but insists on transparency between director and company. Nonetheless, the company can in its articles of incorporation, reaffirm the traditional fiduciary principles, by divesting the director of his powers in circumstances where an interest does arise and can elect to define “interest̶1; by reference to those principles rather than pursuant to the Companies Law.


hXXps://www.careyolsen.com/publications/directors-duties-liabilities-and-indemnities-guernsey-1

[diamond_manduca] 25/3/2017 12:09

Quick guide to Guernsey company directorships

Fiduciary Responsibilities

As a director of a Guernsey company you hold a position of trust and therefore are subject to a number of fiduciary duties in the eyes of the law. These are often referred to collectively as the duty of good faith and include the following duties:
You must act honestly and in the best interests of the company;
You must not place yourself in a position where your personal interests and those of the company conflict;
You must exercise your powers properly and only for the purpose for which they are conferred; and
You must not make a secret profit out of your position as a director.

hXXp://www.lexology.com/library/detail.aspx?g=7d4cbbcc-0ef0-4f28-b84e-4e3990c7d537

[club sandwich] 25/3/2017 11:56

Received a personal statement this morning, and may be getting another from a s'holder in Germany. The more we have the more likely the SFO will take the letter seriously and agree to investigate - and if they do it's curtains for Manduca; once they start digging the full extent of the fraud will begin to reveal itself.

Anyone else? Whiskey Jim's dad?

[club sandwich] 25/3/2017 08:22

this is the relevant quote from Manduca on the PDLN (again don't have an exact date, but I'm pretty sure it was this month, March):

"with money, we have NO fear of finding compelling opportunities. It's the money that matters at this time, not the opportunities. In this regard, I had a highly positive conversation with the investors this morning."

at least he's answered one question: how stupid does he think PDLN members are? The answer is he thinks they're *very stupid indeed* if they'll buy that...

[club sandwich] 25/3/2017 08:10

Nobody has ever answered the most obvious question of all: why would anyone fund a non-existent business plan? Anyone who thinks that "get the funding, then see what business opportunities present themselves" is how things work is seriously deluded.

[superg1] 25/3/2017 06:24

So now you are telling me the funds are backing a business plan that doesn't exist.

As plenty are saying you couldn't make it up.

Think about it FFS.

PRG gone and it seems loans notes willingly surrendered.

What obligations does PM have to PRG and no one holding any type of entitlement?

The answer is nothing at all, if your notes have been surrendered you have no claim. What on earth does PM need 40 plus distractions for and dilution in any future business venture.

You are nothing but a waste of money, an unnecessary cost for a business unless you stump up some sort of wedge of cash each to get that business going.

[lnholder] 24/3/2017 23:52

Mr Manduca's sights are no longer on Lesotho or diamonds necessarily for that matter.

Funds are 'in hand' but are not currently moving through the banking system according to Mr Manduca. When tens of millions of US dollars get released through the banking system to Mr Manduca the business opportunities will present themselves, to paraphrase Mr Manduca.

That's one hell of a business plan and who would doubt him?

Mr Manduca, where are the PRG accounts for 2015-16 that I asked to view?
Hurry up dear boy it is your duty and obligation as an officer of the company.
If you are no longer an officer of the company please point me to the appropriate person. Thank you kindly, Mr Manduca.

[club sandwich] 24/3/2017 19:20

Last call for anyone who bought as a result of Maduca's 2nd October lies and is prepared to make a statement to go along with the letter to the SFO. I may delay the letter slightly - another s'holder is writing their own complaint and I may wait until his is finished so they arrive together for maximum impact; but it will be going soon.