Rich Energy drop Haas. No...Really. Seriously...
Discussion
The more I read into things, the more this appears to be Storey's final FU to the remaining shareholders. This move purely seems to be an escape from the 35m Haas owings (he'll retain the liability of the 35k to Whyte though) and a way of him actually retaining the RE brand to himself, through whichever company he 'sold' the distribution rights to - which he probably owns 100% of. Also not being declared bankrupt in the process, meaning he can continue his juggling act of businesses he owns.
I'd therefore expect Haas to keep the RE branding for now, until any avenues of compensation through BDG group have been exhausted.
Given the potential s
t he was about to be buried under, a 35k payment might be all he owes out of all of this. I'd say he's done alright.
I'd therefore expect Haas to keep the RE branding for now, until any avenues of compensation through BDG group have been exhausted.
Given the potential s
t he was about to be buried under, a 35k payment might be all he owes out of all of this. I'd say he's done alright.Andy S15 said:
Given the potential st he was about to be buried under, a 35k payment might be all he owes out of all of this. I'd say he's done alright.
I doubt he personally has £35.t he was about to be buried under, a 35k payment might be all he owes out of all of this. I'd say he's done alright.He, or the current owner of the company formally known as Rich Energy Ltd, can't escape the £35k to Whyte, destruction or handing over of all logo'd goods and removal of the offending stag head from everything everywhere by tomorrow. I doubt he can also shift the rights etc. that he had into another company, without the courts tracing the path and going after him for that too.
I wonder if they can wind up the Lightning Volt during today and Whyte then become just another poor creditor? With nothing in the pot, there is nothing for them to get out of what's left and they might not be the biggest creditor as the money men (offshore company) might have loaned or sent the first instalment of the HAAS sponsorship funding through RE Ltd. Next I guess the courts turn to Storey and Staxoweb and see if they will stomp up the Whyte legal costs owed since last Thursday. Again my guess there is that there isn't enough in those two entities and Whyte will get a pile of empty cans to weigh in (and some t-shirts with almost their logo on). It might be that the money guys pay it on his behalf as a kind of severance, to try to limit any extra adverse exposure of the brand.
I'm intrigued to know if this 'unlicensed insolvency practitioner' was bought in by Storey under threat by the money people or by the other directors, to get rid of the toxic company and logo. Being unlicensed I wouldn't mind betting it was Storey and he just Googled 'my company is in deep poo and I'm about to go under, what can I do on the cheap?' He did state he sold it to a third party, so I'll give him the benefit of the doubt and say he got a £1 for it, so his assets could be £36.
On another note, I wonder which court Storey will be at tomorrow, as this has reared it's head:
https://formulaspy.com/formula-1/rich-energys-will...
Looks like he's going to need that one final helicopter flight to get out of the country and escape this mess. His expertise in technology law ( https://uk.linkedin.com/in/william-storey-58598356 ) can't save him now......
Just to add:
https://www.thebdggroup.com/content/your_insolvenc...
So BDG might have been insolvent before by that statement and look at the glaring spelling mistake?! Who did that website? (could it really be.........)
https://www.thebdggroup.com/content/your_insolvenc...
So BDG might have been insolvent before by that statement and look at the glaring spelling mistake?! Who did that website? (could it really be.........)
cookie1600 said:
Andy S15 said:
Given the potential st he was about to be buried under, a 35k payment might be all he owes out of all of this. I'd say he's done alright.
I doubt he personally has £35.t he was about to be buried under, a 35k payment might be all he owes out of all of this. I'd say he's done alright.He, or the current owner of the company formally known as Rich Energy Ltd, can't escape the £35k to Whyte, destruction or handing over of all logo'd goods and removal of the offending stag head from everything everywhere by tomorrow. I doubt he can also shift the rights etc. that he had into another company, without the courts tracing the path and going after him for that too.
I wonder if they can wind up the Lightning Volt during today and Whyte then become just another poor creditor? With nothing in the pot, there is nothing for them to get out of what's left and they might not be the biggest creditor as the money men (offshore company) might have loaned or sent the first instalment of the HAAS sponsorship funding through RE Ltd. Next I guess the courts turn to Storey and Staxoweb and see if they will stomp up the Whyte legal costs owed since last Thursday. Again my guess there is that there isn't enough in those two entities and Whyte will get a pile of empty cans to weigh in (and some t-shirts with almost their logo on). It might be that the money guys pay it on his behalf as a kind of severance, to try to limit any extra adverse exposure of the brand.
I'm intrigued to know if this 'unlicensed insolvency practitioner' was bought in by Storey under threat by the money people or by the other directors, to get rid of the toxic company and logo. Being unlicensed I wouldn't mind betting it was Storey and he just Googled 'my company is in deep poo and I'm about to go under, what can I do on the cheap?' He did state he sold it to a third party, so I'll give him the benefit of the doubt and say he got a £1 for it, so his assets could be £36.
On another note, I wonder which court Storey will be at tomorrow, as this has reared it's head:
https://formulaspy.com/formula-1/rich-energys-will...
Looks like he's going to need that one final helicopter flight to get out of the country and escape this mess. His expertise in technology law ( https://uk.linkedin.com/in/william-storey-58598356 ) can't save him now......
Their site sounds promising, until you get to the fee - £5k or 10% of liabilities. You don't get much professional time for £5k. So one assumes there must be some upside elsewhere?
The problem here, of course, is that Storey may not have had the right to sell the shares he purports to have sold in his bid to escape liability.
The next move is definitely the other shareholders' to make - if they're serious about getting back control then they need to be filing without notice applications with the High Court right about now, I'd say.
skwdenyer said:
The BDG route is interesting - my guess is they make money from negotiating with creditors to get settlements at pennies in the pound, then realise assets and keep the proceeds. Just a guess.
So what if there's nothing left in the cocoa tin? Storey has been jetting off around the World up until now and Rich Energy have been sponsoring other events and individuals.My guess is the cupboard is bare and the latest Vin-X claim was too much for the other shareholders (with the money) as there are just more 'unnecessary' pay-outs coming and Story has always been there with his hand outstretched. A line was crossed last week and I bet he was told sort it yourself, or go.
cookie1600 said:
skwdenyer said:
The BDG route is interesting - my guess is they make money from negotiating with creditors to get settlements at pennies in the pound, then realise assets and keep the proceeds. Just a guess.
So what if there's nothing left in the cocoa tin? Storey has been jetting off around the World up until now and Rich Energy have been sponsoring other events and individuals.My guess is the cupboard is bare and the latest Vin-X claim was too much for the other shareholders (with the money) as there are just more 'unnecessary' pay-outs coming and Story has always been there with his hand outstretched. A line was crossed last week and I bet he was told sort it yourself, or go.
As to the other stuff you could well be right.
skwdenyer said:
My point was about their model in general - I’m sure “win some, lose some” is their game but there has to be some upside somewhere for them I’d have thought.
Storey has spun such a web during this debacle he could have presented them with any set of figures in a panic. I doubt any true, official accounts have been made up yet, they were late and never actually filed according to Companies House. He could even have thrown in sums that are really from the backers holding company and transferred through RE Ltd/Lightning Volt Ltd that aren't physically part of any true valuation of RE/LV. I seem to remember there was a figure around £1 million for something that wasn't a tangible asset (maybe IP or manufacturing rights) that was a guesstimate.If Storey has managed to pull the wool over so many 'rich' peoples eyes, it can't be beyond him to oversell what he claims is left in RF/LV, to then dump it on BDG and run, hoping to escape the litigation and claims already on their way.
Ha ha!!! Comedy gold!!
https://twitter.com/rich_energy/status/11514810070...
It's quite clear Storey still controls the Twitter account - BDG or the backers would have removed the offending logo/references from the account, wouldn't want to be concerned with tweeting and we know BDG aren't interested in resurrecting an energy drink. If he doesn't wipe all the previous logo'd tweets and pictures from everything NOW, then surely he is personally liable for all that Whyte and Vin-X can get out of him, maybe dragging whats left in Lightning Volt down with him before BDG can wind it all up.
I don't even think transferring stuff to Rich Energy Racing Ltd or whatever gets him out of this pile of cack.
https://twitter.com/rich_energy/status/11514810070...
It's quite clear Storey still controls the Twitter account - BDG or the backers would have removed the offending logo/references from the account, wouldn't want to be concerned with tweeting and we know BDG aren't interested in resurrecting an energy drink. If he doesn't wipe all the previous logo'd tweets and pictures from everything NOW, then surely he is personally liable for all that Whyte and Vin-X can get out of him, maybe dragging whats left in Lightning Volt down with him before BDG can wind it all up.
I don't even think transferring stuff to Rich Energy Racing Ltd or whatever gets him out of this pile of cack.
Stupid question but I can't find BDG Group on Companies House?
A search using their address at '27 Old Glouchester Street, London,WC1N 3AX' wasn't much help but it does seem there is a company there called British Monomarks Ltd, who apparently '....London's oldest independent company offering PO Box and Street Address style postal services.'
Who knows, maybe they don't exist ...... !
A search using their address at '27 Old Glouchester Street, London,WC1N 3AX' wasn't much help but it does seem there is a company there called British Monomarks Ltd, who apparently '....London's oldest independent company offering PO Box and Street Address style postal services.'
Who knows, maybe they don't exist ...... !
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