I have been waging a one man rearguard action to try and prevent small shareholders being sucked into this stock for over 12 years and have been endlessly threatened with legal action for doing so. I predicted this outcome ten years ago and posted literally dozens of well reasoned, objective observations on how the company was being run on the yahoo boards - mostly I got insults for my efforts, but some thanked me for warning them off.

IMHO, if you had the drains up on the roles of the CEOs since the company was founded, you'd find loads of questionable issues.

1. Look at the revenue and profit claims in the year the company floated - I'd say the accounts show a spike in turnover that the company didn't seem to have the staff to be able to produce. Were the accounts sweetened to deceive investors?

2. Jump forward to the Home Computing Initiative years - endless claims of positive EDBITA and about to reach the break even point - the last published accounts show this was complete nonsense. There were repeated pump 'n dump cycles carried out, involving Madoff's outfit which traded billions of FMDAY stock - these were conveniently timed to click with PR puffs issued by FMDAY - just a coincidence or a criminal conspiracy to fleece investors?

3. The acquisitions made to raise the market cap to stay on the NASDAQ were wildly overpriced - buying EBC, Button etc was quite simply totally irresponsible. Can the directors escape this by claiming it was just repeated bad judgement, or were their decisions so lousy they should cough up for your loses?

4. Reg S share issues were used extensively to sell deeply discounted stock to a motley group of "investors", who then used the pump 'n dump cycles to offload the stock and make a quick killing from the discounts. Did they know the timing of the PR pumps - if so, were they part of a market rigging conspiracy?

5. Toxic financing went on to provide the cash to keep the company trading, but in reality the equity held by the shareholders was dilluted to a homopathic medicine, whilst information about this was buried in the accounts which were issued so long after the event that investors didn't really know they no longer owned anything of value, whilst the toxic financiers charged top dollar for their cash and more than recouped the money in charges, whilst the discounted REg S placements laundered more and more stock into the market to bring in cash. This cash funded the lavish livestyles and salaries of the directors, who knew the company was losing money hand over fist, but carried on regardless. Were they negligent or not?

FMDAY is being wound up by the British government. This means the overdue accounts that could contain evidence that you could use to sue the directors will never be released. Does this present a case that there was a deliberate strategy of running the company into the ground to ensure the accounts never saw the light of day? Could this be deemed to be a crimnial conspiracy to conceal evidence?

And what about the Company Voluntary Arrangement? Was this a legitimate method to see if something could be salvaged, or a cynical ploy to manipulate the timing of the company's final collapse to benefit the managers and the toxic financiers?

Questions, questions.