Galileo Inn. Share Discussion Threads

[one for the money] 03/3/2004 10:54

Thank, jubjee

...I feel a teeny-weeny bit better about GAI - but not much! LOL

Is there just a tiny chance of some legal comeback for GAI shareholders in all this?

Cheers
john

[jubjee] 03/3/2004 08:34

FROM TODAYS TELEGRAPH.

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.

[one for the money] 20/2/2004 13:37

If I find anything out, I'll post

Cheers
john

[maris] 20/2/2004 12:32

Yes, 'favourite' is maybe not the right word but I also look in from time to time to see if anything new has happened.

[one for the money] 12/2/2004 19:18

Jubjub

You;'re right - they aren't on the list (I checked earlier in the week) so we can't write them off for CGT yet! We still have the Feb and March lists to go though.

As for what's happening - no idea. I heep this GAI thread on my 'favourites' in hope that someone hears something and it is flagged up here.

Cheers
john

[jubjee] 12/2/2004 13:37

Anyone still out there? do we know if these shares have been declared of negligable value for tax purposes? I cant see them on the list on the inland revenue web site?

www.inlandrevenue.gov.uk/cgt/negligible_list.htm

If not where do we stand?

Is this still a live company?

Who can I approach to find out?

[jubjee] 20/12/2003 10:00

Isnt that the same building Aldeshaw Booth Solicitors are in? by chance Mark Warburton is a director of AB!

[swiftnick] 20/12/2003 00:01

What are you surprised about?

[itstelboy] 19/12/2003 22:43

I was quite surprised!................


Name & Registered Office :
GALILEO INNOVATION PUBLIC LIMITED COMPANY
100 BARBIROLLI SQUARE
MANCHESTER
M2 3AB
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


Previous Names
Date of Change : Previous Name :
28/01/2002 FACILITIES CORPORATE MANAGEMENT PUBLIC LIMITED COMPANY

Branch Details
There are no branches associated with this company.

Oversea Company Information
There are no Oversea Details associated with this company.

[nav_mike] 12/12/2003 07:27

You may be surprised to know that a search of the Companies House website shows that GAI is not in receivership or liquidation (either voluntary or forced)

Just shows that accounts still havent been filed.....

[sreddy] 27/11/2003 16:05

Hugepants,

Can't see your message, but I will leave you with a parting thought.

Up 64 today. (Hold 822.5k MDY bought Monday at 10.47p average and 380k PRM held for ages).

Bye, bye to this board and genuinely good luck to all.

Notready.

[jubjee] 27/11/2003 08:36

Dont suppose anyone has heard anything about the company or who the receivers are?

[hugepants] 27/11/2003 08:05

LOL, sreddy says she had to unfilter me to see what I said. Ermmm...whats the point of the filter function in the first place?

I can only think sreddy didn't filter me at all which, since she has a history of being economical with the truth, leads me to believe that all these huge profits she is supposedly making elswhere are 'fictitous'.

Keep trying though.

[sreddy] 26/11/2003 13:15

I had to unfilter you to see what you said. I quote your own words elsewhere:

"Trace Group plc HugePants - 30 Jul'03 - 10:46 - 11 of 69

I dont think there was any reason for the rise at the start of June, just following the general rise in tech stocks. Anyway, I bought a few more on Monday. I hope I know what Im doing! I now hold 25K which is a major investment for this investor."

LOL! LOL! LOL!

I now know not to take any notice of you in the future!

You're filtered again and I won't bother looking again. Bye, bye!

LOL(the last laugh)!

[hugepants] 26/11/2003 12:11

Hmmm. Im up 5 million this year but i dont find the need to brag about it. This is the GAI thread, why is it relevant how much money you've made elswhere?

[sreddy] 26/11/2003 11:42

Judgement,

Portfolio up from £300,000 to >£1m since March 2003, despite putting GAI in at £Nil. You keep laughing and I'll just get on with it.

PS. And that's after taking out £25k to buy a BeoVision 5 Plasma TV and a pair of Beolab 5 speakers. The telly is brilliant and I'm expecting the speakers by Christmas. Sorry, got to go now to drop somebody off at the station in the Maserati (370 Bhp, 175 mph, 0-60 in 5 secs.).

I think I'm smiling more than you. LOL! (Sorry, couldn't help laughing).

Some might think this post conceited. I don't care, I'm not putting up with that smarmy Judgement mocking me.

PPS. Good luck to all you genuinely friendly posters on this board. I hope you have moved on from this episode and I wish you every success.

Notready.

[lynchjay] 23/11/2003 20:32

Keeping an edge in the stock market means you have to keep your eyes wide open. What a difference a quarter makes! This means you need to get the fastest, best and right information before someone else does. This free newsletter does just that. You will get an email only when something is on the move or about to move. You will not receive any junk mail. They have a great history and are definitely worth a few minutes of your time. Remember, 20/20 foresight is better than 20/20 hindsight. These shares are traded exclusively in the US markets.

[judgement] 23/11/2003 19:01

This has to be one of the most amusing boards on ADVFN. I still have a look-in every few weeks to see if MrK and sreddy have produced any further gems. They rarely let me down! Keep up the good work chaps.

[cappagh] 28/10/2003 18:52

grebo
I believe you are not understanding the posts.
The reason some of the posters are on the backs
of others, is because after all that's gone on there
are some that are still singing the praises of the
directors. I, like most bought on the strength of
what the director's promised, not what we read
on the BB.

[grebo] 27/10/2003 13:51

You lot amaze me. Looks like you've all lost money here (me too) - but instead of looking at the decision you made to invest in this company and how you could possibly have make a better decision based on the info you had you all seem to have decided that it's all SReddy's fault for being so bullish about the stock.

Well if you all bought based purely on her bullishness then you all deserve what you get. Until you are all able to own up to the fact that you made a bad decision and try to help yourselves do better in the future then you'll just keep losing money. Passing the blame onto someone else won't help you at all.

[johnnyalpha] 23/10/2003 14:52

Sreddy,

- I am not a lawyer, but my undertanding (limited)is that assuming you are correct in your allegations to cappagh/billing - You must have excellent hearing or live with or near Cappagh & billing (which might explain the animosity) as Slander usually = verbal defamation and you are obliged to prove that your reputation has been defamed.

In fact You may (accidentally) have libelled them by publicly publishing an accustation that they are liars and slanderers. If such a case was upheld defamation/damage is assumed and ususally compensated.

I would seriously advise caution before making any statements relating to individuals character online, even if you feel you have been defamed in someway.

Mind You as most of us bought these shares at some time - we may have a valid plea of insanity in any any legal case brought.

[cappagh] 22/10/2003 18:09

HugePants
Lawyers don't worry me, being turned over like
we have does.