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Message: COMPLUSORY LIQUIDATION
I can now confirm that the UK Government's website now lists this company as being in COMPULSORY LIQUIDATION. This is defined as: "Compulsory liquidation (or compulsory winding up) - this is when the court makes an order for the company to be wound up (a 'winding-up order') on the petition of an appropriate person. If there is more than one director, all the directors must jointly present the winding-up petition - a single director cannot present a winding-up petition." Therefore FMDAY is about to cease to exist - despite its continued listing on the PK boards, despite no filings about this with the US SEC even though it is an ADR stock, despite failing to file accounts in the UK, despite failing to file Annual Returns: some of these failures render the directors liable to conviction under UK law. Why aren't they being charged? So ends a major scandal of failure to take action against the company by the NASDAQ, the SEC and the UK Government, after a series of totally misleading statements by the Directors about "turning the corner", the loss of +$100M by small investors suckered into round after round of pump 'n dump and the involvement of "toxic financing" to the extent that shareholder's assets were totally consumed, those responsible for this appear to be walking away scot free. Even the accounts for the period when the worst excesses took place are now not going to be filed, so no evidence is available for shareholders to use against the individuals concerned. FMDAY is a microcosm of everything that is wrong with smallcap markets and regulation. IMHO what went on here provides a case to investigate what happened for fraud, deception, false accounting and market manipulation on a grand scale. The main victims were elderly US retired people who could ill afford to be fleeced in this way: NOT ONE REGULATOR, GOVERNMENTAL OR SELF REGULATORY TOOK ANY ACTION TO PROTECT THEM. They - and everyone else involved in this sorry tale should examine their conscience - including Agoracom - and ask themselves why small investors should have anything to do with such a rotten, rigged market.
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