Sefton Resources Share Discussion Threads

[tann93] 21/2/2017 14:21

Sefton Saved - are you BMD?

[cyan] 21/2/2017 14:17

What responsibility does BMD and Chambers accept for SER losing its nomad and being kicked off aim? The listing had serious value.

Its always someone else's fault. Always others who have told lies.

We have to take BMD's word for the current financial position because no accounts were attached to Chambers handover statement.

Accounts were promised 10 months ago but never delivered.

All he would give was a very curious and ambiguous statement; "They have invested at a small premium to then projected value of the company’s net cash, £15,000."

Why Chambers did not give the circa £130,000 number is strange.

What are the assets that can be used to secure the loan.

Why did BMD have to invest £15,000 if SER is so cash rich with £130k soon to be bolstered by £250K?

What does BMD get for his £15k?

[seftonsaved] 21/2/2017 14:12

Cyan, lol, how wrong can you be?

[seftonsaved] 21/2/2017 14:11

Dont expect a relist, this is a private company and will be ran us such! Invest, invest, invest and make those shares worth something!

[tann93] 21/2/2017 14:02

Fantastic update from Dan. I wonder if we will relist soon on AIM or an alternative market?

[cyan] 21/2/2017 13:43

No wonder lawyers make loads of money. It appears its close to the end. Not sure how much money Ellerton has left to pay any awards. My reading is there is not a punitive compensation award which may have come back into SER's coffers.
It appears just costs.
If my scan reading is correct , the insurance company will likely take the full award of costs.
Looks like all will be clear soon.

[tann93] 21/2/2017 13:29

Cyan,
yes a lot to read, but reading between the lines, Ellerton is digging his heals in and claiming he has no money to defend himself, even though he is sat in his Hawaiian villa, fingers in ears.
If the insurance co is paying, yes i would except them to claim a % of the compensation. I guess the remainder will go back to Sefton.
Im no expert legally, but i would guess that this case isnt to far from being resolved.

[cyan] 21/2/2017 13:07

Good afternoon tann93.

A lot to read.

To cut to the chase ; this is the important bit;

"this court GRANTS IN PART and DENIES IN PART the Second Motion for Sanctions and AWARDS Sefton its attorney's fees and costs associated with its efforts to obtain responses to its written discovery requests from Plaintiffs. To the extent the Parties cannot reach agreement as to the amount of expenses to be awarded, Sefton shall file a properly supported Motion for Attorney's Fees and Costs on or before January 17, 2017."

Question; I thought the insurance company was paying. If true I would expect them to get any compensation.

[tann93] 21/2/2017 12:37

hxxp://www.leagle.com/decision/In%20FDCO%2020161230A87/ELLERTON%20v.%20SEFTON%20RESOURCES,%20INC.#

We will win the case V Ellerton - this is why we and the new board are all interested.

[cyan] 21/2/2017 11:14

Who said 'no red flags'? . These are red flags;

A BVI company with next to no regulation.

No listing, anywhere!

No accounts since 2015.

A new CEO with a serious criminal record and links to organised crime.

A CEO with a record of manipulating and serially misleading investors.

Shareholders voting rights ignored.

No management accountability.

No idea how much cash is left

No idea what Mike BARNES gets for his enormous £15,000.

No plan,... yet.

[andy] 21/2/2017 11:11

tann,

I wonder how much it will cost to contest the "claim worth pursuing"?

Again a genuine question, US cases are normally quite expensive, at least that is my perception.

And generally, the opponent throws a claim back, so then two cases have to be contested, see AERO for a recent example.

[cyan] 21/2/2017 09:46

The very first thing that should be done is a 'forensic audit' and the publication of a full set of accounts.
These were promised by the previous management but never materialized.

Another question is ; what is Mike Barnes getting for his £15,000.?

By how much have existing shareholders been even further diluted?

Who will provide proper oversight? To this day we have no idea how much remuneration Chambers & Hodges awarded themselves.

A VERY careful watch will be needed on the cash entering this BVI 'business' as well as the outflows.

[jfishy55] 21/2/2017 09:43

A fund raise from existing holders or massive dilution by raising funds from new investors?

Either way it looks like a new venture is on the cards but given what has happened here historically, I don't hold out much hope for holders.

[tann93] 21/2/2017 09:06

Andy, they have no debt, overheads and a claim worth pursuing, plus whatever is in the bank. BMD knows SER ins and outs and im sure there is more than £15k available. Mike Barnes must see potential.

[andy] 21/2/2017 08:50

tann,

But in order to raise this phoenix from the ashes will surely require more funds?

It doesn't sound as though much remains, so will those 1000's of investors you refer to likely be called upon to once again finance SER?

Or have they an alternate source of funds available?

Genuine question.

[tann93] 21/2/2017 08:26

Cyan, Andy, tidy, etc, etc... the 1000's of SER shareholders out there will be hoping for the resurrection of SER, by any way or means, regardless of its past and future leaders.
There are no red flags anymore as they have no assets, only the Jim Ellerton claim. The fact that a team is willing to rise this from the ashes again is admiral id say, but i hope BMD does a proper job this time.

[andy] 21/2/2017 07:51

tidy,

Quite why they want to resurrect this old corpse is beyond me, why not simply start a new company with no baggage?

The coffers are virtually bare.

[lexus880] 21/2/2017 02:20

Hi what f do you care why dont u f off

[lexus880] 21/2/2017 01:17

Well that gives us HOPE!